--- title: "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" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/287057640.md" description: "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" 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) --- # 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 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. ### 相關股票 - [600547.CN](https://longbridge.com/zh-HK/quote/600547.CN.md) - [KGC.US](https://longbridge.com/zh-HK/quote/KGC.US.md) - [600489.CN](https://longbridge.com/zh-HK/quote/600489.CN.md) - [601899.CN](https://longbridge.com/zh-HK/quote/601899.CN.md) - [AEM.US](https://longbridge.com/zh-HK/quote/AEM.US.md) - [GOLD.US](https://longbridge.com/zh-HK/quote/GOLD.US.md) - [NEM.US](https://longbridge.com/zh-HK/quote/NEM.US.md) - [518850.CN](https://longbridge.com/zh-HK/quote/518850.CN.md) - [159562.CN](https://longbridge.com/zh-HK/quote/159562.CN.md) - [GLDM.US](https://longbridge.com/zh-HK/quote/GLDM.US.md) - [GDXJ.US](https://longbridge.com/zh-HK/quote/GDXJ.US.md) - [JNUG.US](https://longbridge.com/zh-HK/quote/JNUG.US.md) - [NUGT.US](https://longbridge.com/zh-HK/quote/NUGT.US.md) - [SGDJ.US](https://longbridge.com/zh-HK/quote/SGDJ.US.md) - [09824.HK](https://longbridge.com/zh-HK/quote/09824.HK.md) - [GDXU.US](https://longbridge.com/zh-HK/quote/GDXU.US.md) - [02824.HK](https://longbridge.com/zh-HK/quote/02824.HK.md) - [RING.US](https://longbridge.com/zh-HK/quote/RING.US.md) - [GOEX.US](https://longbridge.com/zh-HK/quote/GOEX.US.md) - [GDX.US](https://longbridge.com/zh-HK/quote/GDX.US.md) - [IAU.US](https://longbridge.com/zh-HK/quote/IAU.US.md) - [GDXY.US](https://longbridge.com/zh-HK/quote/GDXY.US.md) - [GLD.US](https://longbridge.com/zh-HK/quote/GLD.US.md) - [GOAU.US](https://longbridge.com/zh-HK/quote/GOAU.US.md) - [UGL.US](https://longbridge.com/zh-HK/quote/UGL.US.md) - [SGDM.US](https://longbridge.com/zh-HK/quote/SGDM.US.md) - [82824.HK](https://longbridge.com/zh-HK/quote/82824.HK.md) - [GDXW.US](https://longbridge.com/zh-HK/quote/GDXW.US.md) ## 相關資訊與研究 - [據報香港將於七月推出全新黃金結算系統，有指容許參與者以「不記名黃金帳户」方式結算](https://longbridge.com/zh-HK/news/287012324.md) - [現貨金升逾 1% 受助油價及債息下跌](https://longbridge.com/zh-HK/news/287137898.md) - [金價失守 4500 美元 創近兩個月新低](https://longbridge.com/zh-HK/news/286974334.md) - [鉅亨速報 - Factset 最新調查：哈莫尼黃金 (HMY-US) EPS 預估下修至 2.57 元，預估目標價為 24.35 元](https://longbridge.com/zh-HK/news/286944087.md) - [黃金退卻流動性之後，迴歸基本面](https://longbridge.com/zh-HK/news/287037517.md)