Saudi Central Bank data showed an increase in the percentage of personal loans in the kingdom at the end of 2020, by 8.76%, an increase of SR30.88 billion over 2019.
The total personal loans value
The total value of personal loans in the kingdom during 2020 amounted to SR383.37 billion. The number in 2019 was at SR352.49 billion, Saudi Central Bank said.
In light of the increase in the value of long-term loans (over three years), personal loans increased by 18.5% by the end of 2020. They recorded an annual increase of SR183.82 billion, compared toSR155.09 billion at the end of 2019.
Medium-term personal loans (one to three years) increased to SR76.88 billion at the end of 2020. This is an increase of 13% compared to 2019, which was at SR68.02 billion riyals.
Data showed a decline in the short-term personal loans value in 2020, to SR122.68 billion, by 5.2%, compared to SR129.38 billion at the end of 2019.
In the last quarter of 2020, the proportion of personal loans increased by 2.8%, an increase of SR10.55 billion compared to the previous quarter of the same year.
Personal loans consist of consumer loans, along with credit cards.
The percentage of consumer loans recorded an increase of 9.5% during 2020. This is an increase of SR31.6 billion over 2019. This brought the total consumer loans at the end of 2020 to SR365.04 billion, compared to SR333.44 billion at the end of 2019,Saudi Central Bank said.
Consumer loans include the restoration and improvement of real estate, car and transportation loans, furniture and durable goods, and education loans.
The data indicated that most consumer loans during the past year were for the restoration and improvement of real estate with a total theSR23.85 billion. In 2019, the number amounted to SR25.85 billion, a decrease of 7%.
The proportion of auto and transportation loans decreased by 7.4% in 2020, to reach SR14.47 billion, compared to SR15.63 billion in 2019.
Saudi Central Bank: Furniture and durable goods loans
The volume of furniture and durable goods loans amounted to SR12.01 billion, compared to SR12.46 billion in 2020, a decrease of 3.6% .
As for educational loans, they amounted to SR4.17 billion. Health care loans amounted to SR550 million. Tourism and travel loans amounted to 572 million riyals.
Credit card loans, recorded a decrease of 3.8% in 2020, that is SR18.33 billion decrease, compared to SR19.05 billion in 2019.