Demand for loans has gone up sharply in the fortnight ending on September 10. This rise in demand is a good sign after 2 months of slow growth.
Loans to corporates and individuals has gone up by Rs 27,699 crore in the fortnight ending 10th September to finish at Rs 3,331,809.78 crore.
Speaking about the subject, Union Bank of India CMD MV Nair said that the loan portfolio is anticipated to go up in the 2nd half of this fiscal.
Till date, banks have not seen their loan portfolio going up drastically. Many short term borrowers are staying away from banks as base rate has increased the cost of short term lending for banks.
But on an incremental base, the credit increase is more at 3.3% until end August as compared to 1.1% for the last year for the same period.
Get the best deals on loan offers
Some useful personal finance calculators