Roundup: Retail loans, lending increase, vehicle credit

- Friday, September 23, 2011

Roundup: Retail loans, lending increase, vehicle credit

Retail lending in Peru saw a 21.3% year-on-year increase in the 12 months ending August, to 51.4bn soles (US$18.6bn), according to figures published by local banking association Asbanc.

Consumer credits accounted for 41.1% (21.1bn soles), mortgage loans for 34.8% (17.9bn soles), SME lending 19.5% (10.0bn soles) and small businesses 4.72% (2.43bn soles).

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Credit transactions in Peru during August expanded 26.5% compared to the same month last year, Asbanc reported.

The total credit amount at the end of the month reached 12.8bn soles.

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Local banks present at Bolivian motor vehicle fair Expocruz 2011 offered credit access to promote large vehicle, heavy machinery and agricultural equipment purchases, daily La Razón reported.

Financial institutions offered interest rates from 7-10% with an average term of seven years and a down payment of 20-50% of the item's total value.