Synopsis
Women in India are experiencing unprecedented growth in financial independence, with a 45% YoY increase in borrowers since 2022. Key areas of borrowing include healthcare, education, and entrepreneurship, demonstrating a shift in financial awareness and responsibility.Key Takeaways
- 45% YoY rise in women borrowers since 2022
- 33.5% of loans used for healthcare
- 20.6% of women borrowing for education
- 17.4% for entrepreneurship
- Government support for women borrowers
New Delhi, March 7 (NationPress) Women in India are increasingly taking control of their financial destinies, with a remarkable 45% year-on-year (YoY) surge in female borrowers since 2022, as highlighted by various reports. A recent analysis by the fintech platform mPokket indicated that in 2024 alone, women secured loans totaling Rs 4.8 lakh crore.
Healthcare remains a primary concern, with 33.5% of female borrowers utilizing loans for medical emergencies.
Additionally, many women are seeking credit for education, with 20.6% pursuing financial aid for skill enhancement.
Entrepreneurship serves as another pivotal factor, with 17.4% of women borrowing for business ventures.
The entrepreneurial drive is especially pronounced in East India, where 25% of women borrowers are using credit to support their enterprises.
A report from CRIF High Mark further illustrated that women have outpaced men in both loan growth and repayment consistency in 2024.
The population of active women borrowers increased by 10.8% in 2024, reaching 8.3 crore by December.
This growth was notably higher than the 6.5% rise observed among men, the report indicated.
Moreover, women displayed superior repayment behavior in consumer durable loans compared to their male counterparts.
The report acknowledged that government banks were particularly enthusiastic about lending to women in 2024.
The total outstanding loan portfolio for female borrowers escalated by 18% to Rs 36.5 lakh crore by year’s end.
However, their overall share among total borrowers remained stable at around 24%.
A recent analysis by NITI Aayog revealed that over 27 million women in India are actively seeking credit to manage their businesses and are closely monitoring their credit scores, underscoring a notable increase in financial literacy.
As of December 2024, the number of women tracking their credit has skyrocketed by 42% compared to the previous year.
