MUMBAI, November 9: Loans against gold jewellery given by India’s non-banking finance companies (NBFCs) jumped 66.1% in a year to ₹3,74,428 crore at the end of September 2026, the fastest growth of any major segment, according to data released by the Reserve Bank of India (RBI). Overall NBFC credit grew 15.4%, up from 13.3% a year earlier, led by retail loans.
Key highlights
- Total NBFC credit: ₹61,69,885 crore, up 15.4% year on year.
- Gold loans: ₹3,74,428 crore, up 66.1%, after 50.7% growth a year earlier.
- Consumer durables loans: up 54.4% to ₹77,896 crore.
- Retail loans overall: up 21.9%, the fastest of the four main sectors.
- Industry: credit growth slowed to 7.4% from 10.2%; infrastructure lending grew just 5.9%.
- Agriculture: up 17.8%, against 5.2% a year earlier.
Where NBFC credit went
| Sector | Outstanding, Sep 2026 (₹ crore) | Growth, Sep 2026 (y/y) | Growth, Sep 2025 (y/y) |
|---|---|---|---|
| Total NBFC credit | 61,69,885 | 15.4% | 13.3% |
| Agriculture and allied | 81,732 | 17.8% | 5.2% |
| Industry | 22,69,348 | 7.4% | 10.2% |
| – of which infrastructure | 20,60,168 | 5.9% | 9.4% |
| Services | 8,02,420 | 17.3% | 23.0% |
| – commercial real estate | 1,05,845 | 23.4% | 8.9% |
| Retail loans | 26,84,290 | 21.9% | 16.8% |
| – housing loans | 8,70,202 | 12.6% | 10.0% |
| – vehicle loans | 6,46,332 | 16.1% | 14.9% |
| – loans against gold jewellery | 3,74,428 | 66.1% | 50.7% |
| – consumer durables | 77,896 | 54.4% | 22.2% |
Gold loans lead the surge
Retail loans grew 21.9%, faster than 16.8% a year ago, and the RBI said housing loans, gold loans and vehicle loans all picked up speed. Gold loans stand out: NBFCs’ outstanding loans against gold jewellery rose from ₹2,25,370 crore in September 2025 to ₹3,74,428 crore in September 2026.
Lending to services slowed to 17.3% from 23.0%, though commercial real estate (up 23.4%), trade (19.8%) and transport operators (12.3%) grew faster than a year ago. Industry was the weak spot, with infrastructure lending, much of it to the power sector, slowing to 5.9%.
Our calculation
- NBFC gold loans rose by about ₹1,49,058 crore in the twelve months to September 2026.
- They are now about 2.5 times their level of September 2024 (₹1,49,585 crore), in two years.
- Gold loans make up about 13.9% of NBFC retail loans, up from about 10.2% a year earlier.
Higher gold prices tend to raise the amount a borrower can raise against the same jewellery, while gold loans also offer quick credit to small businesses and households. The RBI release does not break down the reasons for the growth.
What it means for India and Asia
- Households borrowing against savings: fast growth in gold loans and consumer-durables loans shows households are using credit for spending and short-term needs during the festive season.
- Risk watch: very rapid growth in any loan segment draws regulatory attention; the RBI has in the past asked lenders to tighten gold-loan practices.
- Regional context: gold is a key household asset across Asia, and central banks such as China’s have been adding to gold reserves this year.
What to watch
- The RBI’s data on bank credit by sector for September and October.
- Whether gold-loan growth slows after the festive season.
- The RBI’s next Financial Stability Report, which reviews risks in fast-growing loan segments.
Related: How to check hallmarked gold before buying
An Indian gold Lakshmi necklace, 20th century (museum photo) Image: Daderot, CC0, via Wikimedia Commons. Photo source · Licence
Sources
- Reserve Bank of India: Sectoral Deployment of Credit by NBFC – September 2026 (press release, November 6, 2026)
- Reserve Bank of India: Statement – Sectoral deployment of outstanding credit by NBFCs (Excel)
The Business Desk covers markets, the economy, companies and personal finance. Stories are checked against at least two credible sources before publication.
