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Personal loans granted by banks in KSA rise 8.7% in 2020

Personal loans granted by banks in KSA rise 8.7% in 2020
Consumer loans rose by 9.5% or SAR 31.6 billion yearly in 2020.

Riyadh – Mubasher: Personal loans granted by financial institutions in Saudi Arabia grew by 8.76% in 2020 or SAR 30.88 billion when compared to the previous year.

Financial institutions in the kingdom granted SAR 383.37 billion worth of personal loans last year, compared with SAR 352.49 billion in 2019, according to data collected by Mubasher based on figures from the Saudi Central Bank (SAMA).

In the fourth quarter (Q4) of 2020, granted personal loans increased by 2.8% or SAR 10.55 billion from SAR 372.82 billion in Q3-20.

Personal loans are made of consumer loans and credit card loans. Consumer loans are given to consumers to finance specific types of expenditures such as property renovation, education, and purchase of cars, furniture, and consumer durable goods.

Consumer loans rose by 9.5% or SAR 31.6 billion yearly in 2020 to stand at SAR 365.04 billion, of which property renovation loans accounted for SAR 23.85 billion.

On the other hand, credit card loans were down by 3.8% on a yearly basis, reaching SAR 18.33 billion.