The strict lockdown in the first quarter of the current fiscal resulted in creating pent-up demand for home and auto loans, which is finding expression now. According to TransUnion Cibil data, home loan inquiry volumes in July and August have recovered to exceed last year's levels but are still below January and February 2020 levels. The revival is being led by public sector banks, which were the first to recommence operations. Personal loan inquiries from public sector banks are 118% of last year and 102% of the pre-Covid months in 2020. Private banks are still doing only three-fourths of last year while NBFCs and finance companies are seeing half as many applications as the pre-Covid months. TransUnion Cibil data shows that home loan inquiries have rebounded the most and are 112% of what was seen in July-August 2019 but only 92% of January-February 2020 (pre-Covid). Auto loans are 88% of last year’s levels and 84% of pre-Covid level while demand for loans against property are at 90% of last year but 72% of pre-Covid. Lenders send a query to the credit bureau whenever a borrower seeks to know his loan eligibility. Although credit inquiries may not match loan disbursements, they are a good indicator of demand in the market. Also, inquiries get triggered whenever a borrower seeks to shift his loan from one lender to another to avail of lower interest rates. Around half a dozen public sector banks, including State Bank of India, Bank of Baroda, and Union Bank are offering home loans below 7%. In the private sector, HDFC and ICICI Bank are also offering loans below 7%. Also, the Maharashtra government is giving incentives on home loans in the form of reduced stamp duty of 2% instead of 5% between September and December 2020.