Gold loan market to hit ₹15 trn in FY26, a year ahead of forecast: ICRA

ICRA says organised gold loan market to grow faster amid record gold prices, rising NBFC participation, and slowing demand for unsecured loans

With gold prices scaling new highs, credit rating agency ICRA on Wednesday said the organised gold loan (GL) market is likely to reach the ₹15 trillion mark in the current financial year (FY26) — a year earlier than previously estimated.

 

ICRA now expects the market size to rise further to ₹18 trillion by FY27, supported by strong demand trends and an expanding lender base.

 

The gold loan book of non-banking financial companies (NBFCs) is projected to grow at 30–35 per cent in FY26, driven by elevated gold prices and a slower growth trend in unsecured loan products, which typically target similar borrower segments.

 

 

The agency said that diversification by lenders into the gold loan segment, combined with the sizeable unorganised gold holdings across households, offers strong visibility for achieving this growth.