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Use of cars and household items to secure loans from banks falls 14pc
Borrowers used 65,957 motor vehicles as collateral for loans in the period, which was a drop of 3.09 percent from the 68,060 that were used as security in the year ended June 2024.
Borrowers have reduced the use of household items such as furniture, fridges and televisions, and motor vehicles as collateral for loans, signaling lower uptake of the readily available low-value debt.
The use of fridges and televisions, motor vehicles, and furniture as collateral for loans dipped by 14.4 percent to a total of 132,374 items in the financial year ended June 30.
