Banks slash personal loans for first time in seven years

Money

Banks are still cautious about stepping up personal and household lending this year.

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As cost of loans and defaults surged, the banks’ love affair with workers and small traders who for years have been drivers of their profits was disrupted.

Banks for the first time in seven years cut lending to individuals and households fretful about rising defaults as borrowers struggled with loan repayments in a high interest rate environment.

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