3 min readMumbaiMar 5, 2026 04:46 PM IST
Women are emerging as one of the fastest-growing borrower segments in India’s credit market, with their numbers rising significantly faster than those of men over the past five years, according to a study by CRIF High Mark.
The credit bureau said the number of women borrowers grew at a compounded annual growth rate (CAGR) of 14.2% between December 2020 and December 2025, reaching 8.9 crore, compared with 8.2% growth among men during the same period.
Women borrowers also recorded stronger expansion in loan portfolios. Portfolio outstanding for women borrowers rose 23.4% year-on-year (y-o-y) in December 2025, higher than 16.7% seen among male borrowers. Active loans among women increased 14.8% y-o-y — more than double the pace recorded for men.
Women also continued to exhibit stronger repayment behaviour, with overall delinquency — measured as portfolio at risk (PAR) between 31 and 180 days — at 2.8%, lower than 3.3% for men, the report said.
Women now account for 27.6% of the total retail portfolio outstanding, with robust growth across both secured and business-linked loan products.
Among retail products, women hold the highest share in gold loans (43.5%), followed by education loans (36.7%) and home loans (32.2%). In home loans, women account for 33.2% of originations by value and have a higher average ticket size of Rs 33.9 lakh, compared with Rs 30.7 lakh for men.
Further, women account for 50.4% of business loan volumes and 28% of business loan originations by value. Secured business loans to women grew 61.1% y-o-y, while their share in unsecured business loans increased from 23.7% to 26.5% over the past year. However, the average ticket size for women-led business loans remains smaller, at Rs 5.3 lakh versus Rs 11.6 lakh for men, indicating significant headroom for expansion in women-led enterprises.
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Women account for around 18-19% of auto and two-wheeler loan originations. Auto loan originations by value grew 10.1% y-o-y in the first nine months of FY26, with women consistently recording higher average ticket sizes than men. In personal loans, women’s share in loan volumes rose to 15.9%, driven by growth in small-ticket loans. Notably, women below 30 years account for 24.3% of personal loan originations by value, higher than men in the same age bracket, it said.
It said women’s share in new-to-credit (NTC) originations increased sharply from 33% in December 2023 to 41% in December 2025, underscoring deeper integration into the formal credit ecosystem.
The report also highlighted a sharp rise in women entering the formal credit system for the first time. Women’s share in new-to-credit (NTC) originations increased sharply from 33% in December 2023 to 41% in December 2025, underscoring deeper integration into the formal credit ecosystem.
Regionally, the top 10 states account for 78.2% of women’s portfolio outstanding, with Tamil Nadu, Andhra Pradesh and Kerala showing higher participation and stronger growth among women borrowers compared with several northern and western states. The findings indicate not only faster credit uptake among women but also improving credit discipline, positioning them as a key growth drivers for lenders in the coming years, the report said.
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