NBFC credit growth, a year ago and now
Gold and home loans are driving NBFC growth
According to the RBI, NBFC credit is still growing nicely: 14.9% YoY vs 10.6% a year ago. Retail jumped to 21.4% from 13.7%, helped by housing and gold loans, while services fell sharply to 15.2% from 24.5%. That sounds scary, until you look deeper.
The slowdown is mainly in cyclical trade (WIP loans) and transport (commercial vehicle loans), while commercial real estate is accelerating. Industry is the real laggard at just 7.4%, dragged by weak infrastructure lending.
So, in one line: in NBFC lending, gold + housing are picking up, trade + transport are slowing down, and commercial real estate is riding the wave.
NBFC credit sped up to 14.9%. Gold and home loans did the lifting.
Year-on-year growth in NBFC credit, a year ago against now. Retail picked up, services slowed from 24.5% to 15.2%, and industry grew slowest of the big 3.
RBI, Sectoral deployment of credit by NBFCs · 31 Jul 2025 and 31 Jul 2026
Retail took 59% of the ₹7.79 lakh crore NBFCs lent in a year
Credit outstanding on 31 July 2026 less a year earlier, by where it went. Gold loans alone added more than every services loan put together.
₹ CRORE ADDED IN THE YEAR
- Gold loans143,926 18.5%
- Other retail loans316,035 40.6%
- Industry152,160 19.5%
- Services101,432 13.0%
- Agriculture and other loans65,002 8.3%
₹1.44 lakh crore, against ₹1.01 lakh crore for all of services
Other retail includes housing (₹90,688 cr), vehicle (₹82,489 cr) and consumer durable loans (₹25,361 cr). Provisional; NBFCs and HFCs, about 87% of NBFC credit.
RBI, Sectoral deployment of credit by NBFCs · Jul 2025 to Jul 2026