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Personal loans expand 20%, driven by home and vehicle segments

RBI data on sectoral deployment of bank credit for October 2022, collected from 40 select scheduled commercial banks, accounting for about 93% of the total non-food credit deployed by all scheduled commercial banks, indicates non-food bank credit registered a growth of 18.3% in October 2022 as compared with 6.9% a year ago.

Credit to agriculture and allied activities rose by 13.6% in October 2022 from 10.8% a year ago. Credit growth to the industry accelerated to 13.6 % in October 2022 from 3.3% in October 2021. Sizewise, credit growth to large industries increased by 10.9% against a contraction of 0.4% a year ago. Medium industries recorded credit growth of 31% in October 2022 as compared with 35.1% last year, while credit to micro and small industries rose by 20.4 % from 14.6% a year ago.

Credit growth to gems and jewellery, rubber, plastic and their products, paper and paper products, and textiles decelerated. Credit to services sector accelerated to 22.5 % in October 2022 from 2.8% a year ago, primarily due to improved credit offtake to NBFCs, commercial real estate and trade sectors. Personal loans expanded by 20.2% in October 2022 (12.6% a year ago), largely driven by housing and vehicle loans.


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