Retail consumer loans have witnessed significant growth in Kerala over the last few years.
Kochi: Private sector ICICI Bank on Tuesday said it aimed to grow its retail loan disbursement in Kerala by over 20 per cent to Rs 3,100 crore in FY20.
The bank planned to achieve this growth by rapidly expanding disbursement of consumer loans and mortgage loans, the two main pillars of retail loans, its Executive Director Anup Bagchi said.
Retail consumer loans have witnessed significant growth in Kerala over the last few years. There has been a robust growth in the state's economy. We see the potential of increasing the disbursement of consumer loans and mortgages in Kerala by over 20 per cent to Rs 3,100 crore in FY20, he told a press conference here.
The disbursement of consumer loans, which comprises of personal and auto loans, was expected to grow by nearly 22 per cent to Rs 2,200 crore while mortgages, including home loan, by close to 20 per cent to nearly Rs 900 crore, he said.
In the consumer loan portfolio, personal loans and unsecured business loan were seeing a substantial upswing in Kerala, he said.
On auto loan, he said, the customers can get loans up to Rs 20 lakh for a payment tenure of Upton seven years.
Within the home loans portfolio, the focus was to drive growth in the affordable housing segment category, through the Pradhan Mantri Awas Yojana (PMAY).
Noting that the bank had a wide retail network of branches across Kerala, he said it was also expanding to tier II and III cities such as Palakkad, Kannur, Alappuzha, Malappuram among others.
We are committed to servicing the semi-urban and rural markets in the state. There are 316 ATMs and 174 branches -- 60 per cent of our branches are located in the semi-urban and rural areasin Kerala. This wide network state is a testimony of our focus to service a large segment of customers," Bagchi said.
The bank was the largest lender to the self help groups (SHGs) among the private sector banks in Kerala, it was claimed.
It has disbursed loans to over 12,900 SHGs and over 1.65 lakh women benefitted from this programme across the state.
"The cumulative financial assistance pegged at Rs 380 crore. By the end of FY20, the Bank intends to expand its reach to 2.25 lakh women beneficiaries with a cumulative loan disbursement of Rs 550 crore", Bagchi said.