Personal loans rise nearly 17% to 72.9L/cr, RBI
Business
Thinking about a loan?
You're not alone: personal loans in India shot up nearly 17% over the past year, hitting ₹72.9 lakh crore by August, said the Reserve Bank of India.
That's a noticeable jump from last year's pace, with gold loans and loans against fixed deposits leading the way.
Housing loans 35.6L/cr, vehicle loans 19.7%
Home and car loans played a big part: housing loans grew 11.1% to ₹35.6 lakh crore, while vehicle loans zoomed up 19.7%.
It's not just individuals either: credit to agriculture and allied activities grew 17.2%, industry by 18.2%, and services by 24.3%.
On the flip side, credit card outstanding grew 3.6%, hinting that some folks might be dialing back on plastic for now.