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State Bank of India’s portfolio of personal loans crossed the Rs 5-trillion mark at the end of November 30 this year, said the country’s largest lender on Monday.
The bank gave loans worth Rs 1 trillion in 12 months in the portfolio that includes pension, auto, education, and gold. The portfolio does not include housing loans.
SBI chairman Dinesh Khara said in a statement tactical measures and digital initiatives over the past few years enabled it to cross the Rs 5-trillion mark. The bank has always strived to set benchmarks for the industry, he said.
SBI completed giving out loans worth Rs 1 trillion in January 2015, followed by Rs 2 trillion in January 2018. It touched Rs 3 trillion in August 2020, when Covid-19 was at its peak, and the Rs 4-trillion mark in November 2021.
The bank said it focused on the salaried class and those with sound financial profile for expanding the personal banking loan portfolio as it keeps delinquencies low.
The bank’s home loan portfolio achieved the Rs 5-trillion mark in January 2021. It expects the portfolio to touch Rs 7 trillion by financial year 2023-24 (FY24) and Rs 10 trillion in FY27. The growth is buoyed by an increased desire among youth to own homes early in life, rising incomes, and government policies like the cuts in stamp duty and subsidy.
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