Women claim 50% of business loan volumes, hold 43.5% of gold loans

Women borrowers in India grow to 8.9 crore, outpacing men with 14.2% credit growth

The number of women borrowers in India grew at a compound annual growth rate (CAGR) of 14.2% between December 2020 and December 2025, reaching 8.9 crore, compared with 8.2% growth for men, highlighting the increasing financial participation of women across the country, according to a new report by CRIF High Mark.

 

Portfolio outstanding for women grew 23.4% YoY in December 2025 compared to 16.7% for men, while active loans rose 14.8% YoY — more than double the growth seen among male borrowers. Women also continued to demonstrate stronger repayment behaviour, with overall delinquency (PAR 31–180) at 2.8% versus 3.3% for men.

 

 

Highlights from The Credit Goes to Her Report:

 

Women Driving Portfolio Expansion: Women borrowers now account for 27.6% of total retail portfolio outstanding, with stronger growth across both secured and business-linked products.

 

Secured Loans Show Strongest Participation: Women hold the highest share in gold loans (43.5%), education loans (36.7%), and home loans (32.2%). In home loans, women account for 33.2% of originations value, with a higher average ticket size of ₹33.9 lakh compared to ₹30.7 lakh for men.

 

Rising Presence in Business Credit: Women account for 50.4% of business loan volumes and 28% of business loan originations value. Secured business loans grew 61.1% YoY, while women’s share in unsecured business loans rose from 23.7% to 26.5% over the past year. However, average ticket sizes remain lower at ₹5.3 lakh versus ₹11.6 lakh for men, indicating headroom for expansion in women-led enterprises.

 

Vehicle Loans Reflect Premiumisation Trend: Women account for 18–19% of auto and two-wheeler originations. Auto loan originations value grew 10.1% YoY in 9M FY26, with women consistently recording higher average ticket sizes than men.

 

Personal Loans Deepen Financial Inclusion: Women’s share in personal loan volumes increased to 15.9%, with stronger growth in small-ticket loans. Women below 30 account for 24.3% of personal loan originations value — higher than men in the same age group.

 

New-to-Credit Participation Expands: Women’s share in New-to-Credit (NTC) originations increased sharply from 33% in December 2023 to 41% in December 2025, underscoring deeper inclusion into the formal credit ecosystem.

 

Southern States Lead Growth: The top 10 states account for 78.2% of women’s portfolio outstanding. Tamil Nadu, Andhra Pradesh, and Kerala show higher women participation shares and stronger growth relative to several northern and western states.

 

Faster Credit Growth and Better Repayment

 

Women borrowers are driving a noticeable shift in India’s lending landscape.

 

The total outstanding loan portfolio of women borrowers rose 23.4% year-on-year in December 2025, compared with 16.7% growth for men.

 

Active loans held by women increased 14.8%, more than double the growth rate for male borrowers.

 

Women also showed lower delinquency levels, with overall PAR (31–180 days past due) at 2.8% versus 3.3% for men. 

 

Women’s outstanding loan portfolio reached ₹44.9 lakh crore in December 2025, up from ₹30.7 lakh crore in December 2023, reflecting strong credit expansion.

 

Gold, Housing and Education Loans Lead Adoption

 

Women borrowers show strong presence across multiple retail credit segments.

 

Women account for:

 

43.5% of gold loan portfolios

 

36.7% of education loans

 

32.2% of housing loans 

 

At the same time, women’s participation in business-related loans is growing rapidly. Secured business loans recorded 61.1% year-on-year growth, while women’s share in unsecured business loans rose from 23.7% in 2024 to 26.5% in 2025. 

 

This shift suggests increasing participation of women not only as consumers but also as entrepreneurs.

 

Top 10 states account for 78.2% of women’s outstanding credit portfolios, with Maharashtra, Tamil Nadu and Karnataka leading in scale. 

 

However, southern states show stronger participation rates:

 

Tamil Nadu: 37.5% share of women borrowers in state portfolios

 

Andhra Pradesh: 34.4%

 

Kerala: 35% 

 

Across these states, women’s credit portfolios also recorded faster growth than men, signalling a broader shift in financial inclusion.

 

Home Loans

 

Women account for 33.2% of home loan originations value in FY26, and the average loan ticket size for women reached ₹33.9 lakh, higher than ₹30.7 lakh for men.

 

Auto and Two-Wheeler Loans

 

Women represent roughly 18–19% of originations by value and volume in vehicle loans. In two-wheeler loans alone, women’s borrowing grew 12% year-on-year to ₹17,523 crore in FY26, outpacing industry growth.

 

Personal Loans Becoming Entry Point to Credit

 

Small-ticket personal loans are increasingly becoming an entry point for women into formal credit markets.

 

Women account for:

 

17.4% of personal loan value

 

15.9% of loan volumes, with volumes growing faster than value. 

 

Women borrowers also show higher average ticket sizes of ₹71,700 compared with ₹64,200 for men, though growth in ticket size has moderated as more borrowers access smaller loans.