India gold loans almost tripled to ₹22.5L/cr but growth slowing
India's gold loan market has grown, expanding nearly three times to ₹22.5 lakh crore in just three years (as of August 2026).
But lately, growth is slowing: fewer new loans are being handed out and the number of borrowers isn't really rising.
Instead, people are taking bigger loans or coming back for more, rather than a wave of fresh faces joining in.
Women Gen Z lead gold borrowing
Women, Gen Z, and repeat borrowers are leading the charge, especially from semi-urban and rural areas, which made up two-thirds of new loans in Q2 2026.
More folks now have CIBIL scores above 800 too.
While southern states used to dominate this space, other regions are quickly catching up as gold-backed credit spreads across India.
Plus, one in two borrowers keep coming back for more loans, with the average balance per borrower now at ₹4.1 lakh.