Personal loans clock 13.4 per cent growth

The personal loans segment recorded a 13.4 per cent growth year-on-year in December 2010, after it had seen a decline of 0.4 per cent last year.

Most components such as consumer durables, housing and vehicle loans have been exhibiting accelerated growth, Reserve Bank of India said in report on sectoral deployment of credit.

Credit to the services sector grew by 25.0 per cent (y-o-y) in December 2010, compared with a growth of 11.5 per cent during the same period last year. Within the services sector, credit off-take by the real estate sector grew by 20.4 per cent compared to a growth of 14.5 per cent in the year-ago period.

The non-food gross bank credit grew by 23.1 per cent in December 2010, compared to a growth of 11.5 per cent in the corresponding period last year.

All major sectors, except agriculture, recorded accelerated credit growth in December, both on a y-o-y and financial year basis.

Credit to industry grew by 27.4 per cent (y-o-y) in December 2010, compared with an increase of 15.7 per cent in the previous year, led by sectors like infrastructure, engineering, cement & cement products, metal & metal products, rubber, plastic and their products and food processing.