The growth numbers are based on RBI’s data on sectoral deployment of credit by NBFCs
Loans extended by non-banking finance companies (NBFCs) grew at a faster clip of 14.9 per cent year-on-year (y-o-y) in July 2026 against 10.6 per cent in July 2025, with retail loans such as ‘loans against gold jewellery’, ‘consumer durables’ and ‘housing’ segments displaying accelerated credit growth, and loans to agriculture and allied activities recording a robust growth.However, NBFCs loans (credit) to the services and industry sectors slowed y-o-y in the reporting month.The aforementioned growth numbers are based on RBI’s data on sectoral deployment of credit by NBFCs. The data is collected from major NBFCs and housing finance companies (HFCs).Retail growthRetail loans growth accelerated to 21.4 per cent yoy in July 2026 compared to 13.7 per cent a year ago. Within retail loans, ‘loans against gold jewellery’ (up 68.5 per cent y-o-y growth in July 2026 against 43.9 per cent y-o-y growth in July 2025), ‘consumer durables’ (up 51.5 per cent against 18.8 per cent) and ‘housing’ segments (up 11.9 per cent vs 4 per cent) displayed robust credit growth. ‘Vehicle loans’ maintained a steady growth (15.1 per cent vs 15.1 per cent), per a RBI statement.Loans to agriculture and allied activities gathered momentum, rising 18 per cent y-o-y against 5.4 per cent in July 2025.Loans to the services sector moderated to 15.2 per cent vs 24.5 per cent in July 2025, with loans to trade and transport operators decelerating to 14.7 per cent (24.3 per cent in July 2025) and 10.7 per cent (11.2 per cent), respectively. However, loans to the commercial real estate sector were up 22.3 per cent against 10 per cent.Credit to industry grew by 7.4 per cent (y-o-y) in July 2026 as compared with 9.3 per cent in July 2025. Moderation in growth was primarily driven by subdued growth in infrastructure, a major constituent of the segment.Published on September 7, 2026
