インドの金融資市場評価、提供者タイプ別、融資タイプ別、支出形態別、地域別、機会および予測、2019～2033年度

インドの金融資市場は、2026年度から2033年度までの予測期間においてCAGR 4.02%を記録し、2025年度の54億1,000万米ドルから2033年度には74億2,000万米ドルに増加すると予測されています。この勢いには、さまざまな構造的・社会経済的要因が寄与しています。特に、十分なサービスを受けていない人々の間での「即時流動性への需要」、デジタル・ファイナンスへの動きの高まり、信用商品に使用される担保の期間や種類に関する消費者の嗜好の変化などが挙げられ、短期担保付きクレジットやゴールド・ローンがますます好まれるようになっています。伝統的な銀行モデルは、インフォーマル・セクターが必要とするものを提供しないことが多いため、金融資は、書類が少なく、迅速に融資を受けられる、すぐに利用可能なソリューションとなりました。金融機関、特にNBFCは、必要に迫られて金融資の商品とサービスを見直し始めており、新しいコンプライアンス・フレームワークの風潮の中で、コンプライアンスと不正行為のツールを強化するために、ハイテクを駆使した融資プラットフォーム、AIベースのリスク・プロファイリング、GPSをターゲットにした消費者エンゲージメント・プラットフォームを展開する一方、超パーソナライズされたサービスを非常に高い規模で提供しています。

インドの金融資市場は、金の文化的重要性と短期担保オプションとしての使い勝手の良さに後押しされ、力強い成長を遂げています。需要は主に、最小限の書類と信用履歴なしで即座に現金を調達しようとする中小企業、農村部の世帯、個人からもたらされています。銀行、NBFC、フィンテックプラットフォームなど、金融資の分野における様々な融資元は、透明性と効率性を高めるためにデジタル技術を活用しています。eKYC、AIベースの価格評価、モバイル払い出しなどのデジタルツールが採用されています。金融サービスにおける金融包摂とイノベーションの促進を目的とした最近の規制更新により、貸金業者は手頃な金利、迅速な融資を提供できるようになり、これまで未開拓だった地域にも手を広げることができるようになりました。このローン市場の正式化は、消費者保護を強化しつつ、インフォーマルな借り入れに取って代わりつつあります。

2025年6月、インド準備銀行（RBI）は、2,900米ドル以下の金融資のLTV（Loan-to-Value）価格設定に関する規制を実施しました。この規制は、より多くの低所得の借り手にアクセスを提供し、正規の貸し手がより幅広い消費者グループに金担保融資を提供するインセンティブを与えます。

目次

第1章 プロジェクトの範囲と定義

第2章 調査手法

第3章 エグゼクティブサマリー

第4章 お客様の声

• 回答者の人口統計
• 推奨ローン期間とLTV比率
• 貸し手の主な選定基準
• 選好の変化：組織化セクターと非組織化セクター
• 都市部と農村部の借入パターン

第5章 インドの金融資の見通し、2019年度～2033年度

• 市場規模分析と予測
  • 金額別
• 市場シェア分析と予測
  • 提供者タイプ別
    • 銀行
    • 非銀行金融機関
    • フィンテック金融資プラットフォーム
    • 非組織化セクター
  • 融資タイプ別
    • タームローン
    • 信用枠
    • 一括返済ローン
    • EMIベースのローン
  • 支出形態別
    • オンライン
    • オフライン
  • 地域別
    • 北
    • 南
    • 東
    • 西部と中央部
  • 企業別市場シェア分析（上位5社およびその他- 金額ベース、2025年度）
• 2025年度市場マップ分析
  • 提供者タイプ別
  • 融資タイプ別
  • 支出方法別
  • 地域別

第6章 需要供給分析

第7章 バリューチェーン分析

第8章 ポーターのファイブフォース分析

第9章 PESTLE分析

第10章 市場力学

• 市場促進要因
• 市場の課題

第11章 市場動向と発展

第12章 金利ベンチマーク

第13章 ケーススタディ

第14章 競合情勢

• 市場リーダー上位5社の競合マトリックス
• 上位5社のSWOT分析
• 市場上位10社の主要企業の情勢
  • Muthoot Finance Limited
  • 会社概要
  • 主要経営陣
  • 製品とサービス
  • 財務状況（報告通り）
  • 主要市場への注力と地理的プレゼンス
  • 最近の動向/コラボレーション/ パートナーシップ/合併と買収
  • Manappuram Finance Limited
  • IIFL Finance Limited
  • HDFC Bank Limited
  • ICICI Bank Limited
  • State Bank of India
  • Axis Bank Limited
  • Canara Bank
  • Federal Bank Limited
  • Bajaj Finance Limited

上記の企業は市場シェアに応じて注文を保留するものではなく、調査作業中に入手可能な情報に応じて変更される可能性があります。

第15章 戦略的提言

第16章 調査会社について・免責事項

List of Tables

• Table 1. Competition Matrix of Top 5 Market Leaders
• Table 2. Mergers & Acquisitions/ Joint Ventures (If Applicable)
• Table 3. About Us - Regions and Countries Where We Have Executed Client Projects

List of Figures

• Figure 1. India Gold Loan Market, By Value, In USD Billion, FY2019-FY2033F
• Figure 2. India Gold Loan Market Share (%), By Provider Type, FY2019-FY2033F
• Figure 3. India Gold Loan Market Share (%), By Loan Type, FY2019-FY2033F
• Figure 4. India Gold Loan Market Share (%), By Mode of Disbursement, FY2019-FY2033F
• Figure 5. India Gold Loan Market Share (%), By Region, FY2019-FY2032F
• Figure 6. By Provider Type Map-Market Size (USD Billion) & Growth Rate (%), FY2025
• Figure 7. By Loan Type Map-Market Size (USD Billion) & Growth Rate (%), FY2025
• Figure 8. By Mode of Disbursement Map-Market Size (USD Billion) & Growth Rate (%), FY2025
• Figure 9. By Region Map-Market Size (USD Billion) & Growth Rate (%), FY2025

India gold loan market is projected to register a CAGR of 4.02% in the forecast period FY2026-FY2033, increasing from USD 5.41 billion in FY2025 to USD 7.42 billion in FY2033F. A variety of structural and socioeconomic factors contribute to this momentum, notably the "demand for instant liquidity" among underserved populations, the growing movement toward digital finance, and changing consumer preferences regarding the tenure and type of collateral used in credit products, increasingly prefer short-term collateralized credit and gold loans. Traditional banking models do not often offer what the informal sector requires, so gold loans became a readily available solution, with little documentation and disbursed quickly. Financial institutions, especially NBFCs, have started to revise their gold loan products and services out of necessity and are deploying tech enabled lending platforms, AI-based risk profiling, and GPS-targeted consumer engagement platforms to enhance compliance and fraud tools within the climate of new compliance framework, while also delivering hyper-personalized services at very high scales.

The gold loan market in India is seeing robust growth driven by the cultural importance of gold and its user-friendliness as a preferred short-term collateral option. Demand is primarily coming from small businesses, rural households, and individuals seeking to raise cash instantly with minimal documentation and no credit history. Various lending sources in the gold loan space, including banks, NBFCs, and fintech platforms, are utilizing digital technology to enhance transparency and efficiency. Digital tools, including eKYC, AI-based price valuations, and mobile disbursement, are being adopted. The recent regulatory updates, aimed at promoting financial inclusion and innovation in financial services, have enabled lenders to offer affordable interest rates, faster turnaround times, and expand their reach to previously unexplored geographies. The formalization of this loan market is replacing informal borrowing while offering greater consumer protection.

In June 2025, the Reserve Bank of India (RBI) implemented a regulation about Loan-to-Value (LTV) pricing on gold loans for loans below USD 2,900 at an LTV of 85%. This regulation provides access for more low-income borrowers and incentives for formal lenders to provide gold collateralized credit to a wider group of consumers.

Growing Branch Expansion by NBFCs is a Driving Force for India Gold Loan Market

Non-banking financial companies, or NBFCs, are responsible for roughly 80% of the gold loan market in India. NBFCs have an extensive network of urban, rural, and semi-urban branches and can design products that are suitable for rural and semi-urban borrowers. For first-time borrowers and small business enterprises, NBFCs benefit from easier barriers to entry and a faster approach to appraisal. As a form of personal loan product, they further leverage gold loans by offering flexible repayment options, EMIs, and reward loyalty programs that encourage repeat gold loans and assist in retaining customers. Unlike commercial banks, NBFCs tend to have speedier timelines to respond to regulatory changes and position themselves to scale quite rapidly in micro-markets.

Recently, in April 2025, Poonawalla Fincorp excitedly launched a gold loan vertical to put into action an aggressive vision to build up to 400 new branches. This speaks to the ability for NBFCs to aggressively build new branches in parts of the country where demand is high due to their commitment to dominance. Approvals for loans are available in "less than 30 minutes", and "minimal documents" are required, along with multiple payment flexibility options, to unlock the maximum potential of each potential borrower's gold holdings.

Digital Innovation in Gold Loan Processes Drives India Gold Loan Market Demand

The Indian gold loan market is being revamped in a big way due to the high pace of digital innovation and transformation in the lending value chain. The lending system today is deploying platforms such as mobile loan origination apps, AI modules for gold purity testing, eKYC, integrated repayment tracking modules, etc., for a seamless, transparent, and real-time experience for customers. All these digital touches minimize manual errors, avoid delays in documentation, and enable secure services irrespective of branches in most situations. This is a huge advantage in a rural/semi-urban area where physical infrastructure is not available. As a result, the onboarding period for customers shrinks from days to minutes, giving customers a quick and satisfactory experience and lenders operational efficiencies.

Additionally, collaborations between fintech and banks are enabling 'purchase-to-loan' ecosystems where users can now pledge either physical or digital gold as collateral from their mobile, receive pre-approved loan offers, and repay completely digitally. This enhances inclusion while giving individuals not accustomed to mainstream banking systems flexible access to credit, thereby reshaping the competitive landscape of gold lending in India.

NBFCs Dominate the Gold Loan Market Share in India

In the Indian gold loan ecosystem, NBFCs are the dominant provider type. Their vast distribution, customer familiarity, flexibility of loan terms (term loans, EMI-based options, etc), and risk-based pricing have allowed them to seize a large share of the market, especially in rural or semi-urban India where banks are unavailable. NBFCs also have hybrid digital-offline models that assist them in quickly onboarding customers with their mobile app models.

In June 2025, L&T Finance acquired Paul Merchants Finance's gold loan business. This highlights the consolidation of NBFCs to operationalize large geographies and borrower bases. The gold loan vertical is expected to strengthen LTF's position as a diversified retail-focused lender under its Lakshya 2026 roadmap.

Key Players Landscape and Outlook

India's gold loan market is a highly competitive landscape with key players. The institutions can compete against the historical dominance of non-banking financial companies (NBFCs), e.g., Muthoot and Manappuram, by utilizing branch networks to physically engage with customers through digital platforms that offer scale. NBFCs were able to establish themselves as leaders as they marketed and offered products only secured by gold, with a significant rural presence. Now, commercial bankers are cross-selling their gold loan products to existing customers alongside their numerous other banking services, including credit cards, auto loans, and so on, meaning they can now utilize customer data and have an existing trust amongst customers that NBFCs solely have with a customer base that specializes in gold loans.

Global private equity firms are viewing the Indian gold loan market as evidence of a potentially resilient and lucrative investment opportunity on which they will also capitalize. For instance, in March 2025, Bain Capital invested in Manappuram Finance Limited by acquiring joint control in Manappuram Finance. Therefore, demonstrating ongoing investor confidence in the long-term growth fundamentals for India's gold loan ecosystem and playing out as a best-case scenario as Bain investors not only provide capital to the Indian gold loan economies, but also provide great learnings with their global acumen in scaling fast digital lending operations and improving governance of financial institutions.

Table of Contents

1. Project Scope and Definitions

2. Research Methodology

3. Executive Summary

4. Voice of Customers

• 4.1. Respondent Demographics
• 4.2. Preferred Loan Tenure and LTV Ratio
• 4.3. Key Selection Criteria for Lenders
• 4.4. Shift in Preference: Organized vs Unorganized Sector
• 4.5. Urban vs Rural Borrowing Patterns

5. India Gold Loan Outlook, FY2019-FY2033F

• 5.1. Market Size Analysis & Forecast
  • 5.1.1. By Value
• 5.2. Market Share Analysis & Forecast
  • 5.2.1. By Provider Type
    • 5.2.1.1. Banks
    • 5.2.1.2. Non-Banking Financial Institutions
    • 5.2.1.3. Fintech Gold Loan Platforms
    • 5.2.1.4. Unorganized Sector
  • 5.2.2. By Loan Type
    • 5.2.2.1. Term Loan
    • 5.2.2.2. Line of Credit
    • 5.2.2.3. Bullet Repayment Loans
    • 5.2.2.4. EMI-based Loans
  • 5.2.3. By Mode of Disbursement
    • 5.2.3.1. Online
    • 5.2.3.2. Offline
  • 5.2.4. By Region
    • 5.2.4.1. North
    • 5.2.4.2. South
    • 5.2.4.3. East
    • 5.2.4.4. West and Central
  • 5.2.5. By Company Market Share Analysis (Top 5 Companies and Others - By Value, FY2025)
• 5.3. Market Map Analysis, FY2025
  • 5.3.1. By Provider Type
  • 5.3.2. By Loan Type
  • 5.3.3. By Mode of Disbursement
  • 5.3.4. By Region

6. Demand Supply Analysis

7. Value Chain Analysis

8. Porter's Five Forces Analysis

9. PESTLE Analysis

10. Market Dynamics

• 10.1. Market Drivers
• 10.2. Market Challenges

11. Market Trends and Developments

12. Interest Rate Benchmarking

13. Case Studies

14. Competitive Landscape

• 14.1. Competition Matrix of Top 5 Market Leaders
• 14.2. SWOT Analysis for Top 5 Players
• 14.3. Key Players Landscape for Top 10 Market Players
  • 14.3.1. Muthoot Finance Limited
    • 14.3.1.1. Company Details
    • 14.3.1.2. Key Management Personnel
    • 14.3.1.3. Products and Services
    • 14.3.1.4. Financials (As Reported)
    • 14.3.1.5. Key Market Focus and Geographical Presence
    • 14.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
  • 14.3.2. Manappuram Finance Limited
  • 14.3.3. IIFL Finance Limited
  • 14.3.4. HDFC Bank Limited
  • 14.3.5. ICICI Bank Limited
  • 14.3.6. State Bank of India
  • 14.3.7. Axis Bank Limited
  • 14.3.8. Canara Bank
  • 14.3.9. Federal Bank Limited
  • 14.3.10. Bajaj Finance Limited

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

15. Strategic Recommendations

16. About Us and Disclaimer