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What is the story about?
India’s gold loan portfolio outstanding rose to ₹15.6 lakh crore as of November 2025, marking a 41.9% year-on-year increase from ₹11.0 lakh crore in November 2024, according to CRIF High Mark’s latest CreditScape Report on Gold Loans in India.
Gold loans accounted for 9.7% of the country’s overall retail lending portfolio during the period.
Gold loans recorded the fastest growth among all retail lending products.
Their share in the retail loan book increased from about 8.1% a year earlier to 9.7% as of November 2025, reflecting rising borrower demand and lender participation.
The number of active gold loan accounts reached 902.6 lakh in November 2025, growing 10.3% year-on-year.
Asset quality indicators remained stable, with early-stage delinquencies (PAR 31–90) at 1.2%, PAR 91–180 at 0.6%, and PAR 180+ at 0.3%. Priority Sector Gold Loans (PSGL) stood at ₹4.6 lakh crore, accounting for nearly 30% of the total gold loan portfolio.
Regionally, the top 10 states accounted for 90.8% of the total gold loan portfolio outstanding. Southern states contributed over 75% of the overall exposure. Among leading states, Gujarat recorded approximately 66.7% year-on-year growth. Portfolio quality improved across most regions, though PAR 31–180 levels remained higher than the national average in Uttar Pradesh, Maharashtra, Tamil Nadu and Odisha.
Higher-ticket loans continued to gain prominence. Loans above ₹2.5 lakh increased their share of origination value from 36.4% in FY23 to 48.4% in FY25, and further to 59.1% during the first eight months of FY26. However, loans up to ₹2.5 lakh continued to account for the majority of origination volumes.
Public sector banks dominated the gold loan market, holding 59.9% of portfolio outstanding and 46.6% of active loans as of November 2025. Gold loan-focused non-banking financial companies (NBFCs) accounted for 8.1% of portfolio outstanding but represented a higher 16.6% share of active loans, indicating growing participation in new lending.
Borrowers aged 36–45 years formed the largest segment, accounting for 31.9% of portfolio outstanding. Male borrowers held 56.4% of the gold loan portfolio, while female borrowers accounted for 43.6%.
During the first eight months of FY26, gold loan originations value more than doubled, rising 111.1% year-on-year to ₹17.4 lakh crore. Origination volumes reached 1,052.5 lakh loans. Loans above ₹2.5 lakh accounted for 59.1% of origination value, up from 48.4% in FY25 and 36.4% in FY23.
For loans up to ₹2.5 lakh, the average ticket size increased to ₹76,500 in the first eight months of FY26 from ₹71,200 in FY25, a year-on-year rise of 8.6%. This segment represented 42.6% of total portfolio outstanding and 79.4% of active loans, with portfolio outstanding at ₹6.6 lakh crore. PAR 31–90 for this cohort stood at 1.4%.
The findings are based on CRIF High Mark’s CreditScape Report on Gold Loans in India, which analyses portfolio trends, originations, borrower profiles, lender mix and risk indicators using bureau data as of November 2025.
Gold loans accounted for 9.7% of the country’s overall retail lending portfolio during the period.
Gold loans recorded the fastest growth among all retail lending products.
Their share in the retail loan book increased from about 8.1% a year earlier to 9.7% as of November 2025, reflecting rising borrower demand and lender participation.
The number of active gold loan accounts reached 902.6 lakh in November 2025, growing 10.3% year-on-year.
Asset quality indicators remained stable, with early-stage delinquencies (PAR 31–90) at 1.2%, PAR 91–180 at 0.6%, and PAR 180+ at 0.3%. Priority Sector Gold Loans (PSGL) stood at ₹4.6 lakh crore, accounting for nearly 30% of the total gold loan portfolio.
Regionally, the top 10 states accounted for 90.8% of the total gold loan portfolio outstanding. Southern states contributed over 75% of the overall exposure. Among leading states, Gujarat recorded approximately 66.7% year-on-year growth. Portfolio quality improved across most regions, though PAR 31–180 levels remained higher than the national average in Uttar Pradesh, Maharashtra, Tamil Nadu and Odisha.
Higher-ticket loans continued to gain prominence. Loans above ₹2.5 lakh increased their share of origination value from 36.4% in FY23 to 48.4% in FY25, and further to 59.1% during the first eight months of FY26. However, loans up to ₹2.5 lakh continued to account for the majority of origination volumes.
Public sector banks dominated the gold loan market, holding 59.9% of portfolio outstanding and 46.6% of active loans as of November 2025. Gold loan-focused non-banking financial companies (NBFCs) accounted for 8.1% of portfolio outstanding but represented a higher 16.6% share of active loans, indicating growing participation in new lending.
Borrowers aged 36–45 years formed the largest segment, accounting for 31.9% of portfolio outstanding. Male borrowers held 56.4% of the gold loan portfolio, while female borrowers accounted for 43.6%.
During the first eight months of FY26, gold loan originations value more than doubled, rising 111.1% year-on-year to ₹17.4 lakh crore. Origination volumes reached 1,052.5 lakh loans. Loans above ₹2.5 lakh accounted for 59.1% of origination value, up from 48.4% in FY25 and 36.4% in FY23.
For loans up to ₹2.5 lakh, the average ticket size increased to ₹76,500 in the first eight months of FY26 from ₹71,200 in FY25, a year-on-year rise of 8.6%. This segment represented 42.6% of total portfolio outstanding and 79.4% of active loans, with portfolio outstanding at ₹6.6 lakh crore. PAR 31–90 for this cohort stood at 1.4%.
The findings are based on CRIF High Mark’s CreditScape Report on Gold Loans in India, which analyses portfolio trends, originations, borrower profiles, lender mix and risk indicators using bureau data as of November 2025.
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