RBI Report: Personal loans up 14% to 5.5 million crore; credit card outstanding highest, demand for home loans lowest

New Delhi| There has been a huge increase in personal loans easily available from banks and financial institutions. On an annual basis, it has increased by 14.4 per cent to Rs 55.3 lakh crore by the end of July. According to Reserve Bank of India (RBI) data, personal loans have the highest share among non-food loans at 32.9 per cent. After this, services account for 27.4 per cent, industry for 22.2 per cent and agriculture and related activities for 12.8 per cent.

According to the report, credit card dues have increased the fastest till the end of July. However, its share in the total borrowings of banks is only one percent. It has crossed Rs 2.8 lakh crore, up 22 per cent year-on-year. Similarly, the debt taken against gold jewelry has increased with a huge increase of 39 per cent. However, its share in total personal loans is only 0.8 per cent. This shows that people are making the most of the loans they are getting within hours. Actually, loan against gold is available immediately and its interest is around personal loan.

Debt to agriculture increased by 18.1 per cent
According to the report, despite weak growth, credit to agriculture and related activities has increased by 18.1 per cent. Total debt has reached Rs 21.6 lakh crore. Loans to industry have increased by 13.7 per cent.

Lowest demand for home loan
Statistics show that the demand for home loan is the lowest. Its pace has increased during this period at a rate of only 12.8 per cent. The total home loan size has now crossed Rs 28 lakh crore. All the figures show that in recent times, house prices have increased wildly in the top 8 cities. However, sales have also been quite good. Despite this, the demand rate for home loan has remained low.