South Indian women avail more bank loans
Financial independency, varied schemes propelling women accessing different credit options
Hyderabad: As women become financially independent, they started understanding different investment options such as owning property, investing in business, buying the enterprise they are running and other schemes.
Further, the schemes initiated by the Centre and State government are enabling women avail of several loans, observe experts. A recent report by CRIF highlighted that women borrowers from southern States have higher credit book size as compared to western and northern States.
Telangana remains among top five States in the personal loan portfolio outstanding for women which increased by 18 per cent over the previous year and by sixper cent for home loans as of December 2020.
Satya Narayana, an official from the banking sector, on a condition of anonymity of his bank name, told Bizz Buzz: "Women are stepping ahead more than men which is a reason for hike in women borrowers, in specific, we receive applications of women for home loans because they want to extend their support to their male counterpart.
Some of them come forward for education loans because they have aspirations to study abroad. Additional concessions provided by banks, schemes, other financial institutions offer are helping out women to avail for more loans."
The report further added that the number of women borrowers availing personal loans has increased from 6,008 in 2019 to 7,173 in 2020 in Telangana, and the number in Andhra Pradesh rose from 5,332 to 6,893. Auto loans also saw a rise, women in Telangana availing of such loans rose from 6,113 to 6,140whereas housing loans remain 40, 464 in 2019 to 43,754 in 2020.
"Women borrowers have increased because of various schemes like, PM SVANidhi for street vendors, unsecured loans, and awareness. Innovative thoughts are being explored by women like urban classes, beautician courses. Role of Fintech partnerships rise.