Important Alert:
Gold is a valuable asset that significantly impacts the market, influences the dynamics of trade and drives the jewellery industry. This blog will tell you about the latest search trends and the current gold loan market landscape so that you can create better and more accessible offerings for your customers.
Gold has always been a significant part of Indian culture and festivities, and it is nationally considered a good omen and highly auspicious. And currently, the gold loan market in India is seeing significant growth across the country.
Gold also functions as a hedge against economic instability and inflation. The number of gold loans disbursed by banks continues to grow, while online searches for gold loans have increased by 57.47% in 2024 compared to the previous year.
As a gold loan provider, access to timely data about what your customers search for while looking for a gold loan can help you connect with them and provide a more personalized experience.
Gold loans are financial loans that customers take by mortgaging their gold. Several banks regulated by the government have offered gold loans for a long time, but a growing number of NBFCs (non-banking finance companies) have also started issuing gold loans.
Both types of institutions act as financial intermediaries, but they have several fundamental differences that might not become immediately apparent. These are as follows:
| Criteria | Banks/finance companies | NBFCs |
|---|---|---|
| Regulatory authorities | All banks are regulated by the Reserve Bank of India under the Banking Regulations Act, 1949. | NBFCs are also regulated by the RBI but don’t have a banking license. |
| Lendings and borrowings | All lending activities are funded by deposits and borrowings from customers. | NBFCs issue public debentures, borrow from banks and accept deposits from customers to raise funds. |
| Credit assessment | Owing to their stringent regulations, banks follow a strict, non-negotiable process for credit assessment. | NBFCs are a lot more lenient in judging creditworthiness and often lend to customers who don’t meet the criteria laid down by banks. |
| Interest rates | Banks have a larger and more stable base of fund deposits, which allows them to charge lower interest rates. | The cost of acquiring funds is much higher, hence the interest rates charged by NBFCs is higher than banks’ charges. |
Experts have identified several trends in the gold loan market in India. These are as follows:
A Rise in Brand Awareness
Search Volume by Query Type
| Type of query | Search volume FY’23 | Search volume FY’24 | Growth % | Market share |
|---|---|---|---|---|
| Brand | 6.30Lakh | 10.77Lakh | 7.94% | 64.13% |
| Non-brand | 4.36Lakh | 6.02Lakh | 38.03% | 35.87% |
| Total | 10.66Lakh | 16.79Lakh | 57.47% | 100.00% |
According to the Techmagnate Gold Loan Search Trends Report, branded and non-branded keyword searches experienced an encouraging rise with 8.46% and 16.56% search volumes, respectively.
Besides the increase in search volume, both keyword types captured a sizeable market share, with branded keywords at 59.07% and non-branded keywords at 40.93%
The Gold Loan Search Trends Report reveals the top 10 brands for gold loans, based on their search volumes. These are:
| Keywords | Search volume FY’23 | Search volume FY’24 | % growth |
|---|---|---|---|
| Gold rate today | 50.00Lakh | 61.20Lakh | 22.40 |
| Gold price today | 33.50Lakh | 33.50Lakh | 0 |
| Gold rate | 8.23Lakh | 8.23Lakh | 0 |
| Gold price | 10.00Lakh | 8.23Lakh | -17.70 |
| Today gold rate in delhi | 3.68Lakh | 3.68Lakh | 0 |
| Today gold rate in chennai | 5.50Lakh | 3.68Lakh | -33.09 |
| Gold price today chennai | 5.50Lakh | 3.68Lakh | -33.09 |
| Current gold rate in chennai | 5.50Lakh | 3.68Lakh | -33.09 |
| Gold rate today hyderabad | 3.01Lakh | 3.01Lakh | 0 |
| Gold rate today Bangalore | 3.01Lakh | 3.01Lakh | 0 |
| others | 87.57Lakh | 90.35Lakh | 3.18 |
| Total | 215.50Lakh | 222.25Lakh | 3.14% |
Our Gold Search Trends Report identified the top 10 keywords that were used to search for gold loans. These keywords will prove valuable for goal loan providers in understanding user behaviour, thus enabling them to revisit their SEO and successful digital marketing strategies.
‘Gold loan interest rate’ and ‘gold loan’ have topped the table with 90.50 K and 49.50 K searches, respectively, with the former showing a growth of 22.22% in searches
Top 6 cities by search volume:
| Cities | Search Volume FY 2022-23 | Search Volume FY 2023-24 | % Growth | Market Share |
|---|---|---|---|---|
| Bengaluru | 85.17 K | 106.16 K | 24.64% | 25.09% |
| Chennai | 68.12 K | 81.48 K | 19.61% | 19.26% |
| Hyderabad | 66.31 K | 78.39 K | 18.22% | 18.53% |
| Delhi | 55.96 K | 58.24 K | 4.07% | 13.77% |
| Mumbai | 51.44 K | 58.43 K | 13.59% | 13.81% |
| Pune | 37.88 K | 40.36 K | 6.55% | 9.54% |
| Total | 364.88 K | 423.06 K | 15.94% | 100.00% |
A key insight from the data shows that users from metropolitan cities have conducted the most gold loan searches. South India had the highest number of searches with Bengaluru and Chennai topping the list with 106.16 K and 81.48 K searches respectively.
The search figure not only indicates the users’ affinity towards gold in South Indian cities but also an increasing demand for gold loans.
The Gold loan market size in India is huge and ever-changing. Bank loans taken against gold jewellery grew significantly, coming up to 16.2% YoY in January 2023. This is often attributed to the competitive interest rates offered by banks on gold loans, which often undercut the offerings by NBFCs.
The Indian gold loan market was valued at USD 55.52 billion in 2022 and, according to ICRA, is projected to reach a valuation of US $124.45 billion. This puts its compounded annual growth rate at about 12.22% per annum.
According to our Gold Loan Search Trends Report, insights on search volumes for different types of credit products show that search terms related to the gold industry have grown by over 57% from 2022-23 to 2023-24
Top 10 Overall Search Volumes of India’s Lending Industry
| Loan type | Search volume FY’22-’23 | Search volume FY’23-’24 | Growth % | Market share |
|---|---|---|---|---|
| Home loan | 138.29 Lakh | 155.40 Lakh | 12.37 | 36.48% |
| Personal loan | 75.89 Lakh | 98.9 Lakh | 30.36 | 23.23% |
| Auto loan | 55.72 Lakh | 62.85 Lakh | 12.80 | 14.76% |
| EMI card | 25.44 Lakh | 44.03 Lakh | 73.07 | 10.34% |
| Business loan | 13.26 Lakh | 19.69 Lakh | 48.47 | 4.62% |
| Loan against property | 14.93 Lakh | 17.80 Lakh | 19.23 | 4.18% |
| Gold loan | 10.66 Lakh | 16.79 Lakh | 57.47 | 3.94% |
| Education loan | 6.55 Lakh | 7.02 Lakh | 7.28 | 1.65% |
| Loan against securities | 2.52 Lakh | 2.34 Lakh | -7.10 | 0.55% |
| Professional loan | 1.03 Lakh | 1.09 Lakh | 5.93 | 0.26% |
| Total | 344.29 Lakh | 425.95 Lakh | 23.72 | 100% |
Based on the data and the analysis provided by Techmagnate’s Gold Loan Search Trends Report, here are a few strategies that brands can integrate into their digital marketing strategy to conquer the goal loan market in India.
In the competitive gold loan market, ranking for high-volume keywords is crucial. Keywords like “gold loan interest rate”, “gold loan calculator”, and “gold loan near me” are commonly searched by potential customers.
| Keywords | Search Volume ‘22-23 | Search Volume ‘23-24 | % growth |
|---|---|---|---|
| Gold loan rate | 60.50K | 90.50K | 49.59% |
| Gold loan interest rate | 60.50K | 90.50K | 49.59% |
| Gold loan | 40.50K | 49.50K | 22.22% |
| Gold loan calculator | 18.10K | 27.10K | 49.72% |
| Gold loan near me | 6.60K | 12.10K | 83.33% |
| Gold loan per gram | 8.10K | 9.90K | 22.22% |
| Gold loan EMI calculator | 4.40K | 9.90K | 125% |
| Gold loan amount per gram | 8.10K | 9.90K | 22.22% |
| Gold loan interest | 6.60K | 8.10K | 22.73% |
| Lowest gold loan rate | 6.60K | 6.60% | 0% |
| Others | 108.81K | 141.69K | 30.22% |
| Total | 436.41K | 602.39K | 38.03% |
Creating content optimised for these keywords can significantly improve search engine rankings. This includes using these keywords in titles, headers, meta descriptions, and throughout the content in a natural, reader-friendly manner.
With many users searching for gold loans in their vicinity, local SEO is a goldmine. This can be achieved by creating location-specific pages on your website and optimizing your Google My Business profile. This helps in appearing in local search results, making it easier for nearby customers to find your services.
Near-me searches
| Category | Search Volume FY’22-23 | Search volume FY’23-24 | Growth % | Market share |
|---|---|---|---|---|
| Brand | 21.90K | 26.78K | 22.28% | 55.18% |
| Non-brand | 13.54K | 21.75K | 60.64% | 44.82% |
| Total | 35.44K | 48.53K | 36.94% | 100% |
Search Volumes for Gold Loan App
| Category | Search volume FY’22-23 | Search volume FY’23-24 | Growth % | Market Share |
|---|---|---|---|---|
| Brand | 4.50K | 4.23K | -6.00% | 70.15% |
| Non-brand | 0.82K | 1.80K | 119.51% | 29.85% |
| Total | 5.32K | 6.03K | 13.35% | 100% |
Vernacular Search Volumes
| Category | Search volume FY’22-23 | Search volume FY’23-24 | Growth % | Market share |
|---|---|---|---|---|
| Brand | 0.18K | 0.41K | 127.78% | 5.47% |
| Non-brand | 4.98K | 7.08K | 42.17% | 94.53% |
| Total | 5.16K | 7.49K | 45.18% | 100% |
India has a relatively high Gen Z population, made up of people born between the late ‘90s to the early 2000s, comprising over 25% of the population. On the other hand, Gen X and millennials together make up about 63% of the Indian population, according to a World Bank report from 2022.
The loan and finance market is in flux at this time, going through a significant shift in the borrowing market. The younger millennials and Gen Z are the leading contributors to the change in this borrowing behaviour.
The new generations see gold loans as flexible financial tools instead of mere ‘safe’ investments. They are also limited in their incomes and creditworthiness as their careers are just beginning.
However, gold-supported collateral can significantly improve a young individual’s credibility and increase the credit limit allowed to them. And being more comfortable with digital platforms and products, they have positively impacted the resurgence of gold loan online platforms.
NBFCs and fintech companies have virtually streamlined the gold loan management and application process, making them more accessible to borrowers. Banks are also changing their offerings to cater to the needs of young borrowers, including competitive rates of interest and personalized terms of borrowing.
Taking it a step further, banks have also adjusted their marketing strategies to include social platforms, leveraging social platforms and building engaging campaigns suited to the lifestyles and preferences of their Gen Z and millennial audience.
The graph below shared by PwC shows a significant amount borrowed by millennials and Gen Z, which establishes why they are a key target demographic.
Source: PwC analysis
According to our findings on Gold Loan Search Trends, 5 NBFCs currently have the highest share of voice when it comes to Google searches regarding gold loans in India, as shown below.
| Top Brands | Top 5 SOV |
|---|---|
| Bajajfinserv.in | 33.32% |
| Bankbazaar.com | 27.11% |
| Muthootfincorp.com | 3.28% |
| iifl.com | 2.66% |
| Paisa bazaar.com | 1.74% |
According to data shared by Statista, NBFCs dominate the overall gold loan market in India with a market share of about 61%. Meanwhile, banks hold about 39% of the share.
India is the second largest gold importer in the world, with Indians relying on gold as a long-term asset for centuries.
Impact of ‘Near Me’ Searches on Google:
| Category | Search volume FY’2022-23 | Search volume FY’2023-24 | Growth % | Market Share |
|---|---|---|---|---|
| Brand | 21.90K | 26.78K | 22.28% | 55.18% |
| Non-brand | 13.54K | 21.75K | 60.64% | 44.82% |
| Total | 35.44K | 48.53K | 36.94% | 100% |
NBFCs also manage 90% of the total AUM (assets under management). They have managed to navigate the major risks associated with the price fluctuations of gold by ensuring a conservative LTV (loan-to-value) ratio of 60-65%, keeping themselves protected against potential losses if the price of gold declines.
While the rapid resurgence of gold loans was unexpected, there are several factors directly contributing to its growth today and the projections for the market over the next 5 years.
India’s gold loan market is expected to double in value to reach a valuation of Rs. 14.19 lakh crore by 2029, despite strict regulations and expected moderation according to one PwC India report. In the fiscal period 2023-24, India’s organised gold market showed substantial growth with a valuation of Rs. 7.1 lakh crore according to PwC’s ‘Striking Gold’ report, which predicts a 14.85% CAGR till 2029.
Gold loans in India make up a significant section of India’s secured loan book. However, recovering gold loans has several challenges for banks and lenders. Some of the key challenges include:
The gold loan market in India is witnessing rapid growth, driven by rising gold prices, increased digital adoption, and shifting consumer behaviour. With searches for gold loans growing by over 57% in FY 2023-24, both banks and NBFCs have a clear opportunity to strengthen their digital presence. By leveraging insights from search trends and partnering with the right enterprise SEO agency for BFSI brands, gold loan providers can stay competitive and meet the evolving needs of borrowers.
Gold loans are easy to access, require minimal documentation, and provide instant liquidity. With the growing gold loan industry in India, these loans have become a trusted option for households and small businesses seeking quick and secured credit.
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