Financial Daily from THE HINDU group of publications
Monday, Oct 03, 2005
Financial Daily from THE HINDU group of publications Monday, Oct 03, 2005 |
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Money & Banking
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Credit Market Industry & Economy - Industry Associations Personal loans offtake rising fast: Assocham Our Bureau
New Delhi , Oct 2 THE increasing share of personal loans portfolio of domestic banks including housing, car finance and consumer durables is expected to go up to a third of the projected total bank credit allocation for the fiscal 2006-07, according to an Associated Chamber of Commerce and Industry of India Eco Pulse Study. The personal loans portfolio accounted for the highest increase in credit allocation by banks to Rs 1,80,000 crore in 2003-04 from Rs 34,800 crore in 1997-98. They formed 20.5 per cent share of the total bank credit allocation in 2003-04, says the study. The highest number of loans for housing, consumer durables, auto and education was advanced for the categories of Rs 2-5 lakh, Rs 5-10 lakh and Rs 10-25 lakh. The number of personal loan borrowers was the highest in Maharashtra, followed by Tamil Nadu, Karnataka, Andhra Pradesh and Delhi, says the study. The housing loans portfolio registered the highest growth of over 150 per cent among all personal loans in 2003-04. The number of housing loan borrowers was the highest in Maharashtra, followed by Delhi, Tamil Nadu and Karnataka. The total bank credit for the housing loans portfolio has recorded significant increase to Rs 85,700 crore in 2003-04 from Rs 9,700 crore in 1997-98. A rising population of young salaried professionals and the growing trend of nuclear families with upcoming townships near workplaces have resulted in this upsurge for housing loans, says the study. Loans for the portfolios of auto and education registered an increase of over 125 per cent in 2003-04. Similarly, the total bank credit in this segment has gone up to Rs 89,800 crore in 2003-04 from Rs 23,800 crore in 1997-98.
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