NBFC Credit Growth Accelerates to 15.4 Percent in September, Gold Loans Surge 66.1 Percent: RBI

Non-banking financial company (NBFC) credit growth has witnessed a surge, according to RBI. Reserve Bank of India statistics released on Friday show that credit expansion of NBFCs increased to 15.4 percent year on year in September 2026, up from 13.3 percent in the same month last year, owing to stronger retail lending and a sharp recovery in credit to agriculture and related activities.

Looking at the percentage, it can be said that there is a high appetite for borrowing among borrowers. Let’s discuss the key drivers responsible for the expansion who have given the high credit growth result.

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Credit Growth Expansion Drivers

Retail loans were a major driver of expansion, with credit growth jumping from 16.8 percent a year ago to 21.9 percent in September 2026, indicating more lending in the housing, gold backed and vehicle finance categories.

Gold Loans

Gold loans were the retail lending segment that grew the fastest. In comparison to the prior year, September 2026 saw a 66.1 percent rise in outstanding loans against gold jewellery, reaching Rs. 3.74 lakh crore from Rs. 2.25 lakh crore.