look news india
Personal loans increased by 14%: Indians are increasingly becoming indebted. It is also important that Indians are increasingly taking personal loans compared to home loans or car loans. Therefore, there has been a huge increase in easy personal loans from banks and financial institutions. It has grown 14.4 percent to Rs 55.3 lakh crore by the end of July on an annual basis.
According to Reserve Bank of India (RBI) data, personal loans have the highest share of 32.9 per cent in non-food loans, followed by services at 27.4 per cent, industry at 22.2 per cent and agriculture and allied activities at 12.8 per cent.
According to the report, credit card balance grew at the fastest pace till the end of July. However, its share in the total loan of banks is just one percent. With an increase of 22 percent on an annual basis, it has crossed Rs 2.8 lakh crore.
Similarly, loans taken against gold jewellery have also increased by a whopping 39 per cent. However, its share in total personal loans is only 0.8 per cent. This shows that people are taking maximum advantage of the loan available within a few hours. In fact, loans against gold are available immediately and the interest is the same as that of personal loans.
Agricultural loan increased by 18.1 percent
According to the report, despite the weak growth rate, the loan given for agriculture and related activities has increased by 18.1 percent. The total loan has reached Rs 21.6 lakh crore. The loan given to industries has increased by 13.7 percent.
Home loan demand is lowest
Statistics show that the demand for home loans is the lowest. Meanwhile, its pace has increased at a rate of only 12.8 percent. The total size of home loans has now exceeded Rs 28 lakh crore.
All the data shows that house prices in the top 8 cities have increased a lot in recent times. However, sales have also been quite good. Despite this, the rate of demand for home loans is decreasing.