Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s <keyword id="23127366" type="General" weightage="20" keywordseo="consumption-loan" source="Orion">consumption loan</keyword> portfolio grew by 15.2% year-on-year (YoY) to Rs 90.3 lakh crore as of March 2024, according to the latest <keyword id="6354680" type="General" weightage="20" keywordseo="credit" source="Orion">credit</keyword> bureau report. The fourth edition of the CRIF High Mark report noted a slowdown from the 17.4% growth recorded in March 2023, largely due to a deceleration in the home <keyword id="6362287" type="General" weightage="100" keywordseo="loans" source="Orion">loans</keyword> segment, which accounts for 40.1% of the overall consumption loan portfolio by value. The home loans portfolio saw growth slowing down to 7.9 % YoY in FY24, from the 23 % expansion seen in FY23. This was mainly due to muted growth in "originations", which increased by 9.2 % in FY'24 compared to 18.2 % in the previous fiscal year. Origination refers to the process by which a lender creates or initiates a new loan or credit, including evaluating, processing, and approving a borrower's application. The report finds a shift toward higher <keyword id="6871589" type="General" weightage="20" keywordseo="ticket-size" source="Orion">ticket size</keyword>s, with a growing preference for loans above Rs 35 lakh, although the average ticket size (ATS) rose by 32% from Rs 20.1 lakh in FY20 to Rs 26.5 lakh in FY24. In contrast, the personal loans segment maintained strong momentum, growing by 26% YoY in FY24, despite recent regulatory reforms. Larger ticket loans of Rs 10 lakh and above increased their share in originations by value, while loans under Rs 1 lakh continued to dominate in volume. Banks led in value-based originations, whereas non-banking financial companies (NBFCs) remained dominant in volume. Two-wheeler loans experienced a 34% YoY growth in FY24, up from 30% in FY23, fueled by a shift to higher ticket-size loans. However, the overall volume of originations grew at a slower pace of 13% in FY24 compared to 32% in FY23. <keyword id="35527" type="General" weightage="20" keywordseo="auto-loans" source="Orion">Auto loans</keyword>, on the other hand, grew by 20% YoY in FY24, compared to 22% in FY23. Consumer durable loans posted a robust growth of 34% YoY in FY24, up from 26% expansion in the previous fiscal. This growth was driven by a shift to larger ticket sizes, although origination volumes grew by only 8.5% in FY24, compared to 38.2% in FY23. The MSME lending segment displayed mixed results, with individual MSME loans growing faster than entity MSMEs. The individual MSME portfolio increased by 29% YoY in FY24, accelerating from 15% in FY23, while entity MSME loans grew by just 6.6 % YoY, a sharp slowdown from 17.2 % in the previous year. Microfinance lending also saw strong growth, with the portfolio rising by 27% YoY in FY24, compared to 21% in FY23. "The resilience of the Indian credit market is evident in the strong performance across various lending categories and the stability in delinquencies. Home loans remain dominant, but the growth in personal loans, two-wheeler loans, and the rebound of NBFCs highlight significant shifts in the lending landscape," CRIF High Mark MD Sanjeet Dawar said.

Consumption loan portfolio expands 15% to Rs 90 lakh crore in FY24, notes CRIF report

Why 1 in 2 Indians reject bank applications: FICO survey insights

<ul class="summary-list"><li>My husband and I were high school sweethearts but we married when we were 25.</li><li>Our finances weren't great, and we realized we couldn't pay for a wedding.</li></ul>My now-husband, Adam, and I are <a target="_blank" class="" href="https://www.businessinsider.com/married-high-school-sweetheart-relationship-stereotypes-2024-9">high school sweethearts</a>, so although we got married young — we were both 25 — it didn't feel like we were getting married early.While our love for each other may not have been teenage love, our view on finances definitely was. At the time of our engagement, I was in graduate school in Philadelphia, living <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-forgiveness-blocked-biden-debt-cancellation-education-department-relief-2024-10">on student loans</a>, and Adam was in his first real job, making very little.We lived as modestly as you can in a big city, squeezing together in a 498-square-foot apartment. The day Adam got down on one knee, the last thing we were thinking about was <a target="_blank" class="" href="https://www.businessinsider.com/average-wedding-cost-in-biggest-metro-areas-of-us-2023-2">how much a wedding would cost</a>.<h2 id="dde67029-92ea-49e8-9239-9f2d6444372f">We decided to take out a loan to pay for the wedding</h2>As we were touring our fifth or sixth wedding venue, we realized that if we wanted a wedding, we would have to do it on our own. At this point, I already had the vision in my head: tons of greenery ($), a top photographer ($$), and an industrial all-inclusive venue with a per-person price ($$$).We made shortcuts where we could — we <a target="_blank" class="" href="https://www.businessinsider.com/broke-wedding-etiquette-invited-b-list-guests-last-minute-2021-10">cut the guest list down</a> to under 100 people, we nixed the highly acclaimed videographer for a college student with a nice video camera, and we had a friend marry us rather than hiring an officiant. But still, it wasn't enough.As we lay in bed one night, stressing out over how we were going actually to pay for this lavish event we were planning, we made the hard decision to <a target="_blank" class="" href="https://www.businessinsider.com/couples-debt-funding-instagram-worthy-weddings-2019-6">take out a loan</a>.<h2 id="c421ea5c-5aef-44d0-b8ba-dd274877f7ec">We were able to focus on the fun parts of the wedding</h2>We may have been young, but we were still aware of <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/personal-loans/40000-personal-loan">the impact a large loan could have</a>, especially for something like a wedding. It caused a lot of stress, but once the loan came in, we could focus on the fun parts of the wedding and not lose so much sleep over the money aspect. In the moment, it felt right and now, almost a decade later, we don't regret that late-night decision.Our wedding was everything we dreamed it would be. I still look back, and I wouldn't change one thing. It was small and intimate, and the extra money we spent on things like our photographer meant we had memories to last us a lifetime.We sit down and watch our video (the college student ended up doing a pretty decent job) with our two daughters, and we cry every time — and not just because the wedding was beautiful, but because it was the start of our life together and a reminder that we can always figure things out, no matter how hard it seems in the moment. We don't watch the video back and think of all the money we spent, we watch it and think of how far we've come and how despite the struggle, we created something beautiful.<h2 id="86a1dfcf-faa1-42bc-9780-ac4099e71dc4">Finances have been a struggle</h2>Don't get me wrong — since we took that loan out, finances have been a struggle for us. Not just because of the wedding loan, but that, mixed with student loans, having kids, and, of course, the ever-changing economy, we have always had a monetary worry in the back of our minds.But we paid off that wedding loan (yes, it took the whole five years), and we learned that no matter what kind of bind we get into, we will find our way out of it. Finances are a huge thing in a marriage and can even be the reason many people choose to divorce. We are aware that starting our marriage with financial woes may not have been the best choice or something others would choose, but it taught us a huge lesson that no matter what, money would never be something that would come between us.Still, though, I wouldn't recommend taking out a loan for your wedding if you can avoid it. At almost 35, we likely would have made different choices. But our 25-year-old selves knew what we wanted for our big day, and we made it happen together, and that is something we will never regret.

I got married at 25 and took a personal loan of $15,000 to pay for the wedding. I don't regret it.

Mumbai, The Reserve Bank on Thursday tightened norms for unsecured personal loans for banks and non-banking financial companies. The revised norms wherein risk weights have been increased by 25 percentage points will not be applicable on certain consumer loans, including housing, education, and vehicle loans. Besides, the norms will not be applicable on loans secured by gold and gold jewellery. These loans will continue to attract 100 per cent risk weight. Higher risk weight implies that banks have to keep aside more money as buffer when it comes to unsecured personal loans. In simple words, a higher risk weight restricts banks' lending capacity. Recently, RBI Governor Shaktikanta Das had flagged the high growth in certain components of consumer credit and advised banks and Non-Banking Financial Companies (NBFCs) to strengthen their internal surveillance mechanisms, address the build-up of risks and institute suitable safeguards, in their own interest. The high growth seen in consumer credit and increasing dependency of NBFCs on bank borrowings were also highlighted by the governor during the interactions with MD/CEOs of major banks and large NBFCs in July and August, respectively. "On a review, it has been decided to increase the risk weights in respect of consumer credit exposure of commercial banks (outstanding as well as new), including personal loans, but excluding housing loans, education loans, vehicle loans and loans secured by gold and gold jewellery, by 25 percentage points to 125 per cent," the RBI said in a circular. The central bank has also increased the risk weights on credit receivables by 25 percentage points to 150 per cent and 125 per cent for banks and NBFCs, respectively.

You Searched For "personal loan" and got 4 results

Consumption loan portfolio expands 15% to Rs 90 lakh crore in FY24, notes CRIF report

PTI

Why 1 in 2 Indians reject bank applications: FICO survey insights

Prerna Tyagi

I got married at 25 and took a personal loan of $15,000 to pay for the wedding. I don't regret it.

Jessica Tzikas

RBI tightens norms on personal loans for banks, NBFCs

PTI

Popular Keywords

Buying Guides