SBI’s non-home retail loans grow by 1 lakh cr in 12 months to 5 lakh cr

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State Bank of India’s ()’s non home loan retail book has surpassed the milestone of Rs. 5 lakh crore, growing over Rs 1 lakh crore in the last one year, the bank said in a statment.

The bank’s personal loan segment which includes loans to individuals for consumption, auto loans, education loans and loan against gold has grown from Rs 1 lakh crore in January 2015, Rs. 2 lakh crore in January 2018 and Rs. 3 lakh crore in August 2020 and the Rs. 4 Trillion mark in November 2021.

SBI said the growth trajectory indicates the bank’s progression at an accelerated pace.

“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 mark under personal banking advances (other than housing),” chairman Dinesh Khara said.

At the end of September, home loans with Rs 5.94 lakh crore of outstanding book was the largest in the retail portfolio of the bank followed by Xpress credit at Rs 2.71 lakh crore, a presentation on the bank’s website showed.

All of the personal loans have gross NPA below 1% and have grown between 15% to 30% year on year according to the presentation. Retail loans constituted over 42% of the bank’s porfolio at the end of September.

In a interview with ET in March this year the then deputy managing director, retail, Saloni Narayan had said that she estimates the unsecured personal loan market in India to be worth Rs 7 lakh crore currently, growing at 20% per annum.

“We used the disruption caused by the pandemic to set up a retail loan management software (RLMS) system, which uses customer data from various sources and credit bureaus to give an on-the-spot appraisal within eight minutes. During the pandemic, since many of our staff were working from home, they were given a list of prospective customers using this analytics, which also played a big part in this growth,” Narayan had said.

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