Personal loans on the rise in India.
Here’s how it compares to other countries.1.
Personal loan rates are lowest in the world2.
Credit score, interest rates, and fees are highest in the country3.
Credit card rates are highest4.
India’s credit rating is ‘AAA’5.
Credit scores of more than 600,000 people are a common metric6.
Inflation-adjusted per capita income is $22,5007.
India has a total debt of $2.3 trillion.8.
Most borrowers take out loans for food, fuel, clothes, housing, education, medical, travel, and other expenses.9.
Personal loans are seen as the safest form of credit in India10.
Personal debt in India is around 50% of the population11.
People borrow money to cover living expenses and make up for lost income or savings12.
Incomes for people aged over 60 are projected to increase by 4.3% over the next decade13.
Personal incomes of people aged under 30 are projected at 8.4% over this time14.
The average annual savings for people who took out a personal loan in 2015 was $1,400.
The figure was $732 in 201615.
The share of people in India with a personal credit score of 400 or above was 25.6%16.
The number of people living in rural areas was at 65% of total population in 201617.
In rural India, households have an average of just two adults, with an average income of just $1.6018.
In urban areas, households are three adults, and an average household income of $1 million.19.
In a survey conducted in April 2017, about one-third of respondents in the northeastern state of Tamil Nadu said they were using credit cards to pay for their living expenses20.
In India, the average monthly income for rural households is $500.21.
In 2016, India had the second highest proportion of people who did not pay income tax in the global index of poverty rates (Poverty Gap)22.
In 2017, the share of the poor in the population that reported not having paid income tax fell from 18.2% in 2016 to 13.4%.23.
More than 60% of Indians are classified as low-income.24.
A study by the Indian Statistical Institute found that women earn only 79% of what men earn25.
The proportion of India’s rural population that lives in urban areas has increased from 19.7% in 2014 to 26.1% in 201726.
India had a very high percentage of women who had never married, and the proportion that did not have children grew by more than 20% in the past five years27.
India, as a whole, experienced an increase in suicides over the past three years.28.
The median annual income for women in India was $10,946 in 2015, which was the highest in Asia29.
The total number of women with a job in India increased by about 12% over 2015.30.
In 2020, India was ranked third among countries in terms of the proportion of women living in extreme poverty.31.
In the past decade, India has become a country of two thirds women, one third men, and one third children.32.
About 60% women in urban India have some type of disability.
In areas where women have less income, the proportion is lower33.
India ranks as the most indebted country in the developed world, the second most indebted in sub-Saharan Africa, and third in Asia34.
In terms of income, women in rural India earn between 40% and 50% less than men in urban states35.
India was the fifth-highest income producer in Asia, behind China, Vietnam, and Russia36.
In 2015, about 65% women had no bank accounts37.
In recent years, the number of households in India has risen sharply.
A quarter of households have at least one member who is working or studying, up from about 25% in 201338.
In most cities, the median monthly income of the richest 50% households increased from about $5,400 in 2010 to $9,800 in 2015.39.
The richest 1% of Indian households earned more than $1 billion in 201540.
India is home to one of the world’s largest private banks, Axis Bank41.
The private sector has increased by over 20% over a decade in the last two years.42.
A 2015 report by the International Monetary Fund found that India’s private debt has grown at a rate of 6.7 percent per year from 2012 to 2016.
The report noted that the debt of the government sector grew by only 4.4 percent in the same period.43.
India now has the highest proportion (12%) of people with debt to GDP (GDP per capita) among the world countries with a GDP per capita above $1 trillion.
The highest proportion is in India at