General growth in personal loans due to corona: lending good caution

The problem of NPAs of banks in recent times is the main reason for the slow growth in loans

Demand for personal loans has been weak due to Corona. Personal loans grew by 0.57% in the first five months of the current financial year. At the end of August 2020, the outstanding balance in this segment stood at Rs 50.07 trillion. The financial year ended March 2020 saw a growth of 26.50% in personal loans.

 Lenders are cautious in providing personal loans in the current situation. However, these earlier years saw a huge increase in personal loans as lenders sought to increase their customer base by providing smaller loans, and the Indian loan department and collect information on how to get them loan there is multiple types of loan personal loan, mortgage loan, visa loan, Home loan, car loan, etc. loan type today will benefit 26.50%.

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. there was news for bse and nse news and update's today news and checks your bank loan fitness on this site click here...

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 disbursed loans in the September quarter fell 43% year-on-year to Rs 10,617 crore.