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Article: PAKISTANI BANKS OFFER US$506.4 MLN IN PERSONAL LOANS.
- Article from:
- AsiaPulse News
- Article date:
- January 16, 2004
CopyrightCOPYRIGHT 2004 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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KARACHI, Jan 16 Asia Pulse - All Pakistani banks combined approved Rs29 billion (US$506.4 million) in personal loans in July-November 2003, more than three times the personal loans of Rs9 billion they had offered in July-November 2002, according to figures obtained from the SBP Economic Policy Department.
Senior bankers say this big increase in personal loans was responsible not only for increasing overall private sector credit take-off, but also for pushing up average lending rate.
"The reason is that personal loans are made at a much higher rate than the corporate loans," explained the head of credit at a large local bank.
At Rs29 billion, ...