Credit Demand Goes Up: Even if home loan or car loan has become costlier in the last one year. But there has been no decrease in the number of people who buy houses or cars by taking loans. Rather, in June 2023, there has been a tremendous jump in the demand for personal loans like home and car loans. Not only this, the demand for education loan has also increased. To fulfill different wishes, the number of people taking personal loans has also increased. According to the data released by the RBI on the loans given by the banks, in June 2023, there has been a tremendous growth in the demand for consumer loans like home loans and car loans.

According to the data released by the RBI in June 2023 on loans given by banks to each sector, there has been a jump of 20.9 per cent in the demand for personal loans like home loans and car loans. RBI has released the data of loans given to different sectors of 40 selected scheduled banks. According to this data, there has been a jump of 16.3 percent in the credit growth rate in the month of June, while 15 percent credit growth rate was seen in the month of June last year.

According to the monthly bulletin issued by the RBI recently, the demand for loans has increased in the country due to the huge demand for retail loans like housing and non-housing. The share of personal loans in the total credit demand of banks has increased from 21 per cent in 2017-18 to 28 per cent in 2022-23.

According to RBI data, loans given to agriculture and allied activities have seen a jump of 19.7 per cent in June 2023, while in June 2022 there was a jump of 12.9 per cent. Loans given to industries have seen a jump of 8.1 per cent in June 2023 while in June 2022 there was a jump of 9.5 per cent. There has been a jump of 26.7 percent in the loans given to the service sector. Whereas in the year June 2022, a growth rate of 12.8 percent was seen.