What India's youth should know before taking a loan through digital lending platforms?
Digital lending has rapidly evolved, providing easy access to credit, especially for India's youth.
India's digital lending industry has grown by 39.5% in the past decade and is expected to reach USD 515 billion by 2030.
The youth population is driving growth by seeking loans for higher education, starting businesses, and addressing financial challenges.
Regulatory frameworks, such as RBI's Digital lending guidelines and the Digital Personal Data Protection law, ensure responsible lending practices and consumer data protection.
Consumers must also be responsible borrowers, assessing their financial capacity and repayment abilities.
They should create budgets, understand all loan costs, request a Key Facts Statement, and resist borrowing more than necessary.
Financial literacy is crucial for making informed decisions.
Responsible lending and borrowing contribute to economic stability and customer safety.
Self-regulation within the Fintech industry is essential for collaboration between Fintech companies, regulatory bodies, and stakeholders.
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