Will rapidly step up disbursement of consumer and mortgage loans
ICICI Bank is looking at a 20 per cent growth in its retail loan disbursement in Kerala at ₹3,100 crore in FY20.
The bank hopes to achieve this growth by rapidly expanding disbursement of consumer and mortgage loans, the two main pillars of retail loans.
The disbursement of consumer loans — personal and auto loans — is expected to grow by nearly 22 per cent to ₹2,200 crore, while the disbursement of mortgages, including home loans, is likely to rise by close to 20 per cent to nearly ₹900 crore.
“Retail consumer loans have witnessed significant growth in the State over the last few years. There has been robust growth in the State’s economy. We see the potential for increasing the disbursement of consumer loans and mortgages in Kerala by over 20 per cent to ₹3,100 crore in FY20,” said Anup Bagchi, Executive Director, ICICI Bank.
Consumer lending
In the consumer loans portfolio, he said personal loans and unsecured business loans are seeing an upswing.
The bank is witnessing significant traction in unsecured business loans from the self-employed segment as they prefer short-term access to credit.
Within the home loans portfolio, the focus is to drive growth in the affordable category, through the Pradhan Mantri Awas Yojana. The bank is also expanding to tier-2 and -3 cities.
Business with SHGs
“We plan to increase our mortgage disbursement in Kerala by close to 20 per cent to nearly ₹900 crore this fiscal
“To drive this growth, we have adopted a multi-pronged strategy with focus on affordable housing segment, driving penetration of insta home loan and top-up home loan,” Bagchi said.
The bank has disbursed loans to over 12,900 SHGs, benefiting over 1.65 lakh women. The cumulative financial assistance is pegged at ₹380 crore.
By the end of FY20, ICICI Bank intends to expand its reach to 2.25 lakh women beneficiaries with cumulative loan disbursement of ₹550 crore, he added.
[“source=thehindubusinessline”]
