--- title: "随着贷款机构转向有担保资产，黄金贷款成为零售信贷增长的主要推动力" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/287057640.md" description: "印度的零售信贷市场在 2026 财年经历了向担保贷款的显著转变，黄金贷款同比增长 50.4%，达到 18.6 万亿印度卢比，成为第二大零售信贷产品。总零售贷款同比增长 16.6%，达到 170.2 万亿印度卢比。住房贷款同比增长 9.4%，个人贷款增长 12.9%。监管变化和黄金价格上涨促进了这一增长，黄金贷款的资产质量也有所改善。然而，信用卡余额保持平稳，反映出贷款标准的收紧" datetime: "2026-05-20T03:35:22.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287057640.md) - [en](https://longbridge.com/en/news/287057640.md) - [zh-HK](https://longbridge.com/zh-HK/news/287057640.md) --- # 随着贷款机构转向有担保资产，黄金贷款成为零售信贷增长的主要推动力 India’s retail credit market ended FY26 with a decisive shift towards secured lending, as gold loans emerged as the fastest-growing segment while home loans and vehicle finance maintained steady momentum. Total retail loans outstanding rose 16.6 per cent year-on-year (YoY) to ₹170.2 trillion as of March 2026, according to CRIF High Mark data. Consumption loans grew 15.3 per cent to ₹118.6 trillion, supported by broad-based expansion across gold loans, personal loans and consumer-durable financing. Gold loans were the standout performer. Outstanding balances surged 50.4 per cent YoY to ₹18.6 trillion, overtaking personal loans to become the second-largest retail credit product after home loans. Rising bullion prices sharply lifted collateral values, pushing average ticket sizes up 52 per cent YoY to ₹2.19 lakh in Q4 FY26. Regulatory easing also aided growth. The Reserve Bank of India’s (RBI’s) decision to raise the loan-to-value cap to 85 per cent for gold loans up to ₹2.5 lakh widened the eligible borrower base, particularly among first-time formal borrowers. Despite rapid expansion, asset quality improved. The 31-180 days past-due ratio in gold loans declined to 1.2 per cent in March 2026 from 2 per cent a year earlier, aided by stronger collateral coverage and rising gold prices. Home loans, the largest retail segment with outstanding balances of ₹44.4 trillion, grew at a steadier 9.4 per cent YoY. Growth in balances continued to outpace active loan growth, which stood at 2.5 per cent, reflecting ongoing premiumisation in the mortgage market. Loans above ₹75 lakh now account for 40.7 per cent of home-loan originations by value, up from 33.6 per cent in Q4 FY24. Public-sector banks retained leadership in the segment, accounting for 44.5 per cent of originations value in Q4 FY26. Personal loans recovered from the moderation seen in FY25, with balances rising 12.9 per cent YoY to ₹16.5 trillion. Full-year originations rose 28.9 per cent to ₹11.5 trillion. NBFCs continued to dominate small-ticket unsecured lending, accounting for nearly 91 per cent of origination volumes in Q4 FY26. However, stress indicators remain elevated in parts of the unsecured book. PAR 180+ in personal loans stood at 5.3 per cent in March 2026, while early-stage delinquency for public-sector banks worsened sequentially. Vehicle finance maintained healthy growth, though disbursement momentum softened after the festive season. Auto loans grew 13.9 per cent YoY and two-wheeler loans 15.1 per cent, but originations declined sequentially in Q4 FY26 as demand normalised. Consumer-durable loans expanded 20.8 per cent YoY to ₹1.01 lakh crore, aided by GST rationalisation and growing demand for premium products. NBFCs remained dominant, controlling 85 per cent of originations value. Credit cards, by contrast, remained subdued. Outstanding balances were flat YoY at ₹3.4 lakh crore, while new card issuances fell for a second consecutive year as lenders tightened underwriting standards amid regulatory scrutiny and concerns over unsecured retail stress. ### 相关股票 - [600547.CN](https://longbridge.com/zh-CN/quote/600547.CN.md) - [KGC.US](https://longbridge.com/zh-CN/quote/KGC.US.md) - [600489.CN](https://longbridge.com/zh-CN/quote/600489.CN.md) - [601899.CN](https://longbridge.com/zh-CN/quote/601899.CN.md) - [AEM.US](https://longbridge.com/zh-CN/quote/AEM.US.md) - [GOLD.US](https://longbridge.com/zh-CN/quote/GOLD.US.md) - [NEM.US](https://longbridge.com/zh-CN/quote/NEM.US.md) - [518850.CN](https://longbridge.com/zh-CN/quote/518850.CN.md) - [159562.CN](https://longbridge.com/zh-CN/quote/159562.CN.md) - [GLDM.US](https://longbridge.com/zh-CN/quote/GLDM.US.md) - [GDXJ.US](https://longbridge.com/zh-CN/quote/GDXJ.US.md) - [JNUG.US](https://longbridge.com/zh-CN/quote/JNUG.US.md) - [NUGT.US](https://longbridge.com/zh-CN/quote/NUGT.US.md) - [SGDJ.US](https://longbridge.com/zh-CN/quote/SGDJ.US.md) - [09824.HK](https://longbridge.com/zh-CN/quote/09824.HK.md) - [GDXU.US](https://longbridge.com/zh-CN/quote/GDXU.US.md) - [02824.HK](https://longbridge.com/zh-CN/quote/02824.HK.md) - [RING.US](https://longbridge.com/zh-CN/quote/RING.US.md) - [GOEX.US](https://longbridge.com/zh-CN/quote/GOEX.US.md) - [GDX.US](https://longbridge.com/zh-CN/quote/GDX.US.md) - [IAU.US](https://longbridge.com/zh-CN/quote/IAU.US.md) - [GDXY.US](https://longbridge.com/zh-CN/quote/GDXY.US.md) - [GLD.US](https://longbridge.com/zh-CN/quote/GLD.US.md) - [GOAU.US](https://longbridge.com/zh-CN/quote/GOAU.US.md) - [UGL.US](https://longbridge.com/zh-CN/quote/UGL.US.md) - [SGDM.US](https://longbridge.com/zh-CN/quote/SGDM.US.md) - [82824.HK](https://longbridge.com/zh-CN/quote/82824.HK.md) - [GDXW.US](https://longbridge.com/zh-CN/quote/GDXW.US.md) ## 相关资讯与研究 - [黄金退却流动性之后，回归基本面](https://longbridge.com/zh-CN/news/287037517.md) - [中信建投：黄金退却流动性后将回归 “基本面” 金价未来或更为平缓](https://longbridge.com/zh-CN/news/287130945.md) - [俄罗斯今年已抛售逾 40 亿美元黄金，储备降至 2022 年初来最低](https://longbridge.com/zh-CN/news/287181401.md) - [黄金直线跳水！原因找到了](https://longbridge.com/zh-CN/news/286949927.md) - [美国抵押贷款利率升至近两个月高位](https://longbridge.com/zh-CN/news/287087771.md)