Non-bank lenders are reporting double-digit growth in gold-backed loans, with firms like Muthoot Finance and Manappuram Finance expanding aggressively into semi-urban markets. Lower processing times, flexible repayment and easing interest rates have revived household borrowing against pledged jewellery. Analysts note that while demand is strong, loan-to-value ratios remain conservative, reflecting regulatory caution. The segment is seen as a reliable short-term credit bridge amid uneven rural cash flows and soft agri income.