Non-Metro cities see a big growth in credit demand: Report
credit demand during this period is not just limited to larger metros. Kanpur and Barabanki emerged among the top 10 cities by originations (value) in the December 2023 quarter, a quarter marked by festival spending, said a report by credit bureau CRIF Highmark.
«The festive season remains a crucial driver for consumption-based lending in India, benefiting both lenders and borrowers” said Sanjeet Dawar, Managing Director, CRIF High Mark. “ What is interesting to note is that credit demand during this period is not just limited to larger geographies. Kanpur and Barabanki emerged among top 10 cities by Originations (value) in Q3 FY24. Cities beyond top 100 by Originations (value) dominated vehicle loans two-wheeler and auto loans as well as consumer durable loans during the last festive season Q3 FY24”
Loans such as two-wheelers and consumer durables have seen an increasing share of BT100 cities from Q3 FY23 to Q3 FY24. Overall, the year-on-year growth rate in originations (value) during festive season increased for consumer durables and home loans in Q3 FY24 compared to Q3 FY23.
According to the report, originations (value) were highest in Mumbai for Home Loans. The report also highlights that BT100 (Beyond top 100) cities identified as cities with the highest consumer loans portfolio, dominate two-wheeler loans, consumer durable loans, and auto loans originations (value) and gained share for two-wheeler loans and consumer durable loans in Q3 FY’24.
Though Maharashtra continues to be the top borrowing state,
