Reserve Bank of India (RBI) data show NBFC credit rose 15.4 per cent in September 2026, led by a 66.1 per cent jump in gold jewellery loans

Key facts

• Overall NBFC credit outstanding grew 15.4 per cent year-on-year to Rs 61.69 lakh crore in September 2026 from Rs 53.46 lakh crore a year ago, accelerating from 13.3 per cent growth in September 2025.
• NBFC loans against gold jewellery surged 66.1 per cent year-on-year to Rs 3.74 lakh crore in September 2026 from Rs 2.25 lakh crore a year ago, an expansion of nearly Rs 1.49 lakh crore.
• NBFC credit to consumer durables rose 54.4 per cent year-on-year to Rs 77,896 crore in September 2026 from Rs 50,411 crore a year ago.
• Retail loan growth accelerated to 21.9 per cent in September 2026 from 16.8 per cent a year ago, with retail credit at Rs 26.84 lakh crore, nearly 43.5 per cent of total NBFC outstanding.
• Within retail, vehicle loans grew 16.1 per cent to Rs 6.46 lakh crore and housing loans expanded 12.6 per cent to Rs 8.70 lakh crore.
• Industrial credit growth slowed to 7.4 per cent in September 2026 from 10.2 per cent a year ago, reaching Rs 22.69 lakh crore, with infrastructure lending moderating to 5.9 per cent from 9.4 per cent, reaching Rs 20.60 lakh crore.
• Within infrastructure, power sector lending grew 7.9 per cent to Rs 14.80 lakh crore, compared with 11.5 per cent growth in September 2025.
• Services sector credit growth moderated to 17.3 per cent in September 2026 from 23.0 per cent a year ago, with commercial real estate up 23.4 per cent to Rs 1.06 lakh crore, trade up 19.8 per cent to Rs 1.23 lakh crore and transport operators up 12.3 per cent to Rs 1.82 lakh crore.
• Credit to agriculture and allied activities grew 17.8 per cent in September 2026, up from 5.2 per cent a year ago, with outstanding credit at Rs 81,732 crore.