While those under 30 years constituted just around 7 per cent of the new credit applicants in 2008 and the same has grown to over 25 per cent now, the Cibil report said.
Cibil further said it could be noted that the demographics have undergone a radical shift in the past decade, with the country getting more "younger". The percentage of working age population (between 15 and 35) growing rapidly.
The percentage of those under 40 years applying for their first credit has gone up to 60 per cent in 2014, from the 50 per cent mark in 2008, the report said. "Youth are driving credit growth with 60 per cent of new loan applications coming from applicants, who are under 40," it said.
With the economic growth facing troubles, coupled with a sense of "policy paralysis", lenders have been focusing very hard on the retail segment for growth as the project loans are not coming at all, the report said.
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