印度黄金贷款市场评估，依提供者类型、贷款类型、发放模式、地区、机会及预测，2019年度-2033年度

印度黄金贷款市场预计将从2025年度的54.1亿美元成长至2033年度的74.2亿美元，在2026年度-2033年度的预测期内，年复合成长率为4.02%。各种结构性因素和社会经济因素促成了这一动力。这些因素包括 "即时流动性需求" （尤其是在服务不足的群体中）、日益成长的数位金融趋势，以及消费者对信贷产品期限和抵押品类型的偏好变化，消费者越来越青睐短期担保信贷和黄金贷款。由于传统的银行模式通常无法满足非正规部门的需求，黄金贷款已成为一种随时可用的解决方案，其所需文件更少，信贷获取速度更快。金融机构，尤其是非银行金融公司（NBFC），出于必要性，已开始重新思考其黄金借贷产品和服务，部署科技赋能的借贷平台、基于人工智慧的风险分析和基于 GPS 的消费者互动平台，以在新的合规框架环境下加强合规和反诈骗工具，同时提供高度个人化的大规模服务。

印度的黄金借贷市场经历强劲成长，这得益于黄金的文化重要性及其作为短期抵押品的便利性。需求主要来自中小微型企业、农村家庭和希望以最少的文件和信用记录快速获得现金的个人。黄金借贷领域的各种贷款机构，包括银行、非银行金融公司和金融科技平台，利用数位技术来提高透明度和效率。诸如电子客户识别（eKYC）、基于人工智慧的价格评估和行动支付等数位工具被采用。近期目的是促进金融包容性和金融服务创新的监管更新，使贷款机构能够提供可承受的利率、快速贷款，并触及先前尚未开发的地区。贷款市场的正规化取代非正规借贷，同时加强消费者保护。

2025年6月，印度储备银行（RBI）实施了针对低于2,900美元的黄金贷款的贷款价值比（LTV）定价规定。该规定为更多低收入借款人提供了贷款管道，并激励正规贷款机构向更广泛的消费者群体提供黄金抵押贷款。

目录

第1章 专案范围与定义

第2章 研究方法

第3章 执行摘要

第4章 顾客评价

• 受访者人口统计
• 首选贷款期限及贷款价值比
• 关键贷款机构选择标准
• 不断变化的偏好：有组织部门 vs. 无组织部门
• 城市 vs. 农村借贷模式

第5章 印度黄金贷款展望，2019年度-2033年度

• 市场规模分析与预测
  • 依价值
• 市场占有率分析与预测
  • 依提供者类型
    • 银行
    • 非银行金融机构
    • 金融科技黄金借贷平台
    • 非正规部门
  • 依贷款类型
    • 定期贷款
    • 信用额度
    • 一次性贷款
    • 基于EMI的贷款
  • 依消费模式
    • 线上
    • 线下
  • 依地区
    • 北部
    • 南部
    • 东部
    • 西部和中部
  • 依公司市场占有率分析（前五名及其他 - （依价值，2025年度））
• 2025财政年度市场地图分析
  • 依提供者类型
  • 依融资方式类型
  • 依支出方式
  • 依地区

第6章 需求与供给分析

第7章 价值链分析

第8章 波特五力分析

第9章 PESTLE 分析

第10章 市场动态

• 市场驱动因素
• 市场挑战

第11章 市场趋势与发展

第12章 利率基准

第13章 个案研究

第14章 竞争格局

• 顶级竞争矩阵五大市场领导者
• 五大公司 SWOT 分析
• 十大主要参与者的市场格局
  • Muthoot Finance Limited
  • 公司简介
  • 主要管理团队
  • 产品与服务
  • 财务状况（报告）
  • 主要市场重点与地域分布
  • 近期发展/合作/伙伴关係/併购
  • Manappuram Finance Limited
  • IIFL Finance Limited
  • HDFC Bank Limited
  • ICICI Bank Limited
  • State Bank of India
  • Axis Bank Limited
  • Canara Bank
  • Federal Bank Limited
  • Bajaj Finance Limited

以上公司不以市占率预留订单，并且可能根据研究工作期间获得的资讯进行更改。

第15章 策略建议

第16章 关于调查公司及免责声明

India gold loan market is projected to register a CAGR of 4.02% in the forecast period FY2026-FY2033, increasing from USD 5.41 billion in FY2025 to USD 7.42 billion in FY2033F. A variety of structural and socioeconomic factors contribute to this momentum, notably the "demand for instant liquidity" among underserved populations, the growing movement toward digital finance, and changing consumer preferences regarding the tenure and type of collateral used in credit products, increasingly prefer short-term collateralized credit and gold loans. Traditional banking models do not often offer what the informal sector requires, so gold loans became a readily available solution, with little documentation and disbursed quickly. Financial institutions, especially NBFCs, have started to revise their gold loan products and services out of necessity and are deploying tech enabled lending platforms, AI-based risk profiling, and GPS-targeted consumer engagement platforms to enhance compliance and fraud tools within the climate of new compliance framework, while also delivering hyper-personalized services at very high scales.

The gold loan market in India is seeing robust growth driven by the cultural importance of gold and its user-friendliness as a preferred short-term collateral option. Demand is primarily coming from small businesses, rural households, and individuals seeking to raise cash instantly with minimal documentation and no credit history. Various lending sources in the gold loan space, including banks, NBFCs, and fintech platforms, are utilizing digital technology to enhance transparency and efficiency. Digital tools, including eKYC, AI-based price valuations, and mobile disbursement, are being adopted. The recent regulatory updates, aimed at promoting financial inclusion and innovation in financial services, have enabled lenders to offer affordable interest rates, faster turnaround times, and expand their reach to previously unexplored geographies. The formalization of this loan market is replacing informal borrowing while offering greater consumer protection.

In June 2025, the Reserve Bank of India (RBI) implemented a regulation about Loan-to-Value (LTV) pricing on gold loans for loans below USD 2,900 at an LTV of 85%. This regulation provides access for more low-income borrowers and incentives for formal lenders to provide gold collateralized credit to a wider group of consumers.

Growing Branch Expansion by NBFCs is a Driving Force for India Gold Loan Market

Non-banking financial companies, or NBFCs, are responsible for roughly 80% of the gold loan market in India. NBFCs have an extensive network of urban, rural, and semi-urban branches and can design products that are suitable for rural and semi-urban borrowers. For first-time borrowers and small business enterprises, NBFCs benefit from easier barriers to entry and a faster approach to appraisal. As a form of personal loan product, they further leverage gold loans by offering flexible repayment options, EMIs, and reward loyalty programs that encourage repeat gold loans and assist in retaining customers. Unlike commercial banks, NBFCs tend to have speedier timelines to respond to regulatory changes and position themselves to scale quite rapidly in micro-markets.

Recently, in April 2025, Poonawalla Fincorp excitedly launched a gold loan vertical to put into action an aggressive vision to build up to 400 new branches. This speaks to the ability for NBFCs to aggressively build new branches in parts of the country where demand is high due to their commitment to dominance. Approvals for loans are available in "less than 30 minutes", and "minimal documents" are required, along with multiple payment flexibility options, to unlock the maximum potential of each potential borrower's gold holdings.

Digital Innovation in Gold Loan Processes Drives India Gold Loan Market Demand

The Indian gold loan market is being revamped in a big way due to the high pace of digital innovation and transformation in the lending value chain. The lending system today is deploying platforms such as mobile loan origination apps, AI modules for gold purity testing, eKYC, integrated repayment tracking modules, etc., for a seamless, transparent, and real-time experience for customers. All these digital touches minimize manual errors, avoid delays in documentation, and enable secure services irrespective of branches in most situations. This is a huge advantage in a rural/semi-urban area where physical infrastructure is not available. As a result, the onboarding period for customers shrinks from days to minutes, giving customers a quick and satisfactory experience and lenders operational efficiencies.

Additionally, collaborations between fintech and banks are enabling 'purchase-to-loan' ecosystems where users can now pledge either physical or digital gold as collateral from their mobile, receive pre-approved loan offers, and repay completely digitally. This enhances inclusion while giving individuals not accustomed to mainstream banking systems flexible access to credit, thereby reshaping the competitive landscape of gold lending in India.

NBFCs Dominate the Gold Loan Market Share in India

In the Indian gold loan ecosystem, NBFCs are the dominant provider type. Their vast distribution, customer familiarity, flexibility of loan terms (term loans, EMI-based options, etc), and risk-based pricing have allowed them to seize a large share of the market, especially in rural or semi-urban India where banks are unavailable. NBFCs also have hybrid digital-offline models that assist them in quickly onboarding customers with their mobile app models.

In June 2025, L&T Finance acquired Paul Merchants Finance's gold loan business. This highlights the consolidation of NBFCs to operationalize large geographies and borrower bases. The gold loan vertical is expected to strengthen LTF's position as a diversified retail-focused lender under its Lakshya 2026 roadmap.

Key Players Landscape and Outlook

India's gold loan market is a highly competitive landscape with key players. The institutions can compete against the historical dominance of non-banking financial companies (NBFCs), e.g., Muthoot and Manappuram, by utilizing branch networks to physically engage with customers through digital platforms that offer scale. NBFCs were able to establish themselves as leaders as they marketed and offered products only secured by gold, with a significant rural presence. Now, commercial bankers are cross-selling their gold loan products to existing customers alongside their numerous other banking services, including credit cards, auto loans, and so on, meaning they can now utilize customer data and have an existing trust amongst customers that NBFCs solely have with a customer base that specializes in gold loans.

Global private equity firms are viewing the Indian gold loan market as evidence of a potentially resilient and lucrative investment opportunity on which they will also capitalize. For instance, in March 2025, Bain Capital invested in Manappuram Finance Limited by acquiring joint control in Manappuram Finance. Therefore, demonstrating ongoing investor confidence in the long-term growth fundamentals for India's gold loan ecosystem and playing out as a best-case scenario as Bain investors not only provide capital to the Indian gold loan economies, but also provide great learnings with their global acumen in scaling fast digital lending operations and improving governance of financial institutions.

Table of Contents

1. Project Scope and Definitions

2. Research Methodology

3. Executive Summary

4. Voice of Customers

• 4.1. Respondent Demographics
• 4.2. Preferred Loan Tenure and LTV Ratio
• 4.3. Key Selection Criteria for Lenders
• 4.4. Shift in Preference: Organized vs Unorganized Sector
• 4.5. Urban vs Rural Borrowing Patterns

5. India Gold Loan Outlook, FY2019-FY2033F

• 5.1. Market Size Analysis & Forecast
  • 5.1.1. By Value
• 5.2. Market Share Analysis & Forecast
  • 5.2.1. By Provider Type
    • 5.2.1.1. Banks
    • 5.2.1.2. Non-Banking Financial Institutions
    • 5.2.1.3. Fintech Gold Loan Platforms
    • 5.2.1.4. Unorganized Sector
  • 5.2.2. By Loan Type
    • 5.2.2.1. Term Loan
    • 5.2.2.2. Line of Credit
    • 5.2.2.3. Bullet Repayment Loans
    • 5.2.2.4. EMI-based Loans
  • 5.2.3. By Mode of Disbursement
    • 5.2.3.1. Online
    • 5.2.3.2. Offline
  • 5.2.4. By Region
    • 5.2.4.1. North
    • 5.2.4.2. South
    • 5.2.4.3. East
    • 5.2.4.4. West and Central
  • 5.2.5. By Company Market Share Analysis (Top 5 Companies and Others - By Value, FY2025)
• 5.3. Market Map Analysis, FY2025
  • 5.3.1. By Provider Type
  • 5.3.2. By Loan Type
  • 5.3.3. By Mode of Disbursement
  • 5.3.4. By Region

6. Demand Supply Analysis

7. Value Chain Analysis

8. Porter's Five Forces Analysis

9. PESTLE Analysis

10. Market Dynamics

• 10.1. Market Drivers
• 10.2. Market Challenges

11. Market Trends and Developments

12. Interest Rate Benchmarking

13. Case Studies

14. Competitive Landscape

• 14.1. Competition Matrix of Top 5 Market Leaders
• 14.2. SWOT Analysis for Top 5 Players
• 14.3. Key Players Landscape for Top 10 Market Players
  • 14.3.1. Muthoot Finance Limited
    • 14.3.1.1. Company Details
    • 14.3.1.2. Key Management Personnel
    • 14.3.1.3. Products and Services
    • 14.3.1.4. Financials (As Reported)
    • 14.3.1.5. Key Market Focus and Geographical Presence
    • 14.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
  • 14.3.2. Manappuram Finance Limited
  • 14.3.3. IIFL Finance Limited
  • 14.3.4. HDFC Bank Limited
  • 14.3.5. ICICI Bank Limited
  • 14.3.6. State Bank of India
  • 14.3.7. Axis Bank Limited
  • 14.3.8. Canara Bank
  • 14.3.9. Federal Bank Limited
  • 14.3.10. Bajaj Finance Limited

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

15. Strategic Recommendations

16. About Us and Disclaimer

List of Tables

• Table 1. Competition Matrix of Top 5 Market Leaders
• Table 2. Mergers & Acquisitions/ Joint Ventures (If Applicable)
• Table 3. About Us - Regions and Countries Where We Have Executed Client Projects

List of Figures

• Figure 1. India Gold Loan Market, By Value, In USD Billion, FY2019-FY2033F
• Figure 2. India Gold Loan Market Share (%), By Provider Type, FY2019-FY2033F
• Figure 3. India Gold Loan Market Share (%), By Loan Type, FY2019-FY2033F
• Figure 4. India Gold Loan Market Share (%), By Mode of Disbursement, FY2019-FY2033F
• Figure 5. India Gold Loan Market Share (%), By Region, FY2019-FY2032F
• Figure 6. By Provider Type Map-Market Size (USD Billion) & Growth Rate (%), FY2025
• Figure 7. By Loan Type Map-Market Size (USD Billion) & Growth Rate (%), FY2025
• Figure 8. By Mode of Disbursement Map-Market Size (USD Billion) & Growth Rate (%), FY2025
• Figure 9. By Region Map-Market Size (USD Billion) & Growth Rate (%), FY2025