CreditVidya

Credit Access is one of the fundamental enablers for faster economic growth and reduced income inequality. In India, the credit to GDP ratio stands around 50% which is significantly lower as compared to the developed economies and other BRICS nations. Today, approximately 525 million customers in India have no access to formal credit from regulated financial institutions. These individuals depend on informal mechanisms for saving and protecting themselves against risk. Insufficient credit history – Most of the unbanked consumers have either never taken a loan or have a thin file history.