Women borrowers in India now hold a Rs 76 lakh crore credit portfolio, making up 26% of total system credit, with exposure rising 4.8 times since 2017. This reflects a shift toward deeper, progression-led participation in the formal credit ecosystem, according to a Niti Aayog report.

Prepared under the aegis of the Women Entrepreneurship Platform (WEP) by TransUnion CIBIL and MicroSave Consulting (MSC), the report points to sustained growth in women’s credit engagement. Between December 2017 and December 2025, the number of credit-active women borrowers grew at a compounded annual rate of 9%, while credit penetration among women rose from 19% to 36%.

Total credit outstanding to women increased sharply from Rs 16 lakh crore in 2017 to Rs 76 lakh crore in 2025. With nearly 45 crore credit-eligible women in India, the scope for further expansion remains significant, according to the report titled “From Borrowers to Builders: Women and India’s Evolving Credit Market.

Credit to women business borrowers recorded a CAGR of 31% between 2022 and 2025, compared to 17% for overall commercial credit. The report also notes a gradual shift among microfinance borrowers towards individual retail and commercial loans, with 19% of active Microfinance Institution (MFI) borrowers now availing such products.

Geographically, women’s access to credit is becoming more widespread. Northern states such as Bihar and Uttar Pradesh are witnessing increased growth alongside the traditionally strong southern and western regions. Personal and gold loans remain the most commonly accessed products, while housing loans are gaining traction, pointing to rising asset ownership among women.

The report highlights that rapid digitisation across identity systems, payments, underwriting and loan servicing is helping lower entry barriers and enabling women to transition from informal borrowing to formal financial systems.

The findings are based on longitudinal credit bureau data of around 16 crore credit-active women, supplemented by primary research involving 161 rural women nano-entrepreneurs, offering both quantitative and behavioural insights. This year’s edition also incorporates microfinance data, making it a more comprehensive assessment of women’s access to and progression within the credit ecosystem.