Personal loans jump to 383 billion riyals, an increase of 9%

Personal loans in the Kingdom recorded a growth of 8.76% by the end of 2020, with an increase of 30.88 billion riyals over the previous year, according to the statistics of the Saudi Central Bank “SAMA”. The value of loans reached 383.37 billion riyals at the end of last year, compared to 352.49 billion riyals at the end of 2019. With an increase in the value of long-term loans (more than 3 years) by 18.5% by the end of 2020 and an annual increase of 28.73 billion riyals, to record 183.82 billion riyals at the end of last year, compared to 155.09 billion riyals at the end of the previous year. Similarly, medium-term loans increased (1 Up to 3 years) to 76.88 billion riyals at the end of 2020, compared to 68.02 billion riyals at the end of the previous year, an increase of 13%. On a quarterly basis, loans increased 2.8%, equivalent to 10.55 billion riyals during the fourth quarter of 2020, over their value in the third quarter of the same year, which reached by the end of the same year, 372.82 billion riyals. Personal loans consist of consumer loans, in addition to credit card loans. Consumables of 7 sections; Most notably are the restoration and improvement of real estate, car loans and personal transportation, furniture and durable goods, and education loans. Most of the consumer loans in the Kingdom last year were for real estate restoration and improvement loans totaling 23.85 billion riyals, compared to 25.85 billion riyals in 2019, a decrease of 7%.

Car and personal transportation loans decreased by 7.4% in 2020, to 14.47 billion riyals, compared to 15.63 billion riyals in the previous year, and furniture and durable goods loans amounted to 12.01 billion riyals compared to 12.46 billion riyals in the year 2020, a decrease of 3.6%. 4.17 billion riyals in 2020, health care loans 550 million riyals, and tourism and travel 572 million riyals. As for credit card loans, they decreased by 3.8% in 2020, to 18.33 billion riyals, compared to 19.05 billion riyals in 2019.

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