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Personal loan increased by 14 percent to 55 lakh crores; credit card dues highest, home loan demand lowest
RBI Report: Personal loans in India have increased by 14.4 percent to Rs 55.3 lakh crore. According to the report released by RBI, the highest dues are of credit card holders.
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“Personal loan increased by 14 percent to 55 lakh crores; credit card dues highest, home loan demand lowest”
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sangritoday.com
3 Sep 2024
There has been a sharp rise in the personal loans so easily available with banks and other financial institutions. It jumped 14.4 percent year-on-year to Rs 55.3 lakh crore by the end of July.
According to RBI data, the share of personal loans remains highest at 32.9% in the non-food loans. This is followed by services with a share of 27.4%, industry by 22.2%, and agriculture and related activities by 12.8%.
The report said credit card dues have grown the quickest till the end of July, but its share in all bank borrowings totals to just one percent. It has crossed Rs 2.8 lakh crore with a growth of 22 percent on an annual basis.
