Unsecured lending to get a boost post covid: Bankbazaar

The report said home buying aspirations took a beating with the pandemic as conserving savings took precedence over buying a house

Hyderabad: With vaccines in sight, the economic sentiment will improve and boost incomes. This would encourage unsecured lending. The personal loan segment is expected to bounce in the April quarter, said Moneymood 2020, a report brought out by Bankbazaar.com, a lead generator and aggregator.

The report said home buying aspirations took a beating with the pandemic as conserving savings took precedence over buying a house. The impact was more pronounced in the high value segment. The low interest rates however aided in increasing the average loan size. The current low interest rates, slashed registrations costs in some places will work in favour of those wanting to buy a home for self-occupation, it said.

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The demand for premium credit cards increased 115 per cent in 2020 on the back of rewards, internet freebies and access to OTT services offered. The applications by women for a premium card rose even higher as 240 per cent, it said adding that the offline benefits these offer will come into play once the world eases back to normalcy. Fuel credit cards, which had a good run in 2018 and 2019, saw a low demand as many stayed at home.

A contactless infrastructure for securing card, customised rewards, cashbacks and offers on shopping are making shopping cards more attractive than ever.

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