Organised gold loans could top ₹30 lakh crore by FY28: ICRA
India’s organised gold-loan market is projected to grow from around ₹18 lakh crore in March 2026 to more than ₹30 lakh crore by March 2028, as retail demand rises and banks and NBFCs expand lending. ICRA expects over 30% CAGR across FY27-FY28.
ICRA forecasts India’s organised gold-loan market will exceed ₹30 lakh crore by FY28, driven by retail demand and lender expansion. Competition among banks and NBFCs is rising, while evolving repayment, borrower-assessment and LTV rules may reshape underwriting.
Why this matters
ICRA’s gold-loan forecast extends its recent sector outlooks, following calls for 40-45% alternate-fuel CV penetration by FY30, 1-4% tractor growth in FY27 and West Asia risks to hotel occupancy.
Retail-company signals are accelerating, up 405500% QoQ.