Kochi: Loan against gold tops retail credit off-take in Kerala followed by agricultural loans in retail lending by banks and other financial institutions, according to the data by CIBIL. Loan against Gold makes up almost 35 per cent of the total retail loans availed in the state, closely followed by agricultural loans around 30 per cent, Harshala Chandorkar, Chief Operating Officer of TransUnion CIBIL told reporters Tuesday.
Two Wheeler loans and consumer durable loans forms 6 percent and 5 per cent respectively while mortgage Loans, auto loans, credit cards and personal Loans form under 4 per cent each of the total retail loan uptake in the state, she said. According to the CIBIL data retail loans have seen steady growth in the state of Kerala, over the last two years. “Retail Loans have grown at 22.76 per cent CAGR in Kerala, slightly higher than aggregate India CAGR of 21.54 per cent over the last two years”, she said.
On the CIBIL score range in the state Ms Chandorkar said “almost 85 per cent percent of the new loans provided in Kerala in the year 2016 (Jan-Dec) were for consumers having CIBIL Score of 750 and above”. According to her a higher CIBIL score would enable the customers to avail loans at faster and cheaper rates. Recently Bank of Baroda has announced lower interest rates for those having a CIBIL score above 760, she pointed out.
