According to credit bureau CRIF High Mark’s report ‘How India celebrates’, the festive season (Q3) in FY23 witnessed significant growth in auto and two-wheeler loans in both value and volume. However, home loans contracted 2. 6% during this period, marking it the worst festival quarter for home loans in recent years. The decline in home loans can largely be attributed to the surge in interest rates.
Auto loans exhibited a remarkable 24% rise in originations (value), rising from Rs 60,900 crore in Q3FY22 toRs 75,500 crore in Q3FY23. Similarly, two-wheeler loans experienced a substantial 34. 5% growth in originations (value), surging from Rs 17,100 crore in Q3FY22 to Rs 23,000 crore in Q3FY23. The personal loan segment also witnessed a notable growth of 20. 2% in originations (value), reaching Rs 1,90,500 crore in Q3FY23 from Rs 1,58,500 crore in Q3FY22.
Further analysis of the report reveals key trends in major retail loan products. In the auto loan category, the value of originations grew by 24%, with an average ticket size increase of 18. 5% from Rs 6. 5 lakh in Q3FY22 to Rs 7. 7 lakh in Q3FY23. Public sector banks dominated originations (value), while nonbanking financial companies (NBFCs) led in volume during Q3FY23.
For two-wheeler loans, originations surged by 34. 5%, with a 12% increase in average ticket size from Rs 75,000 in Q3FY22 to Rs 84,000 in Q3FY23.
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