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WOMEN’S ROLE IN INDIA’S FINANCIAL GROWTH STORY
A JOINT REPORT BY TRANSUNION CIBIL, WEP (NITI AAYOG) AND MICROSAVE CONSULTING | MARCH 2025
FROMBORROWERS
TO BUILDERS CONTENT02
FOREWORD & SPECIAL MESSAGE
EXECUTIVE SUMMARY
INTRODUCTION
ANALYSIS OF THE INDIAN ECONOMY AND THE ROLE OF WOMEN
FINANCIAL AND CREDIT MARKET OVERVIEW
IN-DEPTH ANALYSIS OF WOMEN’S CREDIT PARTICIPATION
SELF-MONITORING AND CREDIT HEALTH
UNLOCKING OPPORTUNITIES: WOMEN’S CREDIT WILLINGNESS
AND READINESS
CHALLENGES FACED BY WOMEN BUSINESS BORROWERS
PERSONAS OF EMERGING WOMEN BUSINESS BORROWERS
RECOMMENDATIONS AND ACTIONABLE INSIGHTS
CONCLUSION
APPENDICES
03
07
09
11
10
12
18
24
25
26
34
37
36
Authors & Contributors | Glossary & Definitions 03FOREWORD
A JOINT REPORT BY TRANSUNION CIBIL, WEP (NITI AAYOG) AND MICROSAVE CONSULTING | MARCH 2025
B.V.R. SUBRAHMANYAM
Chief Executive Officer, NITI Aayog Accelerating women’s access to finance is not just an economic
necessity but a strategic imperative for inclusive growth. Women
entrepreneurs are a vital yet underutilized force in the economy,
with the potential to create 150 to 170 million jobs and boost female
labour force participation. Yet, they face significant barriers,
including limited credit readiness, lack of collateral, complex
banking processes, and societal norms that discourage borrowing.
An MSC study found that 30% of Individual Enterprises (IEs) and
22.2% of Collective Enterprises (CEs) lacked credit readiness for
even small loans. Beyond these structural hurdles, many women
self-exclude from financial opportunities due to poor user
experiences, mistrust of financial institutions, and fears of financial
repercussions. Overcoming these challenges requires a more
inclusive and responsive financial ecosystem.
The Women Entrepreneurship Platform (WEP) is a key initiative
addressing these gaps, offering access to finance, markets,
mentorship, and networks within a government-supported
framework. The launch of the Financing Women Collaborative
(FWC) in September 2023 has further strengthened this effort by
fostering public-private partnerships, promoting best practices,
and driving the development of gender-intelligent financial
products.
This report provides critical insights into women as a distinct
customer segment, aiming to inspire the creation of targeted
financial solutions. The efforts of WEP, TU CIBIL, and MSC mark a
significant step forward, but sustained collaboration among
policymakers, financial institutions, and industry leaders will be
essential to unlock the full potential of women entrepreneurs.
ANNA ROY
Principal Economic Advisor, NITI Aayog and Mission Director, WEP
SPECIAL MESSAGE 04 05
India’s economic growth story is being redefined by the
resilience, innovation, and determination of its women. As we
stand at the quarter-mark of the 21st century, it is clear that
empowering women to fully participate in the economy is not
just a moral imperative but an economic necessity. Women,
who make up nearly half of India’s population, contribute only
18% to the GDP. Bridging this gap could unlock transformative
growth for the nation.
At TransUnion CIBIL, we have always believed in the power of
data and insights to drive meaningful change, and that
empowerment begins with knowledge. Over the past 25 years,
we have worked to democratise access to credit, enabling
individuals and businesses to achieve their aspirations. This
report, “From Borrowers to Builders – Women’s Role in India’s
Financial Growth Story”, highlights the remarkable strides
women are making in reshaping India’s economy.
Yet, systemic barriers persist—limited access to finance,
gender biases, and inadequate mentorship. Addressing these
challenges calls for collective effort from policymakers,
financial institutions, and society at large. As we look to the
future, empowering women to lead, innovate, and thrive will not
only redefine India’s economic narrative but also ensure that
women are equal and vital partners in shaping the nation’s
destiny.
To further this vision, we have partnered with the Women
Entrepreneurship Platform (WEP) to launch a credit education
program aimed at empowering women entrepreneurs across
India. This initiative provides essential financial literacy
resources and business skills, equipping women with the
knowledge to build strong credit histories and maintain healthy
CIBIL Scores. By fostering financial confidence and enabling
easier access to credit, we strive to support women in realizing
their entrepreneurial potential and driving economic progress.
At TransUnion CIBIL, we remain committed to supporting this
journey, enabling women to transform aspirations into
achievements.
BHAVESH JAIN
MD & CEO, TransUnion CIBIL
MESSAGE FROM TRANSUNION CIBIL 06MESSAGE FROM MICROSAVE CONSULTING
As we navigate the 21st century, India's economic landscape is
transforming, with women emerging as key drivers of financial
growth.
This report, “From Borrowers to Builders – Women’s Role in India’s
Financial Growth Story”, presents a data-driven analysis of
women’s evolving role in the economy. The findings are striking,
women seeking credit have grown at a CAGR of 22% since 2019,
with 60% of borrowers from semi-urban and rural areas. This
underscores a deepening financial footprint beyond metro cities.
Additionally, a 42% rise in women self-monitoring their credit
reflects growing financial awareness. More women are entering
the workforce and realizing their aspirations as entrepreneurs,
this is reflected in the rising demand for business loans from
women. Yet, many systemic barriers persist for women-led
enterprises and many still remain unprepared to access formal
finance. Addressing these challenges is critical for unlocking
India's full economic potential.
At MicroSave Consulting (MSC), we have spent over two decades
shaping financial ecosystems that empower women as
entrepreneurs, job creators, and economic leaders. Our work with
financial institutions, policymakers, and development partners
has shown that true inclusion goes beyond access; it requires
financial products and support systems designed with women’s
realities in mind. We have seen firsthand that when women are
given the right tools, they don’t just borrow, they build, innovate,
and drive lasting economic change.
This report offers actionable insights to create an enabling
environment where women entrepreneurs thrive. By addressing
key challenges and seizing emerging opportunities, we can shape
a more inclusive economy.
MANOJ KUMAR SHARMA
Managing Director, MicroSave Consulting This report examines the evolving role of women in India’s economic growth, focusing on their untapped
potential and the systemic barriers they face. Women constitute nearly half of India’s population but
contribute only 18% to the GDP.
Key Findings
Women are reshaping the economy, from farms to boardrooms and from small-scale industries to tech
startups, increasingly stepping into roles as creators, innovators, and decision-makers across diverse
sectors. From Self Help Groups (SHGs) in rural areas to tech-enabled entrepreneurs in urban centres—the
narrative is one of resilience in the face of systemic barriers.
Steady Rise in Women Borrowers
Women seeking credit grew ~3X between 2019 and 2024, reflecting increased demand among female
borrowers.
Women Borrower Demographics
About 60% of women borrowers availing credit are from semi-urban or rural areas. Women under 30 years
of age, account for only 27% of retail credit uptake by women, compared to 40% for men.
EXECUTIVE SUMMARY07 Credit Supply Trends
Women’s participation in credit origination has seen notable growth in recent years. Since 2019, their share
in Business Loans and Gold Loans has increased by 14% and 6% respectively. By 2024, 42% of loans availed
by women were for personal finance, a slight increase from 39% in 2019.�While the credit supply to women
in business sectors has improved, the majority of loans availed by women continue to be against gold –
36% of all loans availed by women in 2024 were gold loans vs. 19% of loans availed in 2019.
Rise in Credit Monitoring and Awareness
As of December 2024, 27 million women borrowers in India have monitored their credit information report
and score with CIBIL. While this is an encouraging trend, this must continue for women to progress from
participants to leaders in India’s economic story.
The findings underscore women’s growing economic participation and financial inclusion,
particularly in rural areas. However, untapped potential among younger women and
reliance on traditional credit forms highlight the need for greater empowerment to lead
and innovate. Unlocking their potential will drive inclusive and sustainable growth,
transforming aspirations into achievements.
Conclusion
EXECUTIVE SUMMARY08 India remains one of the fastest-growing economies globally, with an 8.2% GDP growth in FY23/24 (World Bank,
2024). Its real GDP is projected to grow by 6.5–7% in 2024–25, reflecting the economy's resilience and strong
domestic demand. By FY24, the economy had expanded by 20% compared to pre-COVID levels in FY20.
Structural initiatives like “Make in India” and “Digital India” have supported this recovery, with the services
sector leading the way, contributing 54.7% to Gross Value Added (GVA), followed by industry at 27.6% and
agriculture at 17.7%.
Amid this robust growth, Women Entrepreneurs (WEs) are playing an increasingly significant role in the economy,
contributing to the nation’s progress. Over the past7years, the Female Labour Force Participation Rate (FLFPR)
has steadily increased from 23.3% in 2017-18 to 41.7% in 2023-24. This growth has been largely fueled by the
increased economic participation of rural women.
A SHIFTING
ECONOMICLANDSCAPE
09INTRODUCTION THE RISE OF WOMEN ENTREPRENEURS
With India’s working-age population projected to exceed 1 billion in the next decade (World Bank, 2024) job
creation through entrepreneurship is vital. Promoting entrepreneurship for women is also one of the best
pathways for accelerating equitable growth. To support this transformation, a range of government
initiatives and schemes are empowering women to overcome barriers, launch businesses, and contribute
meaningfully to the economy.
The National Rural Livelihood Mission has enabled 9 million
women Self Help Groups (SHGs) to improve their livelihoods
through access to formal banking.
WEP's digital platform offers knowledge resources and
information on over 70 central and 400+ state level govt.
schemes supporting entrepreneurship.
In FY 2023-24, loans totaling INR 2.22 lakh crore were
disbursed to 4.24 crore women entrepreneurs under the
Pradhan Mantri Mudra Yojana (PMMY). Additionally, the PM
SVANidhi Yojana supported 30.6 lakh women street
vendors with 5,939.7 crore in working capital loans as of
December 2024.
As of January 2025, over 40% of UDYAM-registered MSMEs
are women-owned (UDYAM Registration Data 2025)
Despite numerous initiatives a significant number of women-owned and managed businesses remain concentrated in
sectorssuch as apparel, textiles, tobacco products, beauty and food and beverages. WEPs research indicates that
women entrepreneurs need a continuum of support throughout the critical stages of their entrepreneurship journey
to ensure their survival, growth and profitability.
ANALYSIS OF THE INDIAN ECONOMY AND THE ROLE OF WOMEN10
NITI Aayog’s Women Entrepreneurship Platform (WEP)
brings together public and private sector partners to
create a supportive ecosystem for women entrepreneurs.
It provides a continuum of support across 4 key needs of
training, access to finance and markets, mentoring, and
support services to women entrepreneurs. WOMEN AND CREDIT:
A TRANSFORMATIVE SHIFT IN FINANCIAL BEHAVIOUR
The number of women borrowers availing retail credit in India has increased at a Compound Annual Growth
Rate (CAGR) of 22% between 2019 and 2024. This growth reflects a significant shift in financial behaviour, with
women increasingly leveraging credit to meet personal and professional goals. A closer look at the data
reveals key trends in credit origination, product preferences, state-wise growth, and the role of semi-urban
and rural enterprises.
Lending data across India reveals not only growth in financial access, but also a shift in the types of credit
products women are engaging with. For example:
These figures underscore the increasing diversity in women’s
credit needs, from entrepreneurial ventures to personal financial
management. And this growing financial acumen is evident in the
success stories of women entrepreneurs who have leveraged
credit to build thriving businesses.
Credit for financing business purpose (business loans, commercial vehicle & commercial equipment loans,
loans against property) witnessed about ~37 lakh new loan accounts opened by women, with disbursement
totalling INR 1.9 lakh crore. While number of accounts opened for business purpose has grown 4.6X since
2019, these loans constitute only 3% of overall loans availed by women borrower in 2024.
Credit for personal finance needs (personal loans, consumer durable loans, home ownership, vehicle loans)
continues to be a major share of credit availed by women, ~4.3croresuch loans of value INR 4.8 lakh crore
opened, accounted for 42% of all loans availed by women in 2024.
Gold loans have gained popularity amongst women borrowers, ~4 croreloans of value INR 4.7 lakh crore
accounted for 38% of all loans availed by women borrowers in 2024, a growth of 5.1X by volume since 2019.
Share by Credit Product Type
Loan Originations by Women in 2024
Business
Purpose
Gold
Loan
Personal
Loan
100%
75%
50%
25%
0%
3%
36%
42%
FINANCIAL AND CREDIT MARKET OVERVIEW 11 IN-DEPTH ANALYSIS OF WOMEN’S CREDIT PARTICIPATION12IN-DEPTH ANALYSIS OF WOMEN’S CREDIT PARTICIPATION
Despite numerous initiatives a significant number of women-owned and managed businesses remain concentrated in
sectorssuch as apparel, textiles, tobacco products, beauty and food and beverages. WEPs research indicates that
women entrepreneurs need a continuum of support throughout the critical stages of their entrepreneurship journey
to ensure their survival, growth and profitability.
Young women (<=30 years of age) are availing credit for personal finance purposes. However, the share of
young women in other credit products remained low for originations in 2024.
NEED FOR FOCUSED STRATEGIES TO EXPAND CREDIT
ACCESS TO YOUNG WOMEN
SHARE OF LOAN ORIGINATIONS TO
YOUNGER WOMEN <30YRS
Personal Loans
42%
Gold Loans
17%
18%
Business Loans
13%
Agri Loans 13IN-DEPTH ANALYSIS OF WOMEN’S CREDIT PARTICIPATION
Shares of loan originations to women in semi-urban and rural areas are higher for agriculture, business
purposes, and gold than for personal finance loans, underscoring the geographical diversity in credit product
preferences.
SHARE OF LOAN ORIGINATIONS TO WOMEN
IN SEMI-URBAN AND RURAL GEOGRAPHIES
Personal Loans
49%
Gold Loans
70%
65%
Business Loans
84%
Agri Loans WOMEN'S CREDIT PRODUCT PREFERENCES
Women borrowers are increasingly seeking credit for entrepreneurial growth, as reflected in the high share of
women in credit enquiries in 2024 for:
IN-DEPTH ANALYSIS OF WOMEN’S CREDIT PARTICIPATION14
Loan Against Property: 36%(+2% increase in share from 2019)
Agriculture Loans: 26%(+5% increase in share from 2019)
Business Loans: 25% (+2% increase in share from 2019)
Commercial Vehicle Loans: 19% (+4% increase in share from 2019) Consumption loans (i.e. personal loans, credit cards and consumer durable loans) remain the most preferred
credit product among women borrowers, with 36% of women holding at least one consumption loan in their
portfolio as of December 2024, up from 33% in December 2019. Other notable trends include:
WOMEN'S CREDIT PRODUCT PREFERENCES (CONT.)
IN-DEPTH ANALYSIS OF WOMEN’S CREDIT PARTICIPATION15
Together rank as the second most
preferred products, with 34% of women
borrowers holding either an agricultural
or gold loan in their portfolio as of
December 2024.
Agricultural and gold loans
A notable rise in popularity, with 16% of
women borrowers holding a loan to
finance business needs in their portfolio
as of December 2024, compared to just
9% in December 2019.
Business purpose loans
While business loans are gaining popularity among women, government initiatives have also substantially
enhanced financial access. Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) issued 22%
of total guarantees to women for collateral-free loans as of March 2024, while Stand-Up India sanctioned 84%
of 2.09 lakh loans to women entrepreneurs by November 2023, reinforcing support for women-led businesses. STATE-WISE GROWTH IN WOMEN BORROWERS:
A REGIONAL SNAPSHOT
IN-DEPTH ANALYSIS OF WOMEN’S CREDIT PARTICIPATION
Credit participation by women borrowers varies significantly across states, reflecting regional differences in
financial inclusion.
Southern states have higher shares of
women borrowers with at least 1 live
loan in their wallet – Tamil Nadu (44%),
Andhra Pradesh (41%), Telangana (35%),
Karnataka (34%) as compared to 31% of
women at an overall country level as of
December 2024.
Northern and central states (Rajasthan,
Uttar Pradesh and Madhya Pradesh)
have witnessed high CAGR in live women
borrowers over the last 5 years, but their
share of women at an overall country
level remains low.
LIVE LOANS FOR TOP 7 STATES – DEC ‘24
Uttar Pradesh
Maharashtra
Tamil Nadu
Karnataka
Andhra Pradesh
Rajasthan
Madhya Pradesh
16%
9%
8%
12%
10%
14%
15%
20%
13%
10%
16%
13%
20%
19%
23%
30%
44%
34%
41%
26%
25%
State
Overall Growth
(5 Years CAGR)
Growth of Women
(5 Years CAGR)
Share of Women
(2024)
16 SELF-MONITORING
WOMEN BORROWERS
WOMEN ARE INCREASINGLY TAKING CHARGE OF THEIR
CREDIT PROFILES. Building on the progress in access to finance, women are increasingly demonstrating financial
independence through self-monitoring and credit management. This is a testament to their growing
financial acumen.
As women take charge of their financial futures, the numbers tell a compelling story. By the end of 2024,
nearly 27 million women were actively monitoring their credit—a striking 42% increase from 2023. This shift
reflects a broader cultural and economic transformation, with women increasingly viewing credit health as
an active tool for shaping their financial futures.
RISE OF SELF-MONITORING: GENERATIONAL AND
GEOGRAPHIC SHIFTS
Self-Monitoring Women Borrowers (in Mn.)
2018 2019 2020 2021 2022 2023 2024
1
2
3
6
10
19
27
The surge is being driven by the
younger generation, with Gen Z women
- a generation often characterised by
its digital fluency and appetite for
self-improvement - leading the way.
The number of Gen Z women
self-monitoring their credit jumped
by 56% year-on-year, while millennial
women followed closely with a 38%
rise.
SELF-MONITORING AND CREDIT HEALTH 18 RISE OF SELF-MONITORING: GENERATIONAL AND
GEOGRAPHIC SHIFTS
(CONT.)
This attitudinal shift could be the sign of a broader trend: women are increasingly recognising the importance
of credit health as a cornerstone of financial empowerment.
In 2024, women made up 19.43% of the total self-monitoring
base, up from 17.89% in 2023.
The share of Gen Z women amongst the self-monitoring
population rose to 27.14% in 2024, compared to 24.87% the
previous year.
They also accounted for 2.16 million new credit
self-monitoring individuals in 2024, while millennial women
added 3.80 million to their ranks.
Age-Wise Distribution of Self-Monitoring
Women Consumers (2024)
22%
26%
52%
Gen Z
Millennial
Others
SELF-MONITORING AND CREDIT HEALTH 19 SELF-MONITORING AND CREDIT HEALTH 20
STATES WITH LARGEST GROWTH IN SELF-MONITORING
WOMEN BORROWERS
The number of self-monitoring women from metro areas has grown by 30% from December 2023 to December
2024, while those from non-metro areas has grown by 48% during the same period.
Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh, and Telangana were the top five states for women
self-monitoring in CY 2024, contributing to 49% of the total women self-monitoring across all states.
The southern region has the highest number of women self-monitoring, with 10.16 million women. This region
also experienced a growth of 46% from Dec 2023 till Dec 2024.
15%
11%
9%
7%
6%
6% 6%
5% 5%
4%
4% 4%
3% 3%
3%
9%
METRORURAL SEMI-URBANURBANSHARE
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
-
Maharashtra Tamil
Nadu
Karnataka Uttar
Pradesh
Telangana Kerala Andhra
Pradesh
GujaratWest Bengal Delhi RajasthanMadhya
Pradesh
Haryana Punjab Bihar Others
State-wise Contribution of Self-Monitoring Women Consumers A closer look at women-specific credit data reveals that 13.49% of women who engage in self-monitoring open
a loan account within one month of their monitoring activity, underscoring the direct link between awareness
and action.
THE POWER OF SELF-MONITORING: WOMEN ACHIEVING
CREDIT HEALTH
21SELF-MONITORING AND CREDIT HEALTH
44% of women who engage in
self-monitoring see improvements in their
credit scores within six months, reflecting
the impact of increased financial
awareness.
Among women in the 90+ Days Past Due
(DPD) category at the time of their credit
check, 17.45% moved to a lower
delinquency bracket within six months,
while 11.37% became standard borrowers.
The number of women self-monitoring
and classified as Prime and above grew
from 8.22 million as of December 2023, to
11.90 million as of December 2024,
showing a growth of approximately 45%.
Nearly 62% of self-monitoring women are
in the Prime and above bands. This shows
that actively managing your credit by
consistently following good credit
practices has helped women borrowers
remain credit healthy. Sub Prime Near Prime
Prime Prime Plus
Super Prime
22%
16%
16%
39%
7%
Score Distribution of
Self-Monitoring Women Consumers
The rise in financial and credit awareness amongst women—especially younger ones—marks a significant
cultural and economic shift. Credit health has now become an active tool for shaping economic
independence. It is a reminder that empowerment is rooted in knowledge, and for this generation, credit
health is proving to be a powerful starting point.
SELF-MONITORING AND CREDIT HEALTH 22
CIBIL Scores: Range from 300-900. Score tiers are: Subprime = 300-680 | Near Prime = 681-730
Prime = 731-770 | Prime Plus = 771-790 | Super Prime = 791-900 WOMEN’S CREDIT POTENTIAL, PERSONAS, MOTIVATIONS
AND CHALLENGES
BEYOND THE STATISTICS:
UNDERSTANDING WOMEN
BORROWERS Understanding women borrowers' credit journeys is crucial to addressing the gender gap
in credit and unlocking women’s potential in the market. MSC’s study (Women and Credit
Report) of 40 women-owned enterprises across 10 states led to the creation of personas
that capture the non-linear credit journey of women entrepreneurs.
These personas highlight that women business borrowers are diverse. Some may be
credit-ready but not credit-willing, while others are credit-willing but not credit-ready.
Additionally, some face barriers even when they are both credit-ready and credit-willing.
Their challenges and motivations vary by life stage, needs, and experience with the credit
market. The following personas, representing real WEs from the field study, illustrate
these varied journeys.
CreditReady
CreditReady
Credit not
availed
Credit not
availed
Credit
availed
Credit
Willingness
The Dynamic
Credit Paths of
WEs
UNLOCKING OPPORTUNITIES: WOMEN’S CREDIT WILLINGNESS
AND READINESS
24
No
Yes
No
Yes
No
Yes
NAVIGATING COMPLEXITIES: WOMEN’S NON-LINEAR
JOURNEY TO SUCCESSFUL BORROWING OVERCOMING BARRIERS: THE ONGOING CHALLENGES
FOR WOMEN BORROWERS
Despite the strides they’ve made, women borrowers continue to face systemic challenges.
Access to finance remains a significant hurdle, with many women entrepreneurs struggling
to secure loans due to gender biases, lack of collateral, and limited financial literacy.
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01
03
05
04
02
Lack of tailored financial products considering
women’s unique financial needs, such as flexible
repayment structures. Most women-led MSMEs rely
on non-collateral loans, often capped at INR 1.5 lakh.
Collateral & Guarantor Constraints
79% of women-owned businesses are self-financed,
with only 7% of MSME credit directed to women.
Lenders perceive women as higher-risk borrowers
due to limited credit history and business experience.
Limited Institutional Support
Women often find the banking system unwelcoming and
intimidating, discouraging full financial participation.
Many banks fail to offer advisory services tailored to
women’s needs.
Poor Banking Experience
Many women lack the necessary documentation,
guarantors, and collateral for productive loans. Around
30% of individual enterprises and 22.2% of women-led
collective enterprises are not credit-ready.
Barriers to Credit Readiness
Some women, despite being credit-ready, avoid
formal loans due to social norms, fear of default
repercussions, and complex application
processes.
Credit Aversion
CHALLENGES FACED BY WOMEN BUSINESS BORROWERS25 MAPPING THE FINANCIAL JOURNEYS OF WOMEN ENTREPRENEURS
THROUGH SIX KEY PERSONAS
INDEPENDENT GO-GETTER
Credit-willing, credit-ready, and has
independently availed credit
from a financial service provider.
RISK-AVERSE PLANNER
Credit-averse despite having a viable business
and meeting financial eligibility criteria, often
due to social, economic, or personal concerns.
GUIDED ACHIEVER
Credit-willing and credit-ready but has
availed credit with the assistance of bridge
institutions^.
RESOURCE-LIMITED STRIVER
Lacking both, the motivation to seek credit
and the necessary business or financial
prerequisites, to qualify for formal borrowing.
HOPEFUL LEARNER
Credit-willing but not
credit-ready due to a lack
of business viability,
documentation, or credit
history.
DISAPPOINTEDAPPLICANT
Credit-willing and credit-ready
but has been unable to access
credit, despite meeting the
necessary financial and
business requirements.
^Bridge institutions provide credit and credit-plus services, such as training and business support,
to women. They connect banks with borrowers, maintain long-term relationships, and adopt
gender-intentional or gender-transformative lending approaches. (Women and Credit, 2023.)
PERSONAS OF EMERGING WOMEN BUSINESS BORROWERS26 Credit Availed
Credit Willing
Credit Ready
INDEPENDENT GO-GETTER
PRIYA, 35
Region: Urban
Enterprise: Drone Technology
Ownership type: Single
Annual revenue: INR 12 million
Employees: 10
I started with loans, but
grants and equity from
impact investors align
better with my climate
tech vision.
Priya, a passionate advocate for sustainable development, founded a
drone technology company with a mission to combat climate change
using renewable energy-powered drones. After years of researching
emerging technologies, she launched a Minimum Viable Product (MVP)
two years ago, focused on delivering essential healthcare supplies to
remote and climate-vulnerable communities.
Priya is open to credit opportunities but has a preference for
alternative funding sources such as grants and equity
investments. She seeks a financial partnership that complements
her long-term vision for the business.
With a proven track record of selling her MVP for over two years
and consistent growth, Priya is credit-ready. Her business is
structured to manage scaling, making her well-positioned for
expansion.
Priya initially took traditional loans but later secured grants and
equity investments from impact investors focused on climate tech.
Journey
27 INDEPENDENT GO-GETTER
REENA, 54
Region: Urban
Enterprise: Health services and
chain of medical shops
Ownership type: Cooperative
Annual revenue: INR 60.25 million
Employees: 300 active members
We started with small
steps, but with
resilience, collaboration,
and the right financial
support, we have built a
movement that uplifts
informal women
workers.
Reena leads the Prakritik Health Services which is a women-led,
women-run health cooperative in India, dedicated to making basic health
services and information accessible to women in the informal economy.
Registered in 1990, it is 1500 members strong, working with an objective
to provide quality health services to people at low cost, crucial for
keeping informal women workers out of poverty.
Journey
Credit Willing
Credit Ready
Credit Availed
The collective seeks INR 5-6 million in credit to obtain a
manufacturing space for producing ayurvedic products.
With a proven repayment history, necessary documentation, and a
sustainable business model, the collective is well-positioned to
access credit.
They have secured loans from banks, working capital from an NBFC
and a women federation.
28 Credit Availed
Credit Willing
Credit Ready
With MAVIM's guidance, she overcame cultural barriers that
previously discouraged her from taking interest-based loans.
She is credit-ready, with a registered business, licenses,
consistent revenue, and active financial management for growth.
She has secured a loan of INR 300k from a bank in Maharashtra
that has an MOU with MAVIM.
GUIDED ACHIEVER
NAZRIN, 45
Region: Urban
Sector: Food processing
Ownership type: SHG Enterprise
Annual revenue: INR 3.3 million
Employees: 12 (10 SHG members)
Now, I’m confident in
selling, managing
investments, and
speaking publicly. I am
grateful to MAVIM for
supporting all aspects of
my business, from
finance to marketing.
After her husband's accident left him unable to work, Nazrin became the
sole breadwinner by launching a spice business. Overcoming cultural
barriers against loans with the support of MAVIM, she formed a Self-Help
Group (SHG), secured funding, and used digital marketing to grow her
brand. She recently fulfilled an international order and continues to be an
inspiration for her community.
Journey
29 DISAPPOINTED APPLICANT
RADHIKA, 45
Region: Urban
Enterprise: Fruit juice shop
Ownership type: Single
Annual revenue: INR 1-1.8 million
Employees: 2
Banks should evaluate
loan applications based
on business potential
and economic activity
rather than solely relying
on the requirements of
guarantors.
Radhika, a determined single parent from Telangana, has been running a
successful juice shop for 34 years. With a clear vision for the future, she
aspires to expand her shop network and grow her tailoring business
simultaneously. She trusts banks for their low interest rates, but the
complex loan application process, delays and the need for a guarantor
have held her back. But her dreams are bigger than her challenges.
Journey
Credit Availed
Credit Willing
Credit Ready
She is credit-willing because of her business growth potential. She
has a positive perception of banks offering lower interest rates and
stability, making them her preferred option.
Her business is registered and she has the relevant license,
inventory quotations, strong business records, bank statement,
KYC documents and her own house papers.
She applied for a INR 500k loan but couldn't secure it due to a
guarantor requirement. “I felt hesitant to approach men due to
social stigma”, which led her to withdraw the loan application.
30 Credit Availed
Credit Willing
Credit Ready
Raveena is willing to take a loan of INR 300-500k to expand her
kirana shop into a supermarket. She prefers monthly repayment
terms and views banks as trustworthy due to their lower interest
rates.
She has a bank account and basic documents like Aadhaar and
PAN, but her unregistered business and lack of awareness of
formal loan procedures and other required documents limit her
credit readiness.
Raveena borrowed INR 100-150k from informal lenders at 14%
interest and INR 70K from her SHG at 6% but hasn’t secured an
individual loan yet.
31
HOPEFUL LEARNER
RAVEENA, 28
Region: Urban
Enterprise: Retail (kirana shop)
and tailoring service
Ownership type: Single
Annual revenue: INR 600K
Employees: None, operates with
the help of family
More awareness about
loan products, simpler
documentation, and
guidance on registration
are needed to help
entrepreneurs like me
access formal credit.
Balancing family and work, Raveena has built a livelihood, tirelessly
working alongside her husband. Her dream of expanding her business
reflects her unwavering hope to create a better future for her family.
Her business may be small, but her vision is big, and with the right support,
she's ready to take the next step.
Journey Credit Availed
Credit Willing
Credit Ready
Aparna is hesitant to take larger bank loans despite eligibility,
fearing missed installments. She prefers relying on her available
resources rather than additional financial risk.
Aparna is well-prepared for formal credit access, possessing the
necessary documents and a strong business track record. She has
a solid history of managing loans through her SHG.
While Aparna has successfully availed multiple SHG loans for
business equipment and setup, she has not pursued individual bank
loans.
RISK AVERSE PLANNER
APARNA, 40
Region: Rural
Enterprise: Horticulture / Nursery
Ownership type: Single
Annual revenue: INR 1 million
Employees: 7
I am scared to take
loans from the bank
directly. How will I repay
them? What if I miss
some installments due
to a bad season?
Aparna’s is deeply involved in every facet of the business, whether it’s
managing the accounts, marketing her products or personally training
her employees. She blends traditional methods with digital tools to
promote her products. With her agriculture education, she dreams of
expanding her product range with a seed and pesticide license. Although,
her cautious nature holds her back from rushing into large-scale
expansion.
Journey
32 Credit Availed
Credit Willing
Credit Ready
She is hesitant to take on formal debt, fearing it could risk her
family’s financial stability. She relies on informal credit sources for
flexibility, albeit a higher cost.
She does not have collateral and hesitates to formalize her
businessdue to concerns about tax implications and the burden of
dealing with government inspections.
Despite her financial progress, Santoshi relies on informal sources
like moneylenders and friends for her borrowing needs.
RESOURCE-LIMITED STRIVER
SHANTI DEVI, 39
Region: Rural
Enterprise: Retail
Ownership type: Single
Annual revenue: INR 600-720k
Employees: 2
Managing my finances
separately from household
expenses and maintaining
regular communication with
clients and suppliers are
crucial for my business.
Despite the challenges,
I continue to rely on informal
sources for borrowing to keep
my ventures running
smoothly.
Shanti Devi is the sole provider of her family and runs two businesses
on her own in Rajasthan. She started both the ventures, a cosmetic
and a clothing shop, from ground up with her own capital.
She keeps written business records regularly and thinks separating
business finances from household finances is essential. She also
maintains her bank account regularly and uses a computer to
communicate with clients and suppliers.
Journey
33 RECOMMENDATIONS FROM MSC AND WEP DRAWN FROM
THEIR EXPERIENCE WITH WOMEN ENTREPRENEURS
Traditional credit assessments often
exclude women borrowers. Banks should
adopt alternative methods using AI, big
data, and fintech partnerships, with
algorithmic audits to prevent gender bias.
Community intelligence from bridge
institutions can improve risk profiling and
access to finance.
Reimagine Credit Risk
Assessment
Policies to increase affordable credit for
women, collecting sex-disaggregated data,
expanding guarantee covers, providing
patient capital for women-led enterprises,
and addressing gender bias in credit
markets are essential to fostering
gender-inclusive finance.
Expand Women’s Access to
Business Loans
Financial institutions must design tailored
products that address women’s lifecycle
needs, social norms, and structural
barriers. Flexible loan terms, convenient
repayment options, financial education,
and solutions for mobility, privacy, and
collateral constraints are key.
Develop Gender-Intelligent
Financial Products
RECOMMENDATIONS AND ACTIONABLE INSIGHTS 34 RECOMMENDATIONS FROM MSC AND WEP DRAWN FROM
THEIR EXPERIENCE WITH WOMEN ENTREPRENEURS
Support “credit-willing” women
entrepreneurs to become “credit-ready”
by promoting digital transactions,
bookkeeping, and business formalization.
Grassroots-led digital capacity-building
can enhance women’s confidence to
access credit and grow their businesses.
Boost Credit Readiness
of WMSMEs
Collaboration across stakeholders is vital
to closing gender gaps in credit access
and financial capability. Initiatives like
WEP’s FWC, which provide mentorship,
networking, and access to creditors, play
a critical role in enabling women
entrepreneurs.
Strengthen Support Ecosystems
forWomen Entrepreneurs
Greater representation of women in
product design, decision-making, and
delivery roles is crucial to ensure financial
services better meet women’s needs.
Increase Gender Balance in
Financial Services
RECOMMENDATIONS AND ACTIONABLE INSIGHTS 35 36CONCLUSION
Evolving from borrowers to builders, women are reshaping India’s economy with determination, innovation, and
growing financial acumen. This report highlights the transformative potential of their participation, emphasizing
the need for targeted interventions to unlock their full contribution.
Key findings show that while women’s labour force participation and entrepreneurial activity are increasing,
systemic barriers such as limited access to finance, gender biases, and inadequate financial literacy persist.
Women’s entrepreneurship holds immense potential, and addressing these challenges with targeted policies,
inclusive financial products, and public-private collaboration is essential to unlocking their full economic impact.
A promising shift is evident among younger generations, particularly Gen Z and millennial women, who are driving
cultural and economic transformation. They are embracing financial tools, understanding the importance of
credit, and leveraging formal credit systems to achieve personal and professional goals. The rise in financial
awareness, with more women self-monitoring and improving their credit health, signals a new era of
empowerment—one where knowledge translates into meaningful financial action.
Women are no longer passive participants in India’s economy; they are becoming active drivers of growth,
innovation, and resilience. They are shaping an economic future for India that will increasingly be defined by their
contributions.
A BOLD FUTURE AUTHORS & CONTRIBUTORS37
SONAL JAITLY
MUSKAN SINGH
JEYASUNDARI SIVARAMAKRISHNAN
KIRTI RAKVI
GANESH THIYAGARAJ
AMITAVA ROY
POOJA BANSAL
DINESH VALIRAMANI
JAYANTI KALYANI
RITUPARNA GANGULY
ROHAN SIRKAR AUTHORS & CONTRIBUTORS38
TransUnion CIBIL, India’s pioneer information and
insights company, enables trust in the modern
economy by providing actionable insights for
reliable representation in the marketplace. Serving
the financial sector, MSMEs, corporates, and
individual consumers, its clients include banks,
NBFCs, housing finance companies, and insurers.
By strengthening the credit information
ecosystem, TransUnion CIBIL has catalysed
lending in India, driving access to credit for
millions over two decades. Its efforts promote
sustainable credit growth, financial inclusion, and
improved ease of doing business, supporting
economic opportunity and empowerment across
TRANSUNION CIBIL
MicroSave Consulting (MSC) is a boutique
consulting firm that has, for 25 years, driven
progress toward meaningful financial, social, and
economic inclusion. With a team of over 300 staff
from diverse nationalities and areas of expertise,
the firm operates in more than 68 developing
countries. MSC collaborates with stakeholders in
financial services, enterprise, agriculture, and
health ecosystems to deliver sustainable
performance improvements and unlock lasting
value. Its clients include governments, donors,
private sector corporations, and local businesses.
MSC specializes in helping organizations seize
digital opportunities, address mass markets, and
future-proof their operations.
MSC
Financing Women Collaborative (FWC) is an
initiative of the Women Entrepreneurship Platform
(WEP), launched in September 2023, to enhance
access to finance for women entrepreneurs in
India. It is a platform to bring together financial
service providers, public and private sector banks,
and organizations working with women
entrepreneurs to create a supportive financing
ecosystem for women.
FWC is chaired by SIDBI, co-chaired by TU CIBIL
with Microsave Consulting as its secretariat to
anchor initiatives that accelerate financing for
women. Between 2023-24, FWC members have
launched credit products and credit readiness
programs benefitting more than 50,000 women
entrepreneurs.
FWC
The Women Entrepreneurship Platform (WEP), a
pioneering initiative by NITI Aayog, is steadfast in
its mission to empower women entrepreneurs
across India. Through recent initiatives and
partnerships, WEP continues to break barriers and
create opportunities for women. From launching
state chapters and building international
partnerships to providing mentorship and skill
development programmes, WEP is making a
tangible difference and setting a foundation for
future possibilities.
WEP Retail credit: Retail credit includes loans and credit products to individuals as reported by credit
institutions on consumer bureau of TransUnion CIBIL. This excludes any credit data pertaining to
commercial entities or microfinance joint liability groups.
Credit seeking individual: Individuals enquiring for a retail credit product with a credit institution.
Credit origination: Number or Sanction value of retail loans availed from a financial service provider.
Self-Monitoring consumers:Those users who have proactively checked their CIBIL Score and Report at
least once with TransUnion CIBIL.
CIBIL Scores: Range from 300-900. Score tiers are:
Subprime = 300-680 | Near Prime = 681-730
Prime = 731-770 | Prime Plus = 771-790 | Super Prime = 791-900
Gen Z: Those born between 1997 and 2012.
Millennials: Those born between 1981 and 1996.
New-to-credit: Consumers with a credit history of up to six months.
Credit willing*: Entrepreneurs who require financing and are open to engaging with financial
institutions, actively seeking credit and completing the application process.
Credit averse*: Entrepreneurs who choose not to seek credit due to social or economic reasons.
Credit ready*: Entrepreneurs with a sustainable business model, proper documentation to establish
their business identity, consistent financial records, profitability, and a positive credit history from a
lender’s perspective.
Credit availed: Entrepreneur has at least once availed individual credit from a financial service provider.
*These definitions have been adopted from Women and Credit, 2023.
GLOSSARY & DEFINITIONS39 Scan to check your free
CIBIL Score and Report
For more information on your CIBIL Score and Report, visit
www.cibil.com
*T&CApply. Free CIB IL Score & Report is a vailable once a cal endar year
Empower Your Financial Journey with TransUnion CIBIL!
A JOINT REPORT BY TRANSUNION CIBIL, WEP (NITI AAYOG) AND MICROSAVE CONSULTING | MARCH 2025
FROMBORROWERS
TO BUILDERS CONTENT02
FOREWORD & SPECIAL MESSAGE
EXECUTIVE SUMMARY
INTRODUCTION
ANALYSIS OF THE INDIAN ECONOMY AND THE ROLE OF WOMEN
FINANCIAL AND CREDIT MARKET OVERVIEW
IN-DEPTH ANALYSIS OF WOMEN’S CREDIT PARTICIPATION
SELF-MONITORING AND CREDIT HEALTH
UNLOCKING OPPORTUNITIES: WOMEN’S CREDIT WILLINGNESS
AND READINESS
CHALLENGES FACED BY WOMEN BUSINESS BORROWERS
PERSONAS OF EMERGING WOMEN BUSINESS BORROWERS
RECOMMENDATIONS AND ACTIONABLE INSIGHTS
CONCLUSION
APPENDICES
03
07
09
11
10
12
18
24
25
26
34
37
36
Authors & Contributors | Glossary & Definitions 03FOREWORD
A JOINT REPORT BY TRANSUNION CIBIL, WEP (NITI AAYOG) AND MICROSAVE CONSULTING | MARCH 2025
B.V.R. SUBRAHMANYAM
Chief Executive Officer, NITI Aayog Accelerating women’s access to finance is not just an economic
necessity but a strategic imperative for inclusive growth. Women
entrepreneurs are a vital yet underutilized force in the economy,
with the potential to create 150 to 170 million jobs and boost female
labour force participation. Yet, they face significant barriers,
including limited credit readiness, lack of collateral, complex
banking processes, and societal norms that discourage borrowing.
An MSC study found that 30% of Individual Enterprises (IEs) and
22.2% of Collective Enterprises (CEs) lacked credit readiness for
even small loans. Beyond these structural hurdles, many women
self-exclude from financial opportunities due to poor user
experiences, mistrust of financial institutions, and fears of financial
repercussions. Overcoming these challenges requires a more
inclusive and responsive financial ecosystem.
The Women Entrepreneurship Platform (WEP) is a key initiative
addressing these gaps, offering access to finance, markets,
mentorship, and networks within a government-supported
framework. The launch of the Financing Women Collaborative
(FWC) in September 2023 has further strengthened this effort by
fostering public-private partnerships, promoting best practices,
and driving the development of gender-intelligent financial
products.
This report provides critical insights into women as a distinct
customer segment, aiming to inspire the creation of targeted
financial solutions. The efforts of WEP, TU CIBIL, and MSC mark a
significant step forward, but sustained collaboration among
policymakers, financial institutions, and industry leaders will be
essential to unlock the full potential of women entrepreneurs.
ANNA ROY
Principal Economic Advisor, NITI Aayog and Mission Director, WEP
SPECIAL MESSAGE 04 05
India’s economic growth story is being redefined by the
resilience, innovation, and determination of its women. As we
stand at the quarter-mark of the 21st century, it is clear that
empowering women to fully participate in the economy is not
just a moral imperative but an economic necessity. Women,
who make up nearly half of India’s population, contribute only
18% to the GDP. Bridging this gap could unlock transformative
growth for the nation.
At TransUnion CIBIL, we have always believed in the power of
data and insights to drive meaningful change, and that
empowerment begins with knowledge. Over the past 25 years,
we have worked to democratise access to credit, enabling
individuals and businesses to achieve their aspirations. This
report, “From Borrowers to Builders – Women’s Role in India’s
Financial Growth Story”, highlights the remarkable strides
women are making in reshaping India’s economy.
Yet, systemic barriers persist—limited access to finance,
gender biases, and inadequate mentorship. Addressing these
challenges calls for collective effort from policymakers,
financial institutions, and society at large. As we look to the
future, empowering women to lead, innovate, and thrive will not
only redefine India’s economic narrative but also ensure that
women are equal and vital partners in shaping the nation’s
destiny.
To further this vision, we have partnered with the Women
Entrepreneurship Platform (WEP) to launch a credit education
program aimed at empowering women entrepreneurs across
India. This initiative provides essential financial literacy
resources and business skills, equipping women with the
knowledge to build strong credit histories and maintain healthy
CIBIL Scores. By fostering financial confidence and enabling
easier access to credit, we strive to support women in realizing
their entrepreneurial potential and driving economic progress.
At TransUnion CIBIL, we remain committed to supporting this
journey, enabling women to transform aspirations into
achievements.
BHAVESH JAIN
MD & CEO, TransUnion CIBIL
MESSAGE FROM TRANSUNION CIBIL 06MESSAGE FROM MICROSAVE CONSULTING
As we navigate the 21st century, India's economic landscape is
transforming, with women emerging as key drivers of financial
growth.
This report, “From Borrowers to Builders – Women’s Role in India’s
Financial Growth Story”, presents a data-driven analysis of
women’s evolving role in the economy. The findings are striking,
women seeking credit have grown at a CAGR of 22% since 2019,
with 60% of borrowers from semi-urban and rural areas. This
underscores a deepening financial footprint beyond metro cities.
Additionally, a 42% rise in women self-monitoring their credit
reflects growing financial awareness. More women are entering
the workforce and realizing their aspirations as entrepreneurs,
this is reflected in the rising demand for business loans from
women. Yet, many systemic barriers persist for women-led
enterprises and many still remain unprepared to access formal
finance. Addressing these challenges is critical for unlocking
India's full economic potential.
At MicroSave Consulting (MSC), we have spent over two decades
shaping financial ecosystems that empower women as
entrepreneurs, job creators, and economic leaders. Our work with
financial institutions, policymakers, and development partners
has shown that true inclusion goes beyond access; it requires
financial products and support systems designed with women’s
realities in mind. We have seen firsthand that when women are
given the right tools, they don’t just borrow, they build, innovate,
and drive lasting economic change.
This report offers actionable insights to create an enabling
environment where women entrepreneurs thrive. By addressing
key challenges and seizing emerging opportunities, we can shape
a more inclusive economy.
MANOJ KUMAR SHARMA
Managing Director, MicroSave Consulting This report examines the evolving role of women in India’s economic growth, focusing on their untapped
potential and the systemic barriers they face. Women constitute nearly half of India’s population but
contribute only 18% to the GDP.
Key Findings
Women are reshaping the economy, from farms to boardrooms and from small-scale industries to tech
startups, increasingly stepping into roles as creators, innovators, and decision-makers across diverse
sectors. From Self Help Groups (SHGs) in rural areas to tech-enabled entrepreneurs in urban centres—the
narrative is one of resilience in the face of systemic barriers.
Steady Rise in Women Borrowers
Women seeking credit grew ~3X between 2019 and 2024, reflecting increased demand among female
borrowers.
Women Borrower Demographics
About 60% of women borrowers availing credit are from semi-urban or rural areas. Women under 30 years
of age, account for only 27% of retail credit uptake by women, compared to 40% for men.
EXECUTIVE SUMMARY07 Credit Supply Trends
Women’s participation in credit origination has seen notable growth in recent years. Since 2019, their share
in Business Loans and Gold Loans has increased by 14% and 6% respectively. By 2024, 42% of loans availed
by women were for personal finance, a slight increase from 39% in 2019.�While the credit supply to women
in business sectors has improved, the majority of loans availed by women continue to be against gold –
36% of all loans availed by women in 2024 were gold loans vs. 19% of loans availed in 2019.
Rise in Credit Monitoring and Awareness
As of December 2024, 27 million women borrowers in India have monitored their credit information report
and score with CIBIL. While this is an encouraging trend, this must continue for women to progress from
participants to leaders in India’s economic story.
The findings underscore women’s growing economic participation and financial inclusion,
particularly in rural areas. However, untapped potential among younger women and
reliance on traditional credit forms highlight the need for greater empowerment to lead
and innovate. Unlocking their potential will drive inclusive and sustainable growth,
transforming aspirations into achievements.
Conclusion
EXECUTIVE SUMMARY08 India remains one of the fastest-growing economies globally, with an 8.2% GDP growth in FY23/24 (World Bank,
2024). Its real GDP is projected to grow by 6.5–7% in 2024–25, reflecting the economy's resilience and strong
domestic demand. By FY24, the economy had expanded by 20% compared to pre-COVID levels in FY20.
Structural initiatives like “Make in India” and “Digital India” have supported this recovery, with the services
sector leading the way, contributing 54.7% to Gross Value Added (GVA), followed by industry at 27.6% and
agriculture at 17.7%.
Amid this robust growth, Women Entrepreneurs (WEs) are playing an increasingly significant role in the economy,
contributing to the nation’s progress. Over the past7years, the Female Labour Force Participation Rate (FLFPR)
has steadily increased from 23.3% in 2017-18 to 41.7% in 2023-24. This growth has been largely fueled by the
increased economic participation of rural women.
A SHIFTING
ECONOMICLANDSCAPE
09INTRODUCTION THE RISE OF WOMEN ENTREPRENEURS
With India’s working-age population projected to exceed 1 billion in the next decade (World Bank, 2024) job
creation through entrepreneurship is vital. Promoting entrepreneurship for women is also one of the best
pathways for accelerating equitable growth. To support this transformation, a range of government
initiatives and schemes are empowering women to overcome barriers, launch businesses, and contribute
meaningfully to the economy.
The National Rural Livelihood Mission has enabled 9 million
women Self Help Groups (SHGs) to improve their livelihoods
through access to formal banking.
WEP's digital platform offers knowledge resources and
information on over 70 central and 400+ state level govt.
schemes supporting entrepreneurship.
In FY 2023-24, loans totaling INR 2.22 lakh crore were
disbursed to 4.24 crore women entrepreneurs under the
Pradhan Mantri Mudra Yojana (PMMY). Additionally, the PM
SVANidhi Yojana supported 30.6 lakh women street
vendors with 5,939.7 crore in working capital loans as of
December 2024.
As of January 2025, over 40% of UDYAM-registered MSMEs
are women-owned (UDYAM Registration Data 2025)
Despite numerous initiatives a significant number of women-owned and managed businesses remain concentrated in
sectorssuch as apparel, textiles, tobacco products, beauty and food and beverages. WEPs research indicates that
women entrepreneurs need a continuum of support throughout the critical stages of their entrepreneurship journey
to ensure their survival, growth and profitability.
ANALYSIS OF THE INDIAN ECONOMY AND THE ROLE OF WOMEN10
NITI Aayog’s Women Entrepreneurship Platform (WEP)
brings together public and private sector partners to
create a supportive ecosystem for women entrepreneurs.
It provides a continuum of support across 4 key needs of
training, access to finance and markets, mentoring, and
support services to women entrepreneurs. WOMEN AND CREDIT:
A TRANSFORMATIVE SHIFT IN FINANCIAL BEHAVIOUR
The number of women borrowers availing retail credit in India has increased at a Compound Annual Growth
Rate (CAGR) of 22% between 2019 and 2024. This growth reflects a significant shift in financial behaviour, with
women increasingly leveraging credit to meet personal and professional goals. A closer look at the data
reveals key trends in credit origination, product preferences, state-wise growth, and the role of semi-urban
and rural enterprises.
Lending data across India reveals not only growth in financial access, but also a shift in the types of credit
products women are engaging with. For example:
These figures underscore the increasing diversity in women’s
credit needs, from entrepreneurial ventures to personal financial
management. And this growing financial acumen is evident in the
success stories of women entrepreneurs who have leveraged
credit to build thriving businesses.
Credit for financing business purpose (business loans, commercial vehicle & commercial equipment loans,
loans against property) witnessed about ~37 lakh new loan accounts opened by women, with disbursement
totalling INR 1.9 lakh crore. While number of accounts opened for business purpose has grown 4.6X since
2019, these loans constitute only 3% of overall loans availed by women borrower in 2024.
Credit for personal finance needs (personal loans, consumer durable loans, home ownership, vehicle loans)
continues to be a major share of credit availed by women, ~4.3croresuch loans of value INR 4.8 lakh crore
opened, accounted for 42% of all loans availed by women in 2024.
Gold loans have gained popularity amongst women borrowers, ~4 croreloans of value INR 4.7 lakh crore
accounted for 38% of all loans availed by women borrowers in 2024, a growth of 5.1X by volume since 2019.
Share by Credit Product Type
Loan Originations by Women in 2024
Business
Purpose
Gold
Loan
Personal
Loan
100%
75%
50%
25%
0%
3%
36%
42%
FINANCIAL AND CREDIT MARKET OVERVIEW 11 IN-DEPTH ANALYSIS OF WOMEN’S CREDIT PARTICIPATION12IN-DEPTH ANALYSIS OF WOMEN’S CREDIT PARTICIPATION
Despite numerous initiatives a significant number of women-owned and managed businesses remain concentrated in
sectorssuch as apparel, textiles, tobacco products, beauty and food and beverages. WEPs research indicates that
women entrepreneurs need a continuum of support throughout the critical stages of their entrepreneurship journey
to ensure their survival, growth and profitability.
Young women (<=30 years of age) are availing credit for personal finance purposes. However, the share of
young women in other credit products remained low for originations in 2024.
NEED FOR FOCUSED STRATEGIES TO EXPAND CREDIT
ACCESS TO YOUNG WOMEN
SHARE OF LOAN ORIGINATIONS TO
YOUNGER WOMEN <30YRS
Personal Loans
42%
Gold Loans
17%
18%
Business Loans
13%
Agri Loans 13IN-DEPTH ANALYSIS OF WOMEN’S CREDIT PARTICIPATION
Shares of loan originations to women in semi-urban and rural areas are higher for agriculture, business
purposes, and gold than for personal finance loans, underscoring the geographical diversity in credit product
preferences.
SHARE OF LOAN ORIGINATIONS TO WOMEN
IN SEMI-URBAN AND RURAL GEOGRAPHIES
Personal Loans
49%
Gold Loans
70%
65%
Business Loans
84%
Agri Loans WOMEN'S CREDIT PRODUCT PREFERENCES
Women borrowers are increasingly seeking credit for entrepreneurial growth, as reflected in the high share of
women in credit enquiries in 2024 for:
IN-DEPTH ANALYSIS OF WOMEN’S CREDIT PARTICIPATION14
Loan Against Property: 36%(+2% increase in share from 2019)
Agriculture Loans: 26%(+5% increase in share from 2019)
Business Loans: 25% (+2% increase in share from 2019)
Commercial Vehicle Loans: 19% (+4% increase in share from 2019) Consumption loans (i.e. personal loans, credit cards and consumer durable loans) remain the most preferred
credit product among women borrowers, with 36% of women holding at least one consumption loan in their
portfolio as of December 2024, up from 33% in December 2019. Other notable trends include:
WOMEN'S CREDIT PRODUCT PREFERENCES (CONT.)
IN-DEPTH ANALYSIS OF WOMEN’S CREDIT PARTICIPATION15
Together rank as the second most
preferred products, with 34% of women
borrowers holding either an agricultural
or gold loan in their portfolio as of
December 2024.
Agricultural and gold loans
A notable rise in popularity, with 16% of
women borrowers holding a loan to
finance business needs in their portfolio
as of December 2024, compared to just
9% in December 2019.
Business purpose loans
While business loans are gaining popularity among women, government initiatives have also substantially
enhanced financial access. Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) issued 22%
of total guarantees to women for collateral-free loans as of March 2024, while Stand-Up India sanctioned 84%
of 2.09 lakh loans to women entrepreneurs by November 2023, reinforcing support for women-led businesses. STATE-WISE GROWTH IN WOMEN BORROWERS:
A REGIONAL SNAPSHOT
IN-DEPTH ANALYSIS OF WOMEN’S CREDIT PARTICIPATION
Credit participation by women borrowers varies significantly across states, reflecting regional differences in
financial inclusion.
Southern states have higher shares of
women borrowers with at least 1 live
loan in their wallet – Tamil Nadu (44%),
Andhra Pradesh (41%), Telangana (35%),
Karnataka (34%) as compared to 31% of
women at an overall country level as of
December 2024.
Northern and central states (Rajasthan,
Uttar Pradesh and Madhya Pradesh)
have witnessed high CAGR in live women
borrowers over the last 5 years, but their
share of women at an overall country
level remains low.
LIVE LOANS FOR TOP 7 STATES – DEC ‘24
Uttar Pradesh
Maharashtra
Tamil Nadu
Karnataka
Andhra Pradesh
Rajasthan
Madhya Pradesh
16%
9%
8%
12%
10%
14%
15%
20%
13%
10%
16%
13%
20%
19%
23%
30%
44%
34%
41%
26%
25%
State
Overall Growth
(5 Years CAGR)
Growth of Women
(5 Years CAGR)
Share of Women
(2024)
16 SELF-MONITORING
WOMEN BORROWERS
WOMEN ARE INCREASINGLY TAKING CHARGE OF THEIR
CREDIT PROFILES. Building on the progress in access to finance, women are increasingly demonstrating financial
independence through self-monitoring and credit management. This is a testament to their growing
financial acumen.
As women take charge of their financial futures, the numbers tell a compelling story. By the end of 2024,
nearly 27 million women were actively monitoring their credit—a striking 42% increase from 2023. This shift
reflects a broader cultural and economic transformation, with women increasingly viewing credit health as
an active tool for shaping their financial futures.
RISE OF SELF-MONITORING: GENERATIONAL AND
GEOGRAPHIC SHIFTS
Self-Monitoring Women Borrowers (in Mn.)
2018 2019 2020 2021 2022 2023 2024
1
2
3
6
10
19
27
The surge is being driven by the
younger generation, with Gen Z women
- a generation often characterised by
its digital fluency and appetite for
self-improvement - leading the way.
The number of Gen Z women
self-monitoring their credit jumped
by 56% year-on-year, while millennial
women followed closely with a 38%
rise.
SELF-MONITORING AND CREDIT HEALTH 18 RISE OF SELF-MONITORING: GENERATIONAL AND
GEOGRAPHIC SHIFTS
(CONT.)
This attitudinal shift could be the sign of a broader trend: women are increasingly recognising the importance
of credit health as a cornerstone of financial empowerment.
In 2024, women made up 19.43% of the total self-monitoring
base, up from 17.89% in 2023.
The share of Gen Z women amongst the self-monitoring
population rose to 27.14% in 2024, compared to 24.87% the
previous year.
They also accounted for 2.16 million new credit
self-monitoring individuals in 2024, while millennial women
added 3.80 million to their ranks.
Age-Wise Distribution of Self-Monitoring
Women Consumers (2024)
22%
26%
52%
Gen Z
Millennial
Others
SELF-MONITORING AND CREDIT HEALTH 19 SELF-MONITORING AND CREDIT HEALTH 20
STATES WITH LARGEST GROWTH IN SELF-MONITORING
WOMEN BORROWERS
The number of self-monitoring women from metro areas has grown by 30% from December 2023 to December
2024, while those from non-metro areas has grown by 48% during the same period.
Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh, and Telangana were the top five states for women
self-monitoring in CY 2024, contributing to 49% of the total women self-monitoring across all states.
The southern region has the highest number of women self-monitoring, with 10.16 million women. This region
also experienced a growth of 46% from Dec 2023 till Dec 2024.
15%
11%
9%
7%
6%
6% 6%
5% 5%
4%
4% 4%
3% 3%
3%
9%
METRORURAL SEMI-URBANURBANSHARE
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
-
Maharashtra Tamil
Nadu
Karnataka Uttar
Pradesh
Telangana Kerala Andhra
Pradesh
GujaratWest Bengal Delhi RajasthanMadhya
Pradesh
Haryana Punjab Bihar Others
State-wise Contribution of Self-Monitoring Women Consumers A closer look at women-specific credit data reveals that 13.49% of women who engage in self-monitoring open
a loan account within one month of their monitoring activity, underscoring the direct link between awareness
and action.
THE POWER OF SELF-MONITORING: WOMEN ACHIEVING
CREDIT HEALTH
21SELF-MONITORING AND CREDIT HEALTH
44% of women who engage in
self-monitoring see improvements in their
credit scores within six months, reflecting
the impact of increased financial
awareness.
Among women in the 90+ Days Past Due
(DPD) category at the time of their credit
check, 17.45% moved to a lower
delinquency bracket within six months,
while 11.37% became standard borrowers.
The number of women self-monitoring
and classified as Prime and above grew
from 8.22 million as of December 2023, to
11.90 million as of December 2024,
showing a growth of approximately 45%.
Nearly 62% of self-monitoring women are
in the Prime and above bands. This shows
that actively managing your credit by
consistently following good credit
practices has helped women borrowers
remain credit healthy. Sub Prime Near Prime
Prime Prime Plus
Super Prime
22%
16%
16%
39%
7%
Score Distribution of
Self-Monitoring Women Consumers
The rise in financial and credit awareness amongst women—especially younger ones—marks a significant
cultural and economic shift. Credit health has now become an active tool for shaping economic
independence. It is a reminder that empowerment is rooted in knowledge, and for this generation, credit
health is proving to be a powerful starting point.
SELF-MONITORING AND CREDIT HEALTH 22
CIBIL Scores: Range from 300-900. Score tiers are: Subprime = 300-680 | Near Prime = 681-730
Prime = 731-770 | Prime Plus = 771-790 | Super Prime = 791-900 WOMEN’S CREDIT POTENTIAL, PERSONAS, MOTIVATIONS
AND CHALLENGES
BEYOND THE STATISTICS:
UNDERSTANDING WOMEN
BORROWERS Understanding women borrowers' credit journeys is crucial to addressing the gender gap
in credit and unlocking women’s potential in the market. MSC’s study (Women and Credit
Report) of 40 women-owned enterprises across 10 states led to the creation of personas
that capture the non-linear credit journey of women entrepreneurs.
These personas highlight that women business borrowers are diverse. Some may be
credit-ready but not credit-willing, while others are credit-willing but not credit-ready.
Additionally, some face barriers even when they are both credit-ready and credit-willing.
Their challenges and motivations vary by life stage, needs, and experience with the credit
market. The following personas, representing real WEs from the field study, illustrate
these varied journeys.
CreditReady
CreditReady
Credit not
availed
Credit not
availed
Credit
availed
Credit
Willingness
The Dynamic
Credit Paths of
WEs
UNLOCKING OPPORTUNITIES: WOMEN’S CREDIT WILLINGNESS
AND READINESS
24
No
Yes
No
Yes
No
Yes
NAVIGATING COMPLEXITIES: WOMEN’S NON-LINEAR
JOURNEY TO SUCCESSFUL BORROWING OVERCOMING BARRIERS: THE ONGOING CHALLENGES
FOR WOMEN BORROWERS
Despite the strides they’ve made, women borrowers continue to face systemic challenges.
Access to finance remains a significant hurdle, with many women entrepreneurs struggling
to secure loans due to gender biases, lack of collateral, and limited financial literacy.
Sed do eiusmod tempor incididunt
ut labore et dolore magna
Sed do eiusmod tempor incididunt
ut labore et dolore magna
01
03
05
04
02
Lack of tailored financial products considering
women’s unique financial needs, such as flexible
repayment structures. Most women-led MSMEs rely
on non-collateral loans, often capped at INR 1.5 lakh.
Collateral & Guarantor Constraints
79% of women-owned businesses are self-financed,
with only 7% of MSME credit directed to women.
Lenders perceive women as higher-risk borrowers
due to limited credit history and business experience.
Limited Institutional Support
Women often find the banking system unwelcoming and
intimidating, discouraging full financial participation.
Many banks fail to offer advisory services tailored to
women’s needs.
Poor Banking Experience
Many women lack the necessary documentation,
guarantors, and collateral for productive loans. Around
30% of individual enterprises and 22.2% of women-led
collective enterprises are not credit-ready.
Barriers to Credit Readiness
Some women, despite being credit-ready, avoid
formal loans due to social norms, fear of default
repercussions, and complex application
processes.
Credit Aversion
CHALLENGES FACED BY WOMEN BUSINESS BORROWERS25 MAPPING THE FINANCIAL JOURNEYS OF WOMEN ENTREPRENEURS
THROUGH SIX KEY PERSONAS
INDEPENDENT GO-GETTER
Credit-willing, credit-ready, and has
independently availed credit
from a financial service provider.
RISK-AVERSE PLANNER
Credit-averse despite having a viable business
and meeting financial eligibility criteria, often
due to social, economic, or personal concerns.
GUIDED ACHIEVER
Credit-willing and credit-ready but has
availed credit with the assistance of bridge
institutions^.
RESOURCE-LIMITED STRIVER
Lacking both, the motivation to seek credit
and the necessary business or financial
prerequisites, to qualify for formal borrowing.
HOPEFUL LEARNER
Credit-willing but not
credit-ready due to a lack
of business viability,
documentation, or credit
history.
DISAPPOINTEDAPPLICANT
Credit-willing and credit-ready
but has been unable to access
credit, despite meeting the
necessary financial and
business requirements.
^Bridge institutions provide credit and credit-plus services, such as training and business support,
to women. They connect banks with borrowers, maintain long-term relationships, and adopt
gender-intentional or gender-transformative lending approaches. (Women and Credit, 2023.)
PERSONAS OF EMERGING WOMEN BUSINESS BORROWERS26 Credit Availed
Credit Willing
Credit Ready
INDEPENDENT GO-GETTER
PRIYA, 35
Region: Urban
Enterprise: Drone Technology
Ownership type: Single
Annual revenue: INR 12 million
Employees: 10
I started with loans, but
grants and equity from
impact investors align
better with my climate
tech vision.
Priya, a passionate advocate for sustainable development, founded a
drone technology company with a mission to combat climate change
using renewable energy-powered drones. After years of researching
emerging technologies, she launched a Minimum Viable Product (MVP)
two years ago, focused on delivering essential healthcare supplies to
remote and climate-vulnerable communities.
Priya is open to credit opportunities but has a preference for
alternative funding sources such as grants and equity
investments. She seeks a financial partnership that complements
her long-term vision for the business.
With a proven track record of selling her MVP for over two years
and consistent growth, Priya is credit-ready. Her business is
structured to manage scaling, making her well-positioned for
expansion.
Priya initially took traditional loans but later secured grants and
equity investments from impact investors focused on climate tech.
Journey
27 INDEPENDENT GO-GETTER
REENA, 54
Region: Urban
Enterprise: Health services and
chain of medical shops
Ownership type: Cooperative
Annual revenue: INR 60.25 million
Employees: 300 active members
We started with small
steps, but with
resilience, collaboration,
and the right financial
support, we have built a
movement that uplifts
informal women
workers.
Reena leads the Prakritik Health Services which is a women-led,
women-run health cooperative in India, dedicated to making basic health
services and information accessible to women in the informal economy.
Registered in 1990, it is 1500 members strong, working with an objective
to provide quality health services to people at low cost, crucial for
keeping informal women workers out of poverty.
Journey
Credit Willing
Credit Ready
Credit Availed
The collective seeks INR 5-6 million in credit to obtain a
manufacturing space for producing ayurvedic products.
With a proven repayment history, necessary documentation, and a
sustainable business model, the collective is well-positioned to
access credit.
They have secured loans from banks, working capital from an NBFC
and a women federation.
28 Credit Availed
Credit Willing
Credit Ready
With MAVIM's guidance, she overcame cultural barriers that
previously discouraged her from taking interest-based loans.
She is credit-ready, with a registered business, licenses,
consistent revenue, and active financial management for growth.
She has secured a loan of INR 300k from a bank in Maharashtra
that has an MOU with MAVIM.
GUIDED ACHIEVER
NAZRIN, 45
Region: Urban
Sector: Food processing
Ownership type: SHG Enterprise
Annual revenue: INR 3.3 million
Employees: 12 (10 SHG members)
Now, I’m confident in
selling, managing
investments, and
speaking publicly. I am
grateful to MAVIM for
supporting all aspects of
my business, from
finance to marketing.
After her husband's accident left him unable to work, Nazrin became the
sole breadwinner by launching a spice business. Overcoming cultural
barriers against loans with the support of MAVIM, she formed a Self-Help
Group (SHG), secured funding, and used digital marketing to grow her
brand. She recently fulfilled an international order and continues to be an
inspiration for her community.
Journey
29 DISAPPOINTED APPLICANT
RADHIKA, 45
Region: Urban
Enterprise: Fruit juice shop
Ownership type: Single
Annual revenue: INR 1-1.8 million
Employees: 2
Banks should evaluate
loan applications based
on business potential
and economic activity
rather than solely relying
on the requirements of
guarantors.
Radhika, a determined single parent from Telangana, has been running a
successful juice shop for 34 years. With a clear vision for the future, she
aspires to expand her shop network and grow her tailoring business
simultaneously. She trusts banks for their low interest rates, but the
complex loan application process, delays and the need for a guarantor
have held her back. But her dreams are bigger than her challenges.
Journey
Credit Availed
Credit Willing
Credit Ready
She is credit-willing because of her business growth potential. She
has a positive perception of banks offering lower interest rates and
stability, making them her preferred option.
Her business is registered and she has the relevant license,
inventory quotations, strong business records, bank statement,
KYC documents and her own house papers.
She applied for a INR 500k loan but couldn't secure it due to a
guarantor requirement. “I felt hesitant to approach men due to
social stigma”, which led her to withdraw the loan application.
30 Credit Availed
Credit Willing
Credit Ready
Raveena is willing to take a loan of INR 300-500k to expand her
kirana shop into a supermarket. She prefers monthly repayment
terms and views banks as trustworthy due to their lower interest
rates.
She has a bank account and basic documents like Aadhaar and
PAN, but her unregistered business and lack of awareness of
formal loan procedures and other required documents limit her
credit readiness.
Raveena borrowed INR 100-150k from informal lenders at 14%
interest and INR 70K from her SHG at 6% but hasn’t secured an
individual loan yet.
31
HOPEFUL LEARNER
RAVEENA, 28
Region: Urban
Enterprise: Retail (kirana shop)
and tailoring service
Ownership type: Single
Annual revenue: INR 600K
Employees: None, operates with
the help of family
More awareness about
loan products, simpler
documentation, and
guidance on registration
are needed to help
entrepreneurs like me
access formal credit.
Balancing family and work, Raveena has built a livelihood, tirelessly
working alongside her husband. Her dream of expanding her business
reflects her unwavering hope to create a better future for her family.
Her business may be small, but her vision is big, and with the right support,
she's ready to take the next step.
Journey Credit Availed
Credit Willing
Credit Ready
Aparna is hesitant to take larger bank loans despite eligibility,
fearing missed installments. She prefers relying on her available
resources rather than additional financial risk.
Aparna is well-prepared for formal credit access, possessing the
necessary documents and a strong business track record. She has
a solid history of managing loans through her SHG.
While Aparna has successfully availed multiple SHG loans for
business equipment and setup, she has not pursued individual bank
loans.
RISK AVERSE PLANNER
APARNA, 40
Region: Rural
Enterprise: Horticulture / Nursery
Ownership type: Single
Annual revenue: INR 1 million
Employees: 7
I am scared to take
loans from the bank
directly. How will I repay
them? What if I miss
some installments due
to a bad season?
Aparna’s is deeply involved in every facet of the business, whether it’s
managing the accounts, marketing her products or personally training
her employees. She blends traditional methods with digital tools to
promote her products. With her agriculture education, she dreams of
expanding her product range with a seed and pesticide license. Although,
her cautious nature holds her back from rushing into large-scale
expansion.
Journey
32 Credit Availed
Credit Willing
Credit Ready
She is hesitant to take on formal debt, fearing it could risk her
family’s financial stability. She relies on informal credit sources for
flexibility, albeit a higher cost.
She does not have collateral and hesitates to formalize her
businessdue to concerns about tax implications and the burden of
dealing with government inspections.
Despite her financial progress, Santoshi relies on informal sources
like moneylenders and friends for her borrowing needs.
RESOURCE-LIMITED STRIVER
SHANTI DEVI, 39
Region: Rural
Enterprise: Retail
Ownership type: Single
Annual revenue: INR 600-720k
Employees: 2
Managing my finances
separately from household
expenses and maintaining
regular communication with
clients and suppliers are
crucial for my business.
Despite the challenges,
I continue to rely on informal
sources for borrowing to keep
my ventures running
smoothly.
Shanti Devi is the sole provider of her family and runs two businesses
on her own in Rajasthan. She started both the ventures, a cosmetic
and a clothing shop, from ground up with her own capital.
She keeps written business records regularly and thinks separating
business finances from household finances is essential. She also
maintains her bank account regularly and uses a computer to
communicate with clients and suppliers.
Journey
33 RECOMMENDATIONS FROM MSC AND WEP DRAWN FROM
THEIR EXPERIENCE WITH WOMEN ENTREPRENEURS
Traditional credit assessments often
exclude women borrowers. Banks should
adopt alternative methods using AI, big
data, and fintech partnerships, with
algorithmic audits to prevent gender bias.
Community intelligence from bridge
institutions can improve risk profiling and
access to finance.
Reimagine Credit Risk
Assessment
Policies to increase affordable credit for
women, collecting sex-disaggregated data,
expanding guarantee covers, providing
patient capital for women-led enterprises,
and addressing gender bias in credit
markets are essential to fostering
gender-inclusive finance.
Expand Women’s Access to
Business Loans
Financial institutions must design tailored
products that address women’s lifecycle
needs, social norms, and structural
barriers. Flexible loan terms, convenient
repayment options, financial education,
and solutions for mobility, privacy, and
collateral constraints are key.
Develop Gender-Intelligent
Financial Products
RECOMMENDATIONS AND ACTIONABLE INSIGHTS 34 RECOMMENDATIONS FROM MSC AND WEP DRAWN FROM
THEIR EXPERIENCE WITH WOMEN ENTREPRENEURS
Support “credit-willing” women
entrepreneurs to become “credit-ready”
by promoting digital transactions,
bookkeeping, and business formalization.
Grassroots-led digital capacity-building
can enhance women’s confidence to
access credit and grow their businesses.
Boost Credit Readiness
of WMSMEs
Collaboration across stakeholders is vital
to closing gender gaps in credit access
and financial capability. Initiatives like
WEP’s FWC, which provide mentorship,
networking, and access to creditors, play
a critical role in enabling women
entrepreneurs.
Strengthen Support Ecosystems
forWomen Entrepreneurs
Greater representation of women in
product design, decision-making, and
delivery roles is crucial to ensure financial
services better meet women’s needs.
Increase Gender Balance in
Financial Services
RECOMMENDATIONS AND ACTIONABLE INSIGHTS 35 36CONCLUSION
Evolving from borrowers to builders, women are reshaping India’s economy with determination, innovation, and
growing financial acumen. This report highlights the transformative potential of their participation, emphasizing
the need for targeted interventions to unlock their full contribution.
Key findings show that while women’s labour force participation and entrepreneurial activity are increasing,
systemic barriers such as limited access to finance, gender biases, and inadequate financial literacy persist.
Women’s entrepreneurship holds immense potential, and addressing these challenges with targeted policies,
inclusive financial products, and public-private collaboration is essential to unlocking their full economic impact.
A promising shift is evident among younger generations, particularly Gen Z and millennial women, who are driving
cultural and economic transformation. They are embracing financial tools, understanding the importance of
credit, and leveraging formal credit systems to achieve personal and professional goals. The rise in financial
awareness, with more women self-monitoring and improving their credit health, signals a new era of
empowerment—one where knowledge translates into meaningful financial action.
Women are no longer passive participants in India’s economy; they are becoming active drivers of growth,
innovation, and resilience. They are shaping an economic future for India that will increasingly be defined by their
contributions.
A BOLD FUTURE AUTHORS & CONTRIBUTORS37
SONAL JAITLY
MUSKAN SINGH
JEYASUNDARI SIVARAMAKRISHNAN
KIRTI RAKVI
GANESH THIYAGARAJ
AMITAVA ROY
POOJA BANSAL
DINESH VALIRAMANI
JAYANTI KALYANI
RITUPARNA GANGULY
ROHAN SIRKAR AUTHORS & CONTRIBUTORS38
TransUnion CIBIL, India’s pioneer information and
insights company, enables trust in the modern
economy by providing actionable insights for
reliable representation in the marketplace. Serving
the financial sector, MSMEs, corporates, and
individual consumers, its clients include banks,
NBFCs, housing finance companies, and insurers.
By strengthening the credit information
ecosystem, TransUnion CIBIL has catalysed
lending in India, driving access to credit for
millions over two decades. Its efforts promote
sustainable credit growth, financial inclusion, and
improved ease of doing business, supporting
economic opportunity and empowerment across
TRANSUNION CIBIL
MicroSave Consulting (MSC) is a boutique
consulting firm that has, for 25 years, driven
progress toward meaningful financial, social, and
economic inclusion. With a team of over 300 staff
from diverse nationalities and areas of expertise,
the firm operates in more than 68 developing
countries. MSC collaborates with stakeholders in
financial services, enterprise, agriculture, and
health ecosystems to deliver sustainable
performance improvements and unlock lasting
value. Its clients include governments, donors,
private sector corporations, and local businesses.
MSC specializes in helping organizations seize
digital opportunities, address mass markets, and
future-proof their operations.
MSC
Financing Women Collaborative (FWC) is an
initiative of the Women Entrepreneurship Platform
(WEP), launched in September 2023, to enhance
access to finance for women entrepreneurs in
India. It is a platform to bring together financial
service providers, public and private sector banks,
and organizations working with women
entrepreneurs to create a supportive financing
ecosystem for women.
FWC is chaired by SIDBI, co-chaired by TU CIBIL
with Microsave Consulting as its secretariat to
anchor initiatives that accelerate financing for
women. Between 2023-24, FWC members have
launched credit products and credit readiness
programs benefitting more than 50,000 women
entrepreneurs.
FWC
The Women Entrepreneurship Platform (WEP), a
pioneering initiative by NITI Aayog, is steadfast in
its mission to empower women entrepreneurs
across India. Through recent initiatives and
partnerships, WEP continues to break barriers and
create opportunities for women. From launching
state chapters and building international
partnerships to providing mentorship and skill
development programmes, WEP is making a
tangible difference and setting a foundation for
future possibilities.
WEP Retail credit: Retail credit includes loans and credit products to individuals as reported by credit
institutions on consumer bureau of TransUnion CIBIL. This excludes any credit data pertaining to
commercial entities or microfinance joint liability groups.
Credit seeking individual: Individuals enquiring for a retail credit product with a credit institution.
Credit origination: Number or Sanction value of retail loans availed from a financial service provider.
Self-Monitoring consumers:Those users who have proactively checked their CIBIL Score and Report at
least once with TransUnion CIBIL.
CIBIL Scores: Range from 300-900. Score tiers are:
Subprime = 300-680 | Near Prime = 681-730
Prime = 731-770 | Prime Plus = 771-790 | Super Prime = 791-900
Gen Z: Those born between 1997 and 2012.
Millennials: Those born between 1981 and 1996.
New-to-credit: Consumers with a credit history of up to six months.
Credit willing*: Entrepreneurs who require financing and are open to engaging with financial
institutions, actively seeking credit and completing the application process.
Credit averse*: Entrepreneurs who choose not to seek credit due to social or economic reasons.
Credit ready*: Entrepreneurs with a sustainable business model, proper documentation to establish
their business identity, consistent financial records, profitability, and a positive credit history from a
lender’s perspective.
Credit availed: Entrepreneur has at least once availed individual credit from a financial service provider.
*These definitions have been adopted from Women and Credit, 2023.
GLOSSARY & DEFINITIONS39 Scan to check your free
CIBIL Score and Report
For more information on your CIBIL Score and Report, visit
www.cibil.com
*T&CApply. Free CIB IL Score & Report is a vailable once a cal endar year
Empower Your Financial Journey with TransUnion CIBIL!