Indian households now owe almost half of GDP.
Household financial liabilities hit ₹158.5 lakh crore in March 2026 — 45.9% of GDP, up from 36.4% in 2022. The ratio hasn't fallen in a single quarter since.
CapitalVia Research Desk ·
Data story
28 Sep 2026
28 Sep 2026
Indian households saved 13% more in 2025-26. They borrowed 36% more.
RBI's first estimates for 2025-26 show families put ₹42.9 lakh crore into financial assets — and took ₹21.4 lakh crore of fresh loans. The new borrowing went to homes, gold and cars. Not credit cards.
New debt vs new savings, 2025-26
₹50
of fresh borrowing
for every
₹100
added to financial assets
₹21.4 lakh cr borrowed₹42.9 lakh cr saved
That is ₹50.00 per ₹100, up from ₹41.42 in 2024‑25. Savings rose, but debt rose almost three times as fast — so net financial savings fell to 6.2% of GDP, from 7.0%.
What households added, borrowed and kept
Annual flows, ₹ lakh crore · 2025-26 is RBI's preliminary estimate
2024-252025-26
Added to financial assets+12.9%
FY25
38.00
FY26
42.90
Fresh borrowing+36.3%
FY25
15.74
FY26
21.45
Net financial savings (kept)−3.6%
FY25
22.26
FY26
21.45
Net savings shrank in rupees even as the economy grew: 7.0% → 6.2% of GDP.
Where each ₹100 of new bank personal loans went
Increase in outstanding, June 2025 → June 2026 (₹9.68 lakh crore in all)
Housing+11.0% YoY
₹34.8
Loans against gold jewellery+93.8% YoY
₹26.8
Other personal loans+14.2% YoY
₹22.7
Vehicle loans+17.3% YoY
₹11.5
Education+13.3% YoY
₹1.9
Advances against FDs+11.2% YoY
₹1.7
Credit card outstanding+1.9% YoY
₹0.6
Consumer-durable loans shrank slightly; loans against shares & bonds added under ₹0.1.
59 paise
Credit cards' share of every ₹100 of new bank personal loans in the year to June 2026. Gold loans took ₹26.77. A year ago banks' gold-loan book was smaller than their card book. Today it is 1.8× the size.
If you're salaried
The debt jump is mostly secured: homes, vehicles and jewellery made up ₹73 of every ₹100. A gold loan is sized to today's gold price, which was 52% higher in June than a year earlier. If the price falls, lenders can ask for more gold or a part-payment.
If you're a founder
Some of the demand you're seeing is borrowed. Household borrowing from NBFCs nearly doubled to ₹4.78 lakh crore in 2025-26 (+90.1%). And banks' personal loans were still growing 16.2% a year in July 2026, against 11.9% a year earlier.
If you set budgets
Households now owe 45.8% of GDP, up from 43.1% a year earlier and 39.1% in March 2023. New loans per ₹100 of new savings went from ₹41 to ₹50 in one year. Demand forecasts that assume credit keeps growing at this pace carry extra risk.
+93.8%
Bank gold-loan book, YoY (Jun 2026)
+52.4%
Gold price, Mumbai, Jun 2026 vs Jun 2025
+1.9%
Credit-card outstanding, YoY (Jun 2026)
45.8%
Household debt to GDP, Mar 2026
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