Retail loans are expected to double to Rs 96 lakh crore by March 2024 from Rs 48 lakh crore in March 2019 because of higher private consumption, greater willingness to take loans and finance companies leveraging consumer data, according to an ICICI Bank-Crisil study.

“We believe that this rapid growth will take place in the next five years on the back of increased demand for private consumption and the willingness especially from the youth to take loans. Also, we are witnessing the trend of urbanisation and nuclearisation, which we believe will drive the demand,” Anup Bagchi, executive director, ICICI Bank, said here on Tuesday.

The main contributors will be mortgage loans — for normal and low cost-housing — and loan against property. This segment is expected to rise to Rs 46.1 lakh crore over the next five years. Unsecured loans — personal loans and credit cards — are projected to grow to Rs 13.8 lakh crore by 2023-24. Loans to MSMEs will go up to Rs 13.2 lakh crore. Vehicle loans — commercial vehicles, four- and two-wheelers — are expected to nearly double to Rs 17.5 lakh crore.