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SBI’s personal loan portfolio crosses Rs 5 lakh cr mark

“A series of tactical measures and digital initiatives undertaken over the past few years played a crucial role in our journey to the Rs 5 lakh crore under personal banking advances (other than housing),” said Dinesh Khara, chairman, SBI.

Personal banking advances mainly comprise personal loan, pension loan, auto loan, education loans, personal-gold loan, and other personal loan products. (File)
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State Bank of India (SBI) Monday said its has surpassed the Rs 5 lakh crore mark in the personal banking advances as on November 30.

“A series of tactical measures and digital initiatives undertaken over the past few years played a crucial role in our journey to the Rs 5 lakh crore under personal banking advances (other than housing),” said Dinesh Khara, chairman, SBI.

The lender marked the first Rs 1 lakh crore mark in January 2015, followed by Rs 2 lakh crore in January 2018, Rs 3 lakh crore in August 2020, when Covid-19 was at its peak, and the Rs 4 lakh mark in November 2021.

Personal banking advances mainly comprise personal loan, pension loan, auto loan, education loans, personal-gold loan, and other personal loan products.

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Despite an increase in borrowing cost, following a 190 basis points hike in repo rate since May this year, banks personal loan segment has seen a healthy growth this year. The segment witnessed a growth of 20 per cent in September and 20.2 per cent in October, largely driven by housing and vehicle loans, according to the Reserve Bank’s sectoral deployment of bank credit.

First published on: 06-12-2022 at 04:40 IST
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