<div id="readability-page-1"><div><p>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.</p></div><div><div><div id="article-index-0">  <p>  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.</p> </div><div id="article-index-1">  <p>  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.</p> </div><div id="article-index-2">  <p>  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.</p> </div><div id="article-index-3">  <p>  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.</p> </div><div id="article-index-4">  <p>  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.</p> </div><div id="article-index-5">  <p>  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.</p> </div><div id="article-index-6">  <p>  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.</p> </div><div id="article-index-7">  <p>  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.</p> </div><div id="article-index-8">  <p>  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.</p> </div><div id="article-index-9">  <p>  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.</p> </div><div id="article-index-10">  <p>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.</p> </div></div></div></div>

山東黃金

中金黃金

<p>印度的零售信貸市場在 2026 財年經歷了向擔保貸款的顯著轉變，黃金貸款同比增長 50.4%，達到 18.6 萬億印度盧比，成為第二大零售信貸產品。總零售貸款同比增長 16.6%，達到 170.2 萬億印度盧比。住房貸款同比增長 9.4%，個人貸款增長 12.9%。監管變化和黃金價格上漲促進了這一增長，黃金貸款的資產質量也有所改善。然而，信用卡餘額保持平穩，反映出貸款標準的收緊</p>

Gold loans lead retail credit growth as lenders pivot to secured assets

- 印度零售信貸市場在 FY26 以安全貸款為主，黃金貸款增長最快。  
- 按照 CRIF High Mark 數據，零售貸款總額同比增長 16.6% 至 ₹170.2 萬億。  
- 儘管不良貸款率上升，資產質量得以改善，監管放鬆也推動了信貸增長。

Business Standard

Kinross Gold

紫金礦業

阿尼科伊格爾礦業

Gold.com

紐蒙特礦業

華夏黃金ETF

華夏中證滬深港黃金產業股票ETF

黃金 MiniShares 信託 - SPDR

金礦小盤股 ETF - VanEck Vectors

2 倍做多小型金礦指數 ETF - Direxion

2 倍做多金礦指數 ETF - Direxion

初級黃金礦股 ETF

易方達黃金礦-U

3 倍做多黃金礦業 ETN - MicroSectors

易方達黃金礦業ETF

全球黃金礦業股 MSCI ETF - iShares

黃金勘探商 ETF - GlobalX

金礦股 ETF - VanEck Vectors

黃金 ETF - iShares

YieldMax Gold Miners Opt Inc Strgy ETF

SPDR 金 ETF

黃金和貴金屬礦商 ETF - U.S. Global

2 倍做多黃金 ETF - ProShares

黃金礦 ETF - Sprott

易方達黃金礦-R

Roundhill Gold Miners Weeklypay ETF

隨着貸款機構轉向有擔保資產，黃金貸款成為零售信貸增長的主要推動力