India’s gold loan book expands to Rs 15.6 lakh crore: CRIF High Mark
The share of gold loans in the retail portfolio increased from about 8.1% a year ago to 9.7% as of November 2025.
Loans above ₹2.5 lakh ticket size increased their share of originations value from 36.4% in FY23 to 48.4% in FY25 and further to 59.1% in 8M FY26.
India’s gold loan portfolio outstanding (POS) stood at ₹15.6 lakh crore as of November 2025, and ₹11.0 lakh crore in November 2024, according to CRIF High Mark’s latest CreditScape Report focusing on Gold Loans in India (Data as of November 2025). The portfolio recorded 41.9% year-on-year growth. Gold loans accounted for 9.7% 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% a year ago to 9.7% as of November 2025.
Active loans and asset quality
Active gold loan accounts reached 902.6 lakh as of November 2025, reflecting 10.3% year-on-year growth. Early-stage delinquency (PAR 31–90) stood at 1.2%, while PAR 91–180 was 0.6% and PAR 180+ was 0.3%. Priority Sector Gold Loans (PSGL) accounted for ₹4.6 lakh crore as of Nov ‘25, representing about 30% of the total gold loan portfolio.
State-wise distribution
The top 10 states accounted for 90.8% of total gold loan POS as of November 2025. Southern states contributed over 75% of the portfolio share. Gujarat recorded approximately 66.7% 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 ₹2.5 lakh ticket size increased their share of originations value from 36.4% in FY23 to 48.4% in FY25 and further to 59.1% in 8M FY26. Loans up to ₹2.5 lakh ticket size continued to account for the majority of origination volumes
Lender mix
Public Sector Banks held 59.9% of gold loan POS and 46.6% of active loans as of November 2025. Gold loan-focused NBFCs accounted for 8.1% of POS and 16.6% of active loans.
Borrower profile
Borrowers aged 36–45 years accounted for 31.9% of portfolio outstanding, the largest share among age groups. Male borrowers held 56.4% of POS, while female borrowers accounted for 43.6%.
Originations trends
During the first eight months of FY26, gold loan originations value rose 111.1% year-on-year to ₹17.4 lakh crore, while originations volumes increased to 1,052.5 lakh loans. Loans above ₹2.5 lakh accounted for 59.1% of originations value in 8M FY26, compared with 48.4% in FY25 and 36.4% in FY23. The average ticket size for gold loans up to ₹2.5 lakh increased to ₹76,500 in 8M FY26 from ₹71,200 in FY25, showcasing a y-o-y increase of 8.6%. Gold loans with ticket sizes up to ₹2.5 lakh represented 42.6% of total POS and 79.4% of active loans. Portfolio outstanding in this segment stood at ₹6.6 lakh crore. PAR 31–90 for this cohort was 1.4%.
The findings are based on CRIF High Mark’s latest CreditScape Report focusing on Gold Loans in India, which analyses portfolio outstanding, originations, borrower segments, lender mix and risk indicators across the gold loan market using bureau data as of November 2025.
