NBFC gold and consumer durable loans surge over 50% in September, RBI data shows

Loans given by non-banking financial companies (NBFCs) against gold jewellery and for consumer durables grew by more than 50 per cent in September 2026 compared with a year earlier, according to the latest data released by the Reserve Bank of India. The figures show that people are turning more to traditional as well as alternative sources of finance to meet their financial needs.

According to the RBI data, total NBFC loans against gold jewellery reached Rs 3.74 lakh crore in September 2026, up from Rs 2.25 lakh crore in September 2025, a rise of 66.1 per cent. The growth suggests that gold loans are proving a popular and convenient option for ordinary citizens and small businesses when they need cash.

NBFC loans for consumer durables such as televisions, refrigerators and washing machines also rose sharply. They stood at Rs 50,411 crore in the same period last year and rose to Rs 77,896 crore in September 2026, an increase of 54.4 per cent. The festive season and higher consumer demand in the market led people to make full use of easy finance options, the data said.

Overall NBFC loans across sectors rose 15.4 per cent to Rs 61.69 lakh crore in September 2026, from Rs 53.46 lakh crore a year earlier.

Despite the sharp growth in gold and consumer goods loans, the pace of growth in lending to industry and services has slowed somewhat. Growth in credit to industry fell to 7.4 per cent in September 2026 from 10.2 per cent in the same month last year. Lending to the infrastructure sector has also slowed.

Credit growth in the services sector eased to 17.3 per cent in September 2026. Last year it was at a high of 23 per cent. Overall, the September 2026 figures show strong demand in India's financial market for retail credit, particularly for financing of gold and consumer durables.