Women Borrowers Gain Ground In India’s Credit Market: CRIF High Mark

Women now account for a larger share of India’s credit market, as their borrowing is growing faster than men’s and their repayment record remains stronger. Data from credit bureau CRIF High Mark suggests that women are not only accessing credit in larger numbers but are also emerging as an important segment for lenders across retail and business loan categories.

The findings come from a special Women’s Day edition of the bureau’s credit insights study titled The Credit Goes to Her, which examines borrower trends up to December 2025. The report covers a wide range of loan products including home loans, personal loans, auto and two-wheeler loans, education loans, gold loans, and business credit.

One of the clearest trends in the analysis is the pace at which women borrowers are increasing. Between December 2020 and December 2025, the number of women borrowers rose to 8.9 crore, growing at a compound annual growth rate of 14.2 per cent. In comparison, the growth rate for male borrowers during the same period stood at 8.2 per cent.

Loan portfolios linked to women borrowers have also expanded at a quicker pace. Data for December 2025 show that the total loan amount outstanding for women borrowers rose 23.4 per cent from a year earlier. For men, the increase was lower at 16.7 per cent. The number of active loans held by women also grew 14.8 per cent year-on-year, more than twice the pace recorded among male borrowers.

Another notable aspect is repayment discipline. Women borrowers also reported lower delinquency levels. Their portfolio-at-risk (PAR 31–180) stood at 2.8 per cent, compared with 3.3 per cent for men. Lenders say this reflects a familiar pattern: women borrowers generally maintain stronger repayment discipline.

Stronger Presence In Secured Loans

Women borrowers have a noticeable presence in secured loan categories, where credit is typically backed by an asset or linked to longer-term financial needs.

Women have the largest presence in gold loans, accounting for 43.5 per cent of the portfolio. Their participation is also significant in education loans, where they make up 36.7 per cent of the outstanding amount. In the housing segment, women borrowers hold 32.2 per cent of the home loan portfolio.

In new home loan originations, women account for 33.2 per cent of the value of loans issued. Interestingly, their average ticket size in this category stands at Rs 33.9 lakh, higher than the Rs 30.7 lakh average recorded for men.

Vehicle financing is another segment where women borrowers are becoming more visible. They account for roughly 18–19 per cent of originations in auto and two-wheeler loans. During the first nine months of FY26, the value of auto loan originations grew 10.1 per cent year-on-year, with women borrowers often recording slightly higher average ticket sizes than men.

Personal loans are also contributing to deeper financial inclusion. Women now account for 15.9 per cent of personal loan volumes. Much of the growth in this category is driven by smaller-ticket loans, which are often used for household or consumption needs. Among borrowers below the age of 30, women account for 24.3 per cent of the value of personal loan originations, marginally higher than men in the same age bracket.

Expanding Role In Business Lending

Women are also increasing their footprint in business credit. In terms of loan volumes, women account for 50.4 per cent of business loans. However, their share in the total value of loans sanctioned is lower at 28 per cent.

Secured business loans to women borrowers recorded a strong 61.1 per cent year-on-year increase. Participation in unsecured business loans also rose, with women’s share moving up from 23.7 per cent to 26.5 per cent over the past year.

Despite this growth, the average loan size for women-led enterprises remains smaller. On average, women take smaller business loans. The typical loan size is around Rs 5.3 lakh, while for men it is about Rs 11.6 lakh. The gap indicates that women-led businesses could take on larger loans as they expand.

Another trend the data highlights is the rise in first-time women borrowers. Their share among new-to-credit customers increased from 33 per cent in December 2023 to 41 per cent by December 2025. This indicates that a larger number of women are now accessing formal lending channels.

Regionally, southern states continue to account for a significant share of women’s credit activity. The top 10 states together contribute 78.2 per cent of women’s portfolio outstanding. Among them, Tamil Nadu, Andhra Pradesh, and Kerala show relatively higher participation and stronger growth in women borrowers compared with several other regions.

Taken together, the numbers suggest that women are playing a larger role in India’s lending market. Their growing presence is becoming increasingly important for the expansion of retail and small business credit.