Gold Loans Emerge Fastest-Growing Retail Credit Segment, Touch Rs 15.6 Lakh Crore: CRIF High Mark

Driven by rising gold prices and banks’ preference for strong collateral, India’s overall gold loan portfolio outstanding (POS) grew by 41.9 per cent year-on-year in November 2025 (vs. 39.0 per cent YoY in November 2024), while active loans rose only 10.3 per cent YoY. The gold loan POS stood at Rs 15.6 lakh crore as of November 2025, and Rs 11.0 lakh crore in November 2024, according to CRIF High Mark’s latest CreditScape Report focusing on gold loans in India. Gold loans accounted for 9.7 per cent of the overall retail lending portfolio.

Across retail lending products, gold loans recorded the fastest growth during the period. The share of gold loans in the retail portfolio increased from about 8.1 per cent a year ago to 9.7 per cent as of November 2025.

Active Loans And Asset Quality

Active gold loan accounts reached 902.6 lakh as of November 2025, reflecting 10.3 per cent year-on-year growth. Early-stage delinquency (PAR 31–90, i.e. loans overdue by 31 to 90 days) stood at 1.2 per cent, while PAR 91–180 was 0.6 per cent and PAR 180+ was 0.3 per cent. Priority Sector Gold Loans (PSGL) accounted for Rs 4.6 lakh crore as of Nov ‘25, representing about 30 per cent of the total gold loan portfolio.

State-Wise Distribution

The top 10 states accounted for 90.8 per cent of total gold loan POS as of November 2025. Southern states contributed over 75 per cent of the portfolio share. Gujarat recorded approximately 66.7 per cent year-on-year growth among leading states. Portfolio quality improved across most states. PAR 31–180 levels were higher than the national average in Uttar Pradesh, Maharashtra, Tamil Nadu and Odisha.

Higher-Ticket Loans Account For Larger Share Of Disbursements

Loans above Rs 2.5 lakh ticket size increased their share of originations value from 36.4 per cent in FY23 to 48.4 per cent in FY25 and further to 59.1 per cent in 8M FY26. Loans up to Rs 2.5 lakh ticket size continued to account for the majority of origination volumes

Lender Mix

Public sector banks held 59.9 per cent of gold loan POS and 46.6 per cent of active loans as of November 2025. Gold loan-focused NBFCs accounted for 8.1 per cent of POS and 16.6 per cent of active loans. 

Borrower Profile

Borrowers aged 36–45 years accounted for 31.9 per cent of portfolio outstanding, the largest share among age groups. Male borrowers held 56.4 per cent of POS, while female borrowers accounted for 43.6 per cent.

Origination Trends

During the first eight months of FY26, gold loan originations value rose 111.1 per cent year-on-year to Rs 17.4 lakh crore, while originations volumes increased to 1,052.5 lakh loans. Loans above Rs 2.5 lakh accounted for 59.1 per cent of originations value in 8M FY26, compared with 48.4 per cent in FY25 and 36.4 per cent in FY23. The average ticket size for gold loans up to Rs 2.5 lakh increased to Rs 76,500 in 8M FY26 from Rs 71,200 in FY25, showcasing a y-o-y increase of 8.6 per cent. Gold loans with ticket sizes up to Rs 2.5 lakh represented 42.6 per cent of total POS and 79.4 per cent of active loans. Portfolio outstanding in this segment stood at Rs 6.6 lakh crore. PAR 31–90 for this cohort was 1.4 per cent.