In the final competition quarter (Oct-Dec 2023), Kanpur and Bara Banki in Uttar Pradesh have been among the many prime ten cities in phrases of consumer mortgage progress, changing Jaipur and Surat.
According to an evaluation by credit score bureau CRIF High Mark, cities outdoors the highest 100 had the biggest share of auto, two-wheeler, and consumer loans disbursed in Q3 FY24.The research grouped the cities into 4 classes: prime eight, prime nine-50, prime 51-100, and cities past the highest 100. The share of the highest 10 cities has dropped from 42% to 38.3% year-on-year in consumer loans.
Sanjeet Dawar, MD of CRIF High Mark, mentioned, “What is interesting to note is that credit demand during this period is not just limited to larger geographies. Loans such as two-wheeler and consumer durable have seen an increasing share come from cities beyond the top 100, from Q3 FY23 to Q3 FY24.”
The prime 5 states for consumer mortgage originations are Maharashtra, Karnataka, Uttar Pradesh, Tamil Nadu, and Telangana. Uttar Pradesh has moved up one place from final yr, displacing Tamil Nadu to change into the third-largest state for consumer loans.
During the festive season, progress in consumer sturdy loans has accelerated 27% from 13% final yr. Growth has additionally virtually doubled within the case of residence loans to eight.9% in Q3 FY24 from 4.9% within the year-ago interval. Among loans disbursed to people in the course of the quarter, residence loans have been the best in the course of the quarter at Rs 2.5 lakh crore adopted by private loans at Rs 2.3 lakh crore.
