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NBFC credit grows 15.4% in September, led by 66% surge in gold loans; industrial lending lags: RBI

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NBFC credit grows 15.4% in September, led by 66% surge in gold loans; industrial lending lags: RBI

NBFC credit grows 15.4% in September, led by 66% surge in gold loans; industrial lending lags: RBI

Outstanding credit of non-banking financial companies (NBFCs), including housing finance companies (HFCs), grew 15.4 per cent year-on-year to Rs 61.7 lakh crore in September 2026, with retail lending expanding nearly 22 per cent, led by a sharp surge in gold loans and consumer durable financing.

NBFC retail credit grew 21.9 per cent year-on-year to Rs 26.84 lakh crore in September, compared with 7.4 per cent growth in industrial lending.

Gold loan outstanding surged 66.1 per cent to Rs 3.74 lakh crore, while consumer durable financing grew 54.4 per cent to Rs 77,896 crore.

Infrastructure lending growth moderated to 5.9 per cent from 9.4 per cent a year ago, while overall NBFC credit growth accelerated from 13.3 per cent to 15.4 per cent.

The growth in NBFC credit was largely driven by retail lending, which accounted for nearly 43.5 per cent of the total outstanding credit of the sector, RBI data released on Friday showed. Retail credit stood at Rs 26.84 lakh crore at the end of September 2026, compared with Rs 22.01 lakh crore in the corresponding period last year. Within the retail segment, loans against gold jewellery witnessed the sharpest expansion, with outstanding credit rising to Rs 3.74 lakh crore from Rs 2.25 lakh crore a year ago. In absolute terms, the portfolio expanded by nearly Rs 1.49 lakh crore during the period. Advt

Consumer durable financing also recorded strong growth, with outstanding loans increasing to Rs 77,896 crore in September 2026 from Rs 50,441 crore a year ago.


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