Non-metros dominate the unsecured loan market in the volume game; 10.49% increase in lifestyle credit card applications: Report-Business News, Firstpost

The average personal loan ticket size in non-metros is Rs 2.80 lakh compared to Rs 2.55 lakh in metros

Mumbai: Non-metros have emerged to drive demand for unsecured credit, mostly personal loans, than metros, according to a survey.

The unsecured loan portfolio includes personal loans and credit cards which are used more for consumer activities than secured loans.

The average personal loan ticket size in non-metros is Rs 2.80 lakh compared to Rs 2.55 lakh in metros, online financial products retailer Bankbazaar said in a behavior-based survey. 169 million visitors to its website, the portal claimed in a report on Tuesday.

Representative image. Reuters.

However, going through the highest ticket size, Bengaluru tops the list with a loan of Rs 47.23 lakh, while for non-metro, the same goes for Rs 25 lakh.

On the gender side, the average home loan note size for women is much higher by Rs 27.57 lakh compared to Rs 22.97 lakh for men, he said, adding that the amount of the highest loan a woman has is Rs 1.43 crore for a house in Mumbai.

There’s a 10.49% increase in lifestyle credit card applications and an 89% increase in women’s fuel credit card applications, he said.

Women also outperform men in achieving their globetrotting aspirations, with a 73% increase in travel credit card applications compared to 71.5% for men.

Perhaps due to the rapid ease of use of loans, there is a 198% increase in paperless approvals for personal loans, 11% for credit cards and 38.3% for car loans, indicates the report.

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Priscilla C. Carnegie