Monday, 20 April 2015

India's banks turn to consumer loans to counter corporate slowdown

Unsecured personal loans make up just under 4 per cent of all loans:

New Delhi: Indian banks, hoping to offset a slow recovery in corporate lending, are pushing into credit cards and personal loans, using blanket advertising, cold call campaigns and even sending employees to malls to lure customers. Lending to companies has traditionally been the mainstay for banks in Asia's third-largest economy. But as India emerges from two years of slower economic growth, those loans are sour, large investment projects are stalled and company profits lacklustre.


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Meanwhile, retail borrowers have escaped largely unscathed, with income levels still growing, albeit at a slower pace, and no large-scale job losses. The current push is the boldest since before the 2008 financial crisis, with some lenders aiming to increase loan books annually by a third or more, capitalising on Indians' growing appetite for luxuries like holidays abroad. And it is easy to see why, given the high margins and huge growth potential. India's 20 million credit cards - for a population of 1.3 billion - amount to just 0.5 per cent of total outstanding bank credit. Unsecured personal loans make up just under 4 per cent of all loans.


Source: http://www.asianage.com/business/indias-banks-turn-consumer-loans-counter-corporate-slowdown-075

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