The average ticket size for personal loans in the country is declining every year. Which cannot be considered as a side effect of Kovid as this trend has been going on since 2018. In the last three years, the average ticket size of a personal loan has been around Rs. 1 lakh fell to Rs. 1,86,338.
In 2018, people took an average personal loan of Rs 2,80,973. The biggest reduction in personal loan size is in the 45-58 income group. People in this age group averaged Rs. 3,75,662, but this year the average ticket size for personal loans in this category fell by 48.56% to Rs. 1,93,240. In this case, the average ticket size for personal loan customers over the age of 25 is reduced by at least 30 percent.
Rising NPAs have tightened credit policy,
a senior bank official said on condition of anonymity, adding that the number of NPAs in personal loans has been rising in recent years, which cannot be recovered. This has led banks to tighten credit policy. A personal loan is a high risk unsecured loan. So its proportion is declining.
CEO of Bankbazar.com Adil Shetty said that the trend of Buy Now Pay Letter (BNPL) is increasing rapidly in the country. This is a revolving credit, which can be used frequently. It is also easy to take advantage of. As a result, the number of personal loan borrowers is declining.