The gold loan figure for February 2024 stood at ₹1.02 lakh crore, with a growth rate of 15.02%. People are increasingly taking loans by mortgaging their gold jewellery, compared to taking personal loans, where the growth rate remained at just 19%.
The number of people taking gold loans in the country is steadily rising. The Reserve Bank of India released the gold loan figures for February, showing a significant increase in the number of people taking gold loans. By February 21, 2025, the figure had reached ₹1.91 lakh crore, marking an increase of around 87.4%.
What Was the Gold Loan Figure Last Year?
The gold loan figure for February 2024 was ₹1.02 lakh crore, with a growth rate of 15.02%. More people are taking loans by mortgaging their gold jewellery compared to personal loans, which grew by only 19%. The Reserve Bank of India (RBI) released these figures after collecting data from 41 banks. These numbers indicate that, due to immediate financial needs, more people are opting for gold loans.
Reasons Behind the Rise in Gold Loans
Gold prices have been rising steadily, and this is believed to be a key factor driving people toward secured gold loans. As a result, people are taking more loans by mortgaging their jewellery, reducing the demand for unsecured loans.
RBI Loan Figures and Trends
According to the loan data released by RBI:
1. Gold Loans:
In February 2025, gold loans increased by 87.4%. This is a significant jump compared to a 15.02% increase in February 2024.
2. Personal Loans:
Personal loans saw a 7.9% increase in February 2025, down from a 21.7% growth in February 2024. This shows a decline in the growth rate for personal loans, while gold loans have seen a sharp rise.
3. Credit Cards:
The outstanding amount of credit card debt has increased to ₹2.9 lakh crore, showing a rise of 15.6%.
These figures indicate a shift in borrowing behavior, with more people relying on gold loans instead of unsecured loans, such as personal or vehicle loans.