General growth in personal loans due to corona: Lenders cautious

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Mumbai, Ta. 16 December 2020, Wednesday

Demand for personal loans has been weak due to Corona. Personal loans grew by 0.6 per cent in the first five months of the current financial year. At the end of August 2020, the outstanding balance in this segment was Rs 3.04 trillion. For the financial year ended March 2020, personal loans grew by 2.50 per cent.

Lenders are cautious in providing personal loans in the current situation. However, the previous years saw a huge increase in personal loans as lenders sought to increase their customer base by providing smaller loans.

Lenders-banks paid special attention to borrowers seeking short-term loans. Banks have not been particularly keen on providing loans to this segment as corporate loans have been responsible for the sharp rise in NPAs of banks in recent years, an analyst said.

Lenders are wary of releasing loans in view of the impact Corona has had on personal income.

Apart from banks, non-banking finance companies have also played a role in the growth of personal loans.

Meanwhile, according to another report, non-banking financial companies-microfinance institutions' disbursements in the September quarter fell by 9 per cent year-on-year to Rs 10,412 crore.

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