Maharashtra, Tamil Nadu and Karnataka together comprised 40 per cent of the total retail loans as on June 30. The three states represent about 32 per cent of the country’s overall credit population share despite comprising only 20 per cent of the Indian population. This concentration of retail lending is likely due to the economic development and urbanisation, said a report by TransUnion CIBIL.
“It’s clear that the major urban areas of India are leading the charge for increased retail credit use,” said Yogendra Singh, vice president of research and consulting, TransUnion CIBIL.
“These states have more urbanised areas and show more signs of economic development. As a result, consumers in these areas are utilising various forms of credit to enhance their lives,” he added. Retail balance as of June 2018 was highest in Maharashtra at Rs5,502 billion – representing nearly 20 per cent of all retail balances in India. This was followed by Tamil Nadu with Rs2,774 billion and Karnataka with Rs2,749 billion.
Retail lending balances increased by nearly 27 per cent between Q2 2017 and Q2 2018 with personal loan balances up 43 per cent and credit card balances up 42 per cent showing the strongest growth.
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