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Follow on Google News | Personal Loan Disbursals Down To 4.7%The personal loans segment also includes advances against fixed deposits, credit cards and consumer durables.
Personal loans grew 4.7% annually as on February 26, 2010, as against a 6.6% growth a year ago. Loans to education sector grew by 31.2% (33.8%) annually while housing loans grew by 8.3% (6.4%). The Macroeconomic and Monetary Developments in 2009-10 report, is a background to the annual monetary policy statement for 2010-11 that will be announced today. “Low home loan (teaser) rates helped the growth in disbursements,” Most of these schemes have been discontinued but some have been revised with changes in interest rates and tenure. “Teaser rates may not stay for more than 2-3 months as interest rates are going up. So the growth in home loans may come down slightly,” said Brochwala. Growth in educational loans can also be attributed to higher demand. “During the downturn, many people went for further studies for which they had taken bank loans,” said M Narendra, executive director, Bank of India. “Now that the economy is recovering they can effectively use their higher qualifications pursued during the time of recession,” he said. “The government has been emphasising on education loans, which is reflected in its guidelines stating that an educational loan can only be rejected by the highest authority. So almost all educational loans applied for are sanctioned,” The personal loans segment also includes advances against fixed deposits, credit cards and consumer durables. The credit card segment took a hit due to heightened caution on the unsecured loans front by banks post recession. Issuances were restricted to individuals holding salaried accounts or having multiple relations (fixed deposits account, insurance etc.) with the bank in some cases. This segment declined by 28.3% annually. Know more at :- http://www.deal4loans.com/ http://www.deal4loans.com/ # # # Deal4loans.com is a completely independent Loan comparison service and our directory of lenders gives you all the information you need about the online loan companies you are considering and what they offer. End
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