New-to-credit borrowing declines by 21 pc as lenders tighten consumption-driven loan issuances

Lenders' caution on issuing consumption-driven loans led to a 21% decline in loans to new-to-credit (NTC) customers by end-December 2024. Gen Z comprised 41% of NTC borrowers. Loan originations in credit cards, home loans, and personal loans saw significant drops. Advanced analytics and technology-driven solutions are recommended for sustainable credit growth among NTC consumers.