Gold loans are booming in India, driven by households holding $5 trillion in bullion. The rapid surge in gold‑loan growth is driven by tighter banking rules for unsecured loans, a rally in global gold prices, improved access, and rising financial stress among households. While about 90% of Indian households' hoardings are still idle, gold-backed lending is beginning to reshape India's retail credit landscape. Global private equity firm Bain Capital has announced plans to acquire a 41.7% stake in Manappuram Finance, India's second-largest gold loan provider. The actual size of gold loans in India is estimated to be 14 trillion rupees. Non-banking financial companies, or NBFCs, account for 45%–50% of gold loan volume. The rise in gold loans could increase access to credit, but also raises questions about the growing segment that bypasses traditional credit assessments.