mumbai loans against property lap which is the fastest growing segment in personal loans in calendar year cy 2018 across banks and finance companies has also recorded the biggest increase in delinquencies according to an analysis of borrower data by transunion tu cibil delinquencies are defined as loans with overdues of more than 90 days lap clocked a 33 increase in accounts till endseptember 2018 while credit cards came in second with a 32 growth rate lap which constitutes 16 million total accounts saw a more pronounced delinquency rate as compared to other businesses see graphic defaults rose 73 basis points 100bps 1 percentage point yearoveryear to 303 in the quarter ended september 2018lenders must judiciously monitor their riskmanagement processes lap has risen at a rapid rate at the same time delinquency rates for these loans have now crossed 3 for the first time in several years lenders must now determine if the rapid demand for these loans which are an excellent generator of revenue outweighs the recent delinquency increases said tu cibil vicepresident research consulting yogendra singhthe tu cibil report includes loan data from all lenders including banks nonbanking finance companies and housing finance companies nonbank lenders have been driving growth in the lap business the difficulties faced by nonbanks were october onward and fresh origination of loans would have slowed down in the octoberdecember 2018 quarter said singhwhile doubledigit percentage account growth was observed for all major credit products credit cards and personal loans saw record volumes in terms of number of borrowers credit card accounts increased by nearly 32 to 369 crore by q3cy18 while personal loan accounts rose 26 to 15 crore in the same period indian lap borrowers held average balances of rs 3493 lakh in q3cy18 comparatively the average personal loans size per borrower was rs 252 lakh in credit cards the average balance per holder was rs 46000according to the tu cibil industry insights report for q3cy18 balances increased 22 and accounts 23 on an annual basis similar to what was seen last year in the same quarter we are in the midst of a robust indian consumer credit market expansion where we are seeing immense growth in both the number of accounts and balances for most major credit products including credit cards and personal loans said singh the growth has been primarily driven by those consumers living in major indian states this quarter we also noted that millennials and generation x consumers are driving much of this growth and comprise well over half of all accounts and balancestu cibils latest report found that consumers in the 3049 age group are a mainstay of the retail lending market in q3cy18 this group comprised a majority of the total number of creditactive consumers 56 and a higher percentage of total balances 60 overshadowing the shares of all other age groups the report also noted that the youngest borrowers are slowly making inroads into the consumer credit market the number of consumers