Page 2 - Personal Loans

One table to know personal loan rates and terms of various companies

If you need a personal loan anytime soon, consider the table by Paisabazaar.com for your needs

Bank credit to industry up 8.5% in March; moderation in personal loans: RBI

Bank credit to industry grew by 8.5 per cent annually in March while there was moderation in the personal loans segment, as per Reserve Bank data released on Tuesday. The growth in credit to industry and personal loans segment in March 2023 was 5.6 per cent and 21 per cent, respectively. "Among major industries, growth in credit (year-on-year) to 'chemicals and chemical products', 'food processing', and 'infrastructure' accelerated in March 2024 as compared with the corresponding month of the previous year, while that to 'basic metal and metal products' moderated," the RBI said. Credit growth to agriculture and allied activities was robust at 20.1 per cent in March 2024 (15.4 per cent a year ago), according to the data on 'Sectoral Deployment of Bank Credit -- March 2024'. Personal loans growth moderated to 17.7 per cent in March 2024 (21 per cent a year ago) due to decelerated growth in vehicle loans and other personal loans, it said. Further, credit growth to services sector ...

Bank credit growth to NBFCs, personal loans moderate in March: RBI data

Credit growth in agriculture and allied activities remained robust, reaching 20.1 per cent year-on-year in March 2024, up from 15.4 per cent in the corresponding month a year ago

Pay Rs 20 for Rs 2 lakh cover: What PM Suraksha Bima Scheme is all about

PM Suraksha Bima Yojana, which provides insurance for death or disability due to accidents, has settled approximately 173,000 claims since its launch in May 2015

Collection efficiency for personal loans reduces in December: ICRA

Earlier, in October 2023, Reserve Bank of India Governor Shaktikanta Das had flagged the high growth in certain components of consumer credit, of which personal loans are a component

Personal loan growth stays high in January despite hike in risk weights

The personal loan segment grew 21 per cent year-on-year (Y-o-Y) in January, compared to the 22.3 per cent Y-o-Y growth registered in October 2023

Fintech personal loan disbursal up from 1.1 mn to 41.6 mn in 5 years: FACE

Similarly, the value of loans has increased from Rs 5,907 crore to Rs 40,845 crore during the same time

Tax savings: Give loan, not gift, to spouse to avoid income clubbing

Documentation of the loan agreement is crucial to avoid treatment as gift

Car loan rates, terms and processing fees explained in one table

If you are researching for a vehicle loan, here is one table you should consider

Personal loans segment sees resurgence post Covid: CRIF-DLAI report

Members of the Digital Lenders Association of India (DLAI) contributed 7.9 per cent and 19.8 per cent to originations value and volume respectively in FY23, it noted

Small ticket personal loans remain a concern for industry: Incred Finance

Incred Finance noted that its personal loans portfolio was in the regular personal loan segment, with an average ticket size being over Rs 2,00,000

Credit rules festive sales, 3 out of 4 products sold through no-cost EMIs

One out of four purchases made during the Great Indian Festival sales, which kicked off on October 8, were through EMI and three out of four products were sold on no-cost EMIs, said Amazon

Looming risk? Personal loan credit by banks, NBFCs nearly triples in 6 yrs

During the fiscal years 2017 to 2023, personal loan credit experienced robust growth of almost 1.5 times the overall credit growth observed in both Banks and Non-Banking Financial Companies (NBFCs).

Unsecured personal loans jumped 4-fold to Rs 13.3 trn from FY17 to FY23

Unsecured personal loans jumped more than four-fold to Rs 13.32 lakh crore as of March 2023 from Rs 4.26 lakh crore in March 2017, as per a report. Overall, the number of personal loans has almost tripled during this period to Rs 51.7 lakh crore, an analysis by Care Ratings revealed. This means the personal loan books of banks and non-banks almost grew 1.5 times between FY17 and FY23, and now constitutes 30.3 per cent of the overall credit of Rs 170.5 lakh crore as of March 2023, the report said. At the end of FY17, the amount was Rs 18.6 lakh crore, or 21.5 per cent of the overall loan book, it said. Of the total personal loans, unsecured loans jumped more than four-fold to Rs 13.32 lakh crore as of March 2023 from Rs 4.26 lakh crore in March 2017, according to the agency, recording a growth rate of 23 per cent in the final year over FY22, when it stood at Rs 10.81 lakh crore. It attributed the surge in numbers to deepening income crises, and pushing of credit by fintechs and the

Securitisation in personal loan segment may see temporary pause: ICRA

The sale of personal loan retail pools may see a temporary pause after the RBI's decision to increase the risk weights on unsecured asset classes of banks and non-banking financial companies (NBFCs) by 25 per cent, a report said. The sale of personal loan pools by NBFCs amounted to about Rs 1,150 crore in FY 2023 and had already crossed Rs 800 crore in H1 FY2024 (i.e. 4x of the volumes done in H1 FY2023), Icra said in a statement. Such transactions had picked up momentum, given the growing financing requirements for the NBFCs to meet the strong credit demand for consumer and personal loans in the country, coupled with the growing appetite for personal loan asset class by the banks that were purchasing these loan pools, it said. The rating agency expects the pace of personal loan sell-downs to taper at least in the near term, following the increase in capital requirements on such loans for the purchasing banks, which would, thereby, augment the costs for all parties. While ...

The rise and rise of personal loans

Higher risk weight will increase the cost of capital for such loans for lenders and discourage them to go overboard

New RBI norms to make personal loans costlier: Check rates of top lenders

A hike in risk weights may lead to higher interest rates and reduced access to credit for consumers as banks adjust lending practices to meet increased capital requirements

SBI can fend off rising risks In personal loans, says S&P Ratings

SBI's personal loans are growing faster than the rest of its portfolio. However, the bank's customer selection mitigates the associated risks

53% opt for personal loan even before 30, Bengaluru most credit healthy city

A whopping 53% of Indians took their first personal loan before reaching the age of 30, and 22% of the personal loan consumers were under the age of 25

Lenders prefer salaried individuals with steady income for personal loans

While more than 25% of salaried borrowers have an excellent credit score of 770 and above, only 14% of self-employed consumers have such strong credit score profiles