Women borrowers outpace men in credit growth, repayment strength and business loans: CRIF report
Women borrowers show their strongest participation in secured lending products such as gold loans, education loans and housing finance. According to the report, women account for 43.5% of gold loan portfolios, followed by 36.7% in education loans and 32.2% in home loans.
- Mar 4, 2026,
- Updated Mar 4, 2026 1:38 PM IST
Women borrowers are emerging as a powerful growth driver in India’s credit ecosystem, recording faster expansion in loan volumes, stronger repayment performance and rising participation in business credit, according to CRIF High Mark’s latest study “The Credit Goes to Her: Women – Redefining the contours of India’s credit landscape”. The findings highlight a structural shift in India’s lending landscape, with women increasingly becoming a core segment for lenders and a key indicator of deeper financial inclusion and economic participation.
Women borrowers
The report shows that the number of women borrowers grew at a 14.2% compound annual growth rate (CAGR) between December 2020 and December 2025, reaching 8.9 crore borrowers. This growth significantly outpaced the 8.2% CAGR recorded for men, signalling a faster expansion in women’s participation in the formal credit ecosystem.
Women borrowers are also driving stronger growth in loan portfolios. Their portfolio outstanding expanded 23.4% year-on-year in December 2025, compared with 16.7% growth for men, while the number of active loans held by women rose 14.8% year-on-year, more than double the pace recorded among male borrowers.
For lenders and investors tracking credit quality trends, women borrowers are also demonstrating stronger repayment behaviour. Overall delinquency levels remain lower among women, with PAR (31–180 days) at 2.8% compared with 3.3% for men, indicating better credit discipline across most lending products.
Secured loans
Women borrowers show their strongest participation in secured lending products such as gold loans, education loans and housing finance. According to the report, women account for 43.5% of gold loan portfolios, followed by 36.7% in education loans and 32.2% in home loans.
Housing finance is emerging as a particularly important segment. Women now account for 33.2% of home loan originations by value, with an average ticket size of ₹33.9 lakh, higher than the ₹30.7 lakh average for male borrowers. This trend reflects growing financial independence and asset ownership among women borrowers.
In the vehicle financing segment, women account for roughly 18–19% of auto and two-wheeler loan originations. Auto loan originations value for women grew 10.1% year-on-year in the first nine months of FY26, reflecting steady demand and a shift toward higher-value purchases.
Business credit
Women are also increasingly active in enterprise financing, highlighting the growing role of women-led businesses in India’s economic expansion.
The report shows that women account for 50.4% of business loan volumes, while their share in business loan originations by value stands at 28%.
Secured business loans have seen particularly strong traction, with growth of 61.1% year-on-year, while women’s share in unsecured business loans rose from 23.7% to 26.5% over the past year.
However, average ticket sizes remain smaller for women-led enterprises. The average business loan size for women borrowers stands at ₹5.3 lakh compared with ₹11.6 lakh for men, suggesting significant scope for expansion in women-owned businesses and SME financing.
Financial inclusion
Another key trend highlighted in the report is the sharp rise in women entering the formal credit system for the first time.
Women’s share in new-to-credit (NTC) originations increased from 33% in December 2023 to 41% in December 2025, indicating deeper financial inclusion and expanding credit access.
Gold loans, housing loans and unsecured business loans are among the key entry products helping bring first-time women borrowers into the formal lending ecosystem.
Credit expansion
Geographically, southern states continue to lead the growth in women borrowers. The top 10 states account for 78.2% of women’s portfolio outstanding, with Tamil Nadu, Andhra Pradesh and Kerala showing stronger participation levels and faster growth compared with several other regions.
For investors and market observers, the report suggests that women borrowers are evolving from a niche segment into a structural growth driver for India’s retail credit market.
With stronger repayment behaviour, rising adoption of secured loans and growing participation in entrepreneurship, women borrowers are likely to play an increasingly significant role in shaping the next phase of India’s credit expansion.
Women borrowers are emerging as a powerful growth driver in India’s credit ecosystem, recording faster expansion in loan volumes, stronger repayment performance and rising participation in business credit, according to CRIF High Mark’s latest study “The Credit Goes to Her: Women – Redefining the contours of India’s credit landscape”. The findings highlight a structural shift in India’s lending landscape, with women increasingly becoming a core segment for lenders and a key indicator of deeper financial inclusion and economic participation.
Women borrowers
The report shows that the number of women borrowers grew at a 14.2% compound annual growth rate (CAGR) between December 2020 and December 2025, reaching 8.9 crore borrowers. This growth significantly outpaced the 8.2% CAGR recorded for men, signalling a faster expansion in women’s participation in the formal credit ecosystem.
Women borrowers are also driving stronger growth in loan portfolios. Their portfolio outstanding expanded 23.4% year-on-year in December 2025, compared with 16.7% growth for men, while the number of active loans held by women rose 14.8% year-on-year, more than double the pace recorded among male borrowers.
For lenders and investors tracking credit quality trends, women borrowers are also demonstrating stronger repayment behaviour. Overall delinquency levels remain lower among women, with PAR (31–180 days) at 2.8% compared with 3.3% for men, indicating better credit discipline across most lending products.
Secured loans
Women borrowers show their strongest participation in secured lending products such as gold loans, education loans and housing finance. According to the report, women account for 43.5% of gold loan portfolios, followed by 36.7% in education loans and 32.2% in home loans.
Housing finance is emerging as a particularly important segment. Women now account for 33.2% of home loan originations by value, with an average ticket size of ₹33.9 lakh, higher than the ₹30.7 lakh average for male borrowers. This trend reflects growing financial independence and asset ownership among women borrowers.
In the vehicle financing segment, women account for roughly 18–19% of auto and two-wheeler loan originations. Auto loan originations value for women grew 10.1% year-on-year in the first nine months of FY26, reflecting steady demand and a shift toward higher-value purchases.
Business credit
Women are also increasingly active in enterprise financing, highlighting the growing role of women-led businesses in India’s economic expansion.
The report shows that women account for 50.4% of business loan volumes, while their share in business loan originations by value stands at 28%.
Secured business loans have seen particularly strong traction, with growth of 61.1% year-on-year, while women’s share in unsecured business loans rose from 23.7% to 26.5% over the past year.
However, average ticket sizes remain smaller for women-led enterprises. The average business loan size for women borrowers stands at ₹5.3 lakh compared with ₹11.6 lakh for men, suggesting significant scope for expansion in women-owned businesses and SME financing.
Financial inclusion
Another key trend highlighted in the report is the sharp rise in women entering the formal credit system for the first time.
Women’s share in new-to-credit (NTC) originations increased from 33% in December 2023 to 41% in December 2025, indicating deeper financial inclusion and expanding credit access.
Gold loans, housing loans and unsecured business loans are among the key entry products helping bring first-time women borrowers into the formal lending ecosystem.
Credit expansion
Geographically, southern states continue to lead the growth in women borrowers. The top 10 states account for 78.2% of women’s portfolio outstanding, with Tamil Nadu, Andhra Pradesh and Kerala showing stronger participation levels and faster growth compared with several other regions.
For investors and market observers, the report suggests that women borrowers are evolving from a niche segment into a structural growth driver for India’s retail credit market.
With stronger repayment behaviour, rising adoption of secured loans and growing participation in entrepreneurship, women borrowers are likely to play an increasingly significant role in shaping the next phase of India’s credit expansion.