NBFCs, Unsecured Personal Loans Drive Robust Credit Growth In January: CareEdge
The personal loan segment witnessed robust growth in Jan due to strong growth in credit card, vehicle, consumer durables loans etc
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CareEdge Research Report
Gross credit offtake continued its robust rise at 16.3% YoY in January 2023 due to strong growth in loans to non-banking financial companies and unsecured personal loans.
Industry credit offtake rose by 8.7%, dampened by significantly lower growth in the infrastructure (2.3%). It was attributed to slow growth in the power sector and a decline in the telecom sector.
Agriculture credit rose by 14.4% YoY in January 2023 versus 10.4% over a year ago.
Credit growth has remained robust in recent months even amid the significant rise in interest rates and is expected to be in the mid-teens for FY23.
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