MUMBAI: Women have emerged as the fastest-growing borrower segment in retail credit, with their numbers growing at 14.2% each year between December 2020 and December 2025—much faster than the 8.2% growth among men during the same period.
This was revealed by a study by a private credit bureau, which also said as much as 50.4% of new small business loans outstanding is with women. The number of women borrowers has grown to 8.9 crore, said credit bureau Crif High Mark.
Women borrowers also showed stronger expansion in loan portfolios with their outstanding portfolio rising 23.4% on-year in December 2025, higher than the 16.7% by male borrowers. Active loans among women increased 14.8%, which is more than double the pace recorded by men, the report said.
Women also continued to exhibit stronger repayment behaviour, with overall delinquency in 31-180 days being at a low 2.8%, as against 3.3% for men, the report said, adding that 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.
Women are also increasing their footprint in business credit. In terms of loan volumes, women accounted for as much as 50.4% of new business loans. However, their share in the total value of loans sanctioned is lower at 28%.
Secured business loans to women borrowers recorded a strong 61.1% on-year increase. Participation in unsecured business loans also rose, with women’s share moving up from 23.7% to 26.5% over the past year.
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.
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.
However, it has to be noted that 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.
Also, women account for 18-19% of auto and two-wheeler loan originations. Auto loan originations by value grew 10.1% in the first nine months of FY26, with women consistently recording higher average ticket sizes than men.
In personal loans, women’s volume share rose to 15.9%, driven by growth in small-ticket loans. Notably, women under 30 account for 24.3% of personal loan originations by value, higher than men in the same age bracket, it said, adding women’s share in new-to-credit originations also increased sharply from 33% in December 2023 to 41% in December 2025.
The report also highlighted a sharp rise in first-time women borrowers entering the formal credit system. Women’s share in new-to-credit originations rose from 33% in December 2023 to 41% in December 2025.
Regionally, the top 10 states account for 78.2% of women’s portfolio outstanding, with Tamil Nadu, Andhra and Kerala showing higher participation and stronger growth among women borrowers compared to several northern and western states.
Taken together, the numbers suggest that women are playing a larger role in the lending market. Their growing presence is becoming increasingly important for the expansion of retail and small business credit.