How India lends — the quarterly view.
CreditQ maps India's ₹170 lakh crore credit market: home loans, gold loans, personal loans, auto finance, credit cards, and the lenders behind them. Every metric carries its source and vintage.
The State of Indian Lending
Headline metrics from the Q4 FY26 credit landscape. Total retail credit crossed ₹170 lakh crore, with gold loans surging and asset quality holding steady.
Where the Credit Flows
Portfolio outstanding, growth, and origination momentum across India's seven major retail lending products. Gold loans are the standout story.
| Product | Outstanding (₹ L Cr) | YoY Growth | Active Loans | PAR 91-180 | Assessment |
|---|---|---|---|---|---|
| Home Loans | 44.4 | 9.4% | 235.7L | 0.3% | Largest · Steady |
| Gold Loans | 18.6 | 50.4% | 899.2L | 0.2% | Fastest Growing |
| Personal Loans | 16.5 | 12.9% | 1,224.4L | 0.8% | 39% of Demand |
| Auto Loans | 9.3 | 13.9% | — | — | Steady |
| Credit Cards | 3.4 | Flat | — | ~2.4% | Subdued |
| Two-Wheeler | 1.9 | 15.1% | — | — | Strong |
| Consumer Durables | 1.0 | 20.8% | — | — | Recovering |
Who Is Lending
Market share and growth dynamics across PSU banks, private banks, NBFCs, fintechs, and MFIs. Private banks are gaining share; NBFCs are surging in gold loans.
| Lender Type | Share | YoY Growth | Trend |
|---|---|---|---|
| PSU Banks | ~45% | 12–14% | Steady |
| Private Banks | ~38% | 16% | Gaining |
| NBFCs | ~12% | 17% | Expanding |
| Fintechs (on-book) | ~3% | 36.1% | Rapid |
| Small Finance Banks | ~2% | 15%+ | Growing |
On-book lending growth of 36.1% YoY, with diversification into secured products. RBI flagged rising impairment among borrowers with 5+ lenders — "stacking" risk is the key concern. Fintechs now originate across personal loans, two-wheeler finance, and consumer durables.
Portfolio at ₹331.2K Cr (Apr-26), broadly stable MoM. NBFC-MFIs dominate with 43.6% share. PAR 1-180 improved to 2.5%. Overall delinquency contained with lender-type variation.
How Clean Are the Books
Portfolio-at-risk metrics by product and lender type. Early-stage delinquency (PAR 31-90) is the leading indicator; late-stage (PAR 91-180) signals deeper stress.
| Product | Overall PAR 31-90 | PSU Banks | NBFCs | Assessment |
|---|---|---|---|---|
| Home Loans | ~2.2% | — | — | Improving |
| Gold Loans | ~0.9% | 0.73% | 0.56% | Sharply Better |
| Personal Loans | ~1.6% | — | — | Stable |
| Credit Cards | ~2.4% | — | — | Elevated |
The Business Borrowing Story
Commercial credit is shifting from enterprises to individual entrepreneurs. LAP is the fastest-growing secured segment, and NBFCs are resuming commercial lending growth.
| Segment | Outstanding (₹ L Cr) | YoY Growth | 90+ DPD | Trend |
|---|---|---|---|---|
| Corporate | 95 | 14% | 10.1% | Improving |
| Commercial (≤₹125Cr) | 46 | 15% | 2.0% | Stable |
| Retail | 161 | 18% | 1.3% | Strong |
| MFI | 3.1 | 19% | 1.9% | Stable |
The Credit Goes to Her
Women borrowers are outpacing men in growth and displaying better repayment behaviour. From borrowers to builders — women are reshaping India's credit landscape.
| Product | Women's Share | Men's Share | Trend |
|---|---|---|---|
| Gold Loans | 43.5% | 56.5% | Leading |
| Education Loans | 36.7% | 63.3% | Strong |
| Housing Loans | 32.2% | 67.8% | Growing |
| Unsecured Business Loans | 26.5% | 73.5% | Rising |
| Personal Loans | ~24% | ~76% | Steady |
The Big Picture
Household debt is rising, but borrower quality is improving. The banking system is healthier than it has been in decades — even as the composition of debt shifts toward unsecured consumption.
Higher than Chile (44.1%) and Brazil (36.7%), but lower than Thailand (87.3%) and China (59%).
Consumption loans now account for nearly half of total household debt — a shift from asset-backed to income-dependent borrowing.
Banking & Credit from the Regulator
District-level credit-deposit ratios from RBI's BSR-1 returns — where formal credit channels run deep and where deposit-rich districts still have lending headroom.
| Rank | District | State | CD Ratio | Branches | Depth |
|---|---|---|---|---|---|
| 01 | Mumbai | Maharashtra | 109.7% | 3,412 | DEEP |
| 02 | Chennai | Tamil Nadu | 103.1% | 2,208 | DEEP |
| 03 | Bengaluru Urban | Karnataka | 99.4% | 2,764 | DEEP |
| 04 | Pune | Maharashtra | 96.1% | 1,986 | DEEP |
| 05 | Hyderabad | Telangana | 88.3% | 1,742 | STRONG |
| 06 | Chandigarh | Chandigarh | 81.2% | 402 | STRONG |
| 07 | Gurugram | Haryana | 78.6% | 688 | STRONG |
| 08 | Ernakulam | Kerala | 72.4% | 1,118 | MODERATE |
District lends more than it deposits — a net importer of capital.
Lending-led economy with deep formal credit channels.
Deposit-rich but credit-shallow — headroom for lending growth.
Metro CD ratios also reflect head-office credit booking, not only local lending. Read alongside branch counts.
Quarterly Commentary
Synthesized takeaways from the Q4 FY26 credit data — what changed, what to watch, and where the risks are building.
Gold loans have grown 50.4% YoY to ₹18.6 lakh crore, making them the second-largest retail product after housing. Driven by elevated gold prices, larger ticket sizes, and the 85% LTV regulatory tailwind. NBFCs gained share rapidly (20.7%→31.6%). The risk: a sharp gold price correction would erode collateral cushions quickly.
Personal loans contribute 39% of total retail credit demand with 16% YoY growth. Supply is expanding faster than volume — average ticket sizes are rising. NTC share declined from 16.6% to 14.8%, suggesting tighter borrower selection. Watch: near-prime concentration and sustained high growth into FY27.
The FSR June 2026 is explicit: household debt at 45.5% of GDP is not the problem — the composition is. Non-housing retail loans now make up 58.4% of household borrowing. Consumption loans alone account for nearly half of all household debt. Secured NPA: 0.7%. Unsecured NPA: 1.7%. The gap is widening.
Women now account for 8.9 crore borrowers, growing at 14.2% CAGR versus 8.2% for men. Portfolio outstanding grew 23.4% YoY versus 16.7% for men. Crucially, women show lower delinquency (2.8% vs 3.3% PAR 31-180). The real story: women graduating from group loans to individual business credit.