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A JOINT REPORT BY TRANSUNION CIBIL, WEP (NITI AAYOG) AND MICROSAVE CONSULTING | APRIL 2026
FROM BORROWERS
TO BUILDERS
Women and India’s evolving credit market FOREWORD AND EXECUTIVE SUMMARY:
SETTING THE STAGE:
INDIA’S NEW CHAPTER OF WOMEN-LED GROWTH
03
A LOAN AT A TIME:
HOW WOMEN ARE QUIETLY TRANSFORMING INDIA
09
INSIDE THE MICROFINANCE MOVEMENT:
WHERE SMALL LOANS SPARK BIG CHANGE
14
FORCES FUELING A CREDIT REVOLUTION
ACROSS INDIA
18
ENTREPRENEURSHIP BEGINS HERE:
HOW BORROWERS BECOME BUSINESS BUILDERS
23
TRANSFORMING DAILY DIGITAL BEHAVIOR INTO
ACTIONABLE DATA PATHWAYS
30
ROAD AHEAD:
INDIA’S FUTURE WRITTEN IN WOMEN’S SUCCESS
42
CONTENTS 02 Economic development advances when participation in markets
becomes broader, deeper, and more efficient. Over the past decade,
the convergence of digital public infrastructure and formal credit
systems has fundamentally altered how economic participation is
recorded, assessed, and financed.
The evidence presented in this report, “From Borrowers to Builders:
Women And India’s Evolving Credit Market”, signals how women are
increasingly shaping and benefitting from these shifts
The report highlights that women today account for 26% of total
system credit, with portfolio balances expanding nearly five-fold
since 2017. Credit penetration among women has risen steadily to
36%. More significant than scale, however, is the direction. Women
borrowers are progressively moving beyond entry-level credit
towards retail and business-purpose lending. Graduation from
microfinance into diversified credit products signals strengthening
financial capability and deeper economic integration. In business
lending, women entrepreneurs have emerged as a strong growth
cohort, with portfolio balances increasing 7.5x since 2017.
This momentum opens a larger opportunity to leverage digital
systems to strengthen financial visibility for women-led enterprises.
A significant proportion of women-led enterprises in India operates
at the nano and micro scale. While individually modest, their
collective economic footprint is substantial. Historically, limited
visibility constrained their access to formal finance. The expansion of
digital transactions is beginning to narrow this gap. The convergence
of digital systems and credit markets is reshaping incentives across
the ecosystem. For lenders, richer and more reliable data reduces
uncertainty and improves risk calibration. For entrepreneurs, greater
financial visibility expands access to appropriate and timely financing.
For the broader economy, it enhances productivity within the MSME
sector and strengthens the foundations of formal enterprise growth.
At NITI Aayog, we recognize that access to finance is a structural
enabler of women’s economic participation. Through platforms such
as the Women Entrepreneurship Platform and the Financing Women
Collaborative, we are working to strengthen ecosystem coordination.
And as India advances toward a more digitally integrated and
enterprise-driven economy, this report serves not only as a
reflection of measurable progress, but as a strategic guide for the
next phase. The focus will be on enabling progression, ensuring that
digital participation translates into sustained enterprise capability
and deeper integration into formal credit markets.
SPECIAL MESSAGE 03
NIDHI CHHIBBER
CEO, NITI AAYOG India’s financial inclusion journey has evolved from expanding access
to strengthening usage. As digital public infrastructure deepens and
financial systems become more data-driven, the contours of
inclusion are changing, from access alone to measurable economic
visibility.
Digitization is emerging as a critical enabler. Faster underwriting
cycles, expanding digital payments, and the creation of verifiable
financial trails are lowering historical barriers to formal credit for
women. Yet the qualitative insights in this report introduce an
important dimension: the digital journey of women entrepreneurs is
neither uniform nor linear. While adoption of digital payments is
widespread, the depth, independence, and continuity of digital
engagement vary considerably. Trust networks, collective
endorsement, time constraints, and decision-making autonomy
shape how digital tools are adopted and sustained in practice. Digital
access, therefore, is a necessary condition for progression to
advanced usage but not a sufficient one.
For policy, this distinction matters. Strengthening women’s
economic participation requires attention not only to credit supply,
but to the conditions that enable consistent and independent digital
engagement. When digital systems are responsive to lived realities,
they can accelerate graduation across credit segments and support
enterprise resilience.
Through the Women Entrepreneurship Platform, NITI Aayog has
sought to build precisely such ecosystem alignment, bringing
together financial institutions, CSOs, government and market actors
to ensure that women entrepreneurs are able to move from initial
access to sustained growth. The next phase of inclusion will be
defined not by how many women enter the system, but by how
steadily they progress within it. Enabling that progression will be
central to deepening India’s entrepreneurial base and sustaining
long-term economic growth.
This report is significant because it captures both the scale and the
structure of women’s credit participation, identifying both
measurable gains and structural gaps. It provides a comprehensive
understanding of how women are moving through the formal
financial systems, and guides where policy and market responses
must adapt.
SPECIAL MESSAGE 04
ANNA ROY
Programme Director, NITI Aayog and Mission Director,
Women Entrepreneurship Platform 05
Women borrowers are playing an increasingly significant role in
shaping India’s evolving credit landscape. Their participation
strengthens household and enterprise stability and contributes to
national economic growth. Access to formal credit supports
livelihoods, strengthens communities, and enables more inclusive
and sustainable development.
At TransUnion CIBIL, we have a frontrow view of this transformation.
Our consumer credit data reflects a clear structural shift. More
women are availing formal credit and they are also borrowing to
fulfil a diverse range of needs.
The number of women availing formal credit in India has grown at a
compounded annual growth rate (CAGR) of 9% between 2017 and
2025, underscoring their increasing engagement with the financial
system. Outstanding credit for women borrowers has grown 4.8
times since 2017, compared with 2.9 times for total credit, indicating
a significantly faster expansion.
In recent years, the growth of digital infrastructure has facilitated
easier onboarding, faster loan processing, and improved access to
information. This tech-enabled transformation, has led to a
sustained rise in the number of women borrowers, particularly
those seeking businesspurpose loans. Our research shows that the
number of women with an active businesspurpose loan has grown at
a 31% CAGR over the past three years.
We have also seen that sameday approvals for women in
consumption loans have climbed from 34% in 2022 to 45% in 2025,
reflecting the growing efficiency of digital-first origination.
The report, From Borrowers to Builders: Women And India’s
Evolving Credit Market, traces the journeys of women borrowers
across segments—from microfinance to retail credit to
entrepreneurial borrowing. A collaboration between NITI Aayog’s
Women Entrepreneurship Platform (WEP), MicroSave Consulting
(MSC), and TransUnion CIBIL, this report combines policy insights,
ecosystem expertise, and data-driven analysis with an aim to
strengthening credit awareness and enhance financial capability
among women.
At TransUnion CIBIL, we believe financial inclusion must evolve from
firsttime access to longterm empowerment. Through initiatives
such as Project Seher – a credit education programme, we remain
committed to strengthening credit literacy, improving awareness of
credit scores and reports, and enabling women to build and sustain
healthy credit journeys.
We hope the insights presented support policymakers and lenders
in creating a more inclusive, confident, and creditaware generation
of women across India.
BHAVESH JAIN
MD & CEO, TransUnion CIBIL
MESSAGE FROM TRANSUNION CIBIL SPECIAL MESSAGE BY SENIOR PARTNER, MSC06
India’s economic transformation is increasingly shaped by the
ambitions and resilience of its women entrepreneurs. Across rural and
urban markets alike, women are building enterprises that sustain
households, strengthen local economies, and contribute to the
country’s broader growth story. Ensuring that these entrepreneurs
are able to access and effectively use formal financial systems is
therefore central to building a more inclusive and productive
economy.
At MicroSave Consulting (MSC), our work across Asia and Africa has
consistently focused on bridging the gap between system design and
lived experiences. Through our engagements with governments,
regulators, financial institutions, and development partners, we have
seen that the journey from financial access to meaningful economic
participation is rarely linear. Structural constraints, information
asymmetries, and behavioral factors often shape how individuals
interact with financial services and whether those services ultimately
translate into opportunity.
This report reflects our commitment to grounding policy and market
discussions in practical insights. By combining large-scale credit data
with field-based perspectives, it seeks to better understand how
women borrowers navigate the formal credit ecosystem and how
those pathways can be strengthened. The analysis highlights both the
progress that has been made and the areas where deeper ecosystem
coordination, product innovation, and targeted support can further
enable women-led enterprises to thrive.
As India’s financial system becomes increasingly digital and
data-driven, the opportunity ahead is not merely to extend credit
more widely, but to design systems that enable sustained economic
mobility. Strengthening women’s participation in formal finance can
support broader development priorities, including building resilient
local economies, sustainable livelihoods and enabling communities to
adapt to emerging challenges. It will not only support enterprise
growth but also strengthen the foundations for climate-resilient and
inclusive economic development in the years ahead.
Doing so will require continued collaboration between policymakers,
financial institutions, and ecosystem actors to ensure that financial
markets evolve in ways that support the ambitions of millions of
women entrepreneurs.
AKHAND JYOTI TIWARI
Senior Partner - MicroSave Consulting (MSC) India’s growth trajectory is increasingly shaped by the expanding economic participation of women, enabled by
rapid digitization across identity, payments, underwriting, and loan servicing. Over the past decade, these
structural shifts have materially lowered entry barriers to formal credit, allowing women to transition from
informal borrowing to scalable, structured financial pathways.
As of 2025, women borrowers hold a credit portfolio of INR 76 lakh crore, accounting for 26% of total system
credit, a 4.8x increase since 2017. Credit penetration among women has risen to 36% taking the total credit
active women borrowers in the lending ecosystem to 16 crore. This report provides insights into the credit
trends and behaviours of these 16 crore women borrowers.
The increase reflects a broad-based expansion rather than growth concentrated in a narrow segment. While
industry growth has moderated in recent cycles, new-to-credit women borrowers remain a structurally
important opportunity to deepen inclusion and drive long-term portfolio expansion.
Women’s credit journeys, however, are not uniform. This report examines three distinct borrower segments:
•Microfinance borrowers, for whom small-ticket, collateral-free loans often represent the first formal credit
experience.
•Retail-purpose borrowers, accessing consumption-led credit such as gold, consumer durable, vehicle, and
housing loans.
•Women entrepreneurs, increasingly leveraging business-purpose credit to expand their enterprises.
EXECUTIVE SUMMARY 07 EXECUTIVE SUMMARY 08
In retail credit, women’s first loans remain predominantly consumption-led, with digital sourcing playing a
critical role in reducing friction and improving access. Notably, 45% of approvals in key consumption
categories now occur on the same day highlighting the impact of digitization in accelerating credit flow.
In business lending, women entrepreneurs have emerged as a strong growth cohort, with portfolio balances
increasing 7.5x since 2017. A gradual shift towards revolving credit products such as cash credit and overdraft
signals increasing financial sophistication and enterprise maturity.
This report further maps how this segment of women, particularly nano-entrepreneurs, use digital tools across
their business and financial activities. The analysis takes a qualitative, demand-side view, grounded in field
insights from rural women nano entrepreneurs.
Beyond the portfolio trends reflected in credit data, behavioral insights of rural women nano-entrepreneurs
(RWNEs) reveals shows that digital adoption is widespread among RWNEs but the depth and independent usage
vary across users. Their digital journey is not linear. Understanding this journey is important, as sustained
digital engagement improves financial visibility and can support women’s progression within the formal credit
ecosystem.
The central conclusion is clear: digitally enabled credit is no longer merely expanding access it is enabling
advancement. The next phase of opportunity lies in strengthening financial visibility, accelerating graduation
from entry-level credit to higher-value products, and supporting sustained enterprise growth. Unlocking this
pathway will not only deepen financial inclusion but also meaningfully advance women’s contribution to
India’s long-term economic growth. A LOAN AT A TIME
AN OVERVIEW OF WOMEN’S ROLE IN THE
INDIAN CREDIT ECONOMY
HOW WOMEN ARE QUIETLY
TRANSFORMING INDIA HOW INDIA’S DIGITAL RAILS ARE UNLOCKING CREDIT
FOR WOMEN ENTREPRENEURS
India’s digital public infrastructure (DPI)—Aadhaar e-KYC, UPI, and paperless document rails—has eased
onboarding and verification for first-time borrowers, helping women-led micro-businesses access formal
credit faster and with fewer in-person hurdles. Over time RBI KYC amendments enable Aadhaar-based e-KYC,
V-CIP (video KYC), DigiLocker documents, and Business Correspondent support, making customer due
diligence simpler, especially in rural and semi-urban areas
The more transformative shift, however, is the widespread
adoption of UPI and digital payments.
UPI transaction value has surged from INR 920 million in FY
2017–18 to INR 83.75 trillion in FY 2022–23, reflecting a CAGR
of 147%. In the first four months of FY 2024–25 alone,
transaction value reached INR 80.79 trillion across 55.66
billion transactions*. This scale of adoption is creating a
powerful digital footprint for millions of small businesses.
For women entrepreneurs, digital payment adoption translates into:
•Verifiable cash-flow histories
•Increased financial visibility
•Reduced information asymmetry for lenders
This shift enables flow-based underwriting, faster loan approvals, and more accurate risk
assessment—particularly for first-time borrowers who previously operated outside the formal financial
system.
As digital transactions become embedded in everyday business activity, women entrepreneurs are moving
from informal participation to measurable economic visibility. This visibility strengthens lender confidence,
improves access to better credit terms, and supports enterprise formalization. However, access gaps remain.
Many women-led micro and small enterprises continue to face awareness barriers, limited scheme uptake, and
residual credit frictions. Sustained progress will require deeper digital onboarding, targeted outreach, and
continued evolution toward data-driven underwriting models.
Overall, India’s digital rails—combined with gender intelligent credit initiatives—are expanding financial
visibility and de-risking small-ticket lending, enabling more women entrepreneurs to formalize, borrow, and
scale.
*Source: Enabling Digital Payments For Women In India Report – WWB and NPCI
A LOAN AT A TIME 10 To better understand women borrowers credit ecosystem, we have defined three major segments of
borrowers who are at different stages of credit journey
A CORE PILLAR OF CREDIT ECOSYSTEM EXPANSION
A LOAN AT A TIME 11
Microfinance
These are collateral-free loans given at lower ticket size
(typically below INR 50,000) to support women borrowers
from low-income households based on their credit needs.
These loans are given to women who are part of, joint
liability group (JLG) or self-help groups (SHG). For the
purpose of this report, we will be covering only joint
liability groups (JLG) which is a group of people (at least
3-5 members) who seek credit based on mutual guarantee,
SHGs are not included in the analysis for this report.
Retail Purpose Loans
These are retail focused individual-focused loans provided
to meet personal or household needs. They typically cover
consumption loans oriented to meet lifestyle needs and
expenses such as home purchase/improvement,
education, medical bills, travel, or purchasing consumer
goods and also larger personal expenses such when we see
loans taken for vehicles or house purchase towards
expenses. These loans can be unsecured (personal loans,
credit cards) or secured (housing loans, gold loans), come
with fixed repayments, and help borrowers manage their
short-term and long-term financial requirements.
Business Purpose Loans
Business purpose loans are credit facilities provided to
individuals, micro-entrepreneurs, or small businesses to
support income-generating activities. They are used for
working capital, inventory purchase, equipment,
expansion, or other operational needs. These loans may be
secured or unsecured, come with structured repayment
schedules, and help borrowers grow or stabilize their
enterprises. These include business loans, commercial
vehicle loans, construction equipment loans, and loan
against property. A LOAN AT A TIME
India’s Women Borrowers Credit market value has grown 4.8x since 2017 with a compounded annual growth
rate (CAGR) of 20% indicating steady growth each year. While retail purpose loans still dominate as a
category, the highest growth was noted in business purpose loans whose share of overall women borrowers
lending increased from 16% to 25% a ~9 percentage points increase between 2017 to 2025. Microfinance,
which is currently on its path to recovery after a decline caused by borrower over-leveraging, has grown the
slowest—at 2.9x—compared to the relatively higher growth seen in other lending segments
GROWTH IN CREDIT OUTSTANDING FOR WOMEN
BORROWERS SINCE 2017 VS 2.9X FOR OVERALL
12
*Microfinance balances reported as of Nov-25
2017 16 Lakh Cr
2022 41 Lakh Cr 7% 75% 19%
2025 76 Lakh Cr 4% 71% 25%
Growth in value since 2017 2.9X 4.5X 7.5X
7% 77% 16%
Women Borrower
Portfolio Outstanding
Value (in Lakh Crore)
as of year end
Share of
Microfinance
by Value*
Share of Retail
Purpose Loans
by Value
Share of Business
Purpose Loans by
Value
4.8X The number of women borrowers availing credit in India has increased at a compounded annual growth rate
(CAGR) of 9% between 2017 to 2025. Credit access for women increased from 19% in 2017 to 36% in 2025,
growth of 17 percentage points growing at par with overall credit access which grew 18 percentage points in
the same period. This growth reflects a significant shift in financial behaviour with more women increasingly
leveraging credit to meet personal and professional goals. Growth in women’s access to formal credit
coincides with stronger, more resilient credit outcomes at the system level—suggesting women borrowers are
contributors to, not beneficiaries of, credit expansion.
2X INCREASE IN CREDIT ACTIVE WOMEN
BORROWERS FROM 2017 TO 2025
A LOAN AT A TIME13
Key Takeaway: With ~45 crore credit-eligible women, the growth potential is significant. Strengthening
financial literacy, product awareness, and digital credit infrastructure with gender intelligent products
for women borrowers, can further accelerate credit penetration among women.
201720182019202020212022202320242025
19%
21%
24%
25%
25%
28%
33%
35%
36%
16 crore credit active
women borrowers
Credit penetration is the percentage of credit active population to the total adult women (18 to 64) population
Women borrower credit access % INSIDE THE MICROFINANCE
MOVEMENT
DIGITIZATION CREATING DEEPENING
FINANCIAL INCLUSION
WHERE SMALL LOANS SPARK
BIG CHANGE INSIDE THE MICROFINANCE MOVEMENT
The microfinance sector in India is coming out of a challenging 18 months due to contraction in credit supply
impacted by borrower overindebtedness resulting in rising NPAs
This has led to a decrease in credit active borrowers as lenders become more cautious. The share of credit
active borrowers has shifted from southern states like Tamil Nadu to Northern States like Uttar Pradesh and
Bihar in 2025.
NORTH AND NORTH-EAST REGIONS WITH SHARE SHIFT
IN CREDIT ACTIVE WOMEN BORROWERS LEAD RECENT
MICROFINANCE LENDING
15
Uttar Pradesh
Bihar
Maharashtra
Karnataka
Tamil Nadu
West Bengal
9%
11%
9%
13%
8%
8%
Uttar Pradesh
Bihar
Maharashtra
Karnataka
Tamil Nadu
West Bengal
12%
14%
9%
12%
8%
8%
2022
7.4 Cr credit active borrowers
2025*
7.3 Cr credit active borrowers
14%0%
Share of Credit Active Borrowers by State
*2025 credit active consumers
is as of Nov-25
*The India map shown is for
representation purposes only. INSIDE THE MICROFINANCE MOVEMENT
One of the key levers to expand the microfinance borrower base is to strengthen onboarding of new-to-credit
(NTC) women. However, the share of NTC women borrowers in total originations has been declining since 2023,
partly due to tighter guardrails and increased lender focus on existing borrowers. While lending to repeat
borrowers helps maintain portfolio quality, it does not expand the reach of microfinance.
WHILE NTC BORROWERS HAVE REDUCED IN RECENT PAST,
THIS STILL PROVIDES A STRONG OPPORTUNITY TO CONTINUE
EXPANSION OF FINANCIAL INCLUSION MANDATE
16
*NTC stands for New-to-Credit borrowers, those who have availed their first ever microfinance loan
ETC stands for Existing-to-Credit borrowers, those who had a microfinance loan prior to the current origination
Key Takeaway: Bringing more NTC women into formal credit is central to deepening financial inclusion. By
boosting financial literacy and expanding hybrid field-and-digital outreach, lenders can accelerate the
entry of millions of first-time women borrowers.
2025 2024 2023 2022
% Share of NTC/ETC* in Origination Volumes for Year-to-Date Nov End
% Share of Origination Volumes
NTC ETC
72% 72% 73% 76%
28% 28% 27% 24% INSIDE THE MICROFINANCE MOVEMENT
EXPANDING FROM MICROFINANCE LOANS TO
WIDER RETAIL CREDIT PRODUCTS
17
Uttar
Pradesh
11%
Rajasthan
17%
Maharashtra
21%
Karnataka
20%
Bihar
11%
West
Bengal
23%
Odisha
20%
Tamil Nadu
27%
Madhya Pradesh
15%
Above 20%
12%-20%
Belew 12%
Microfinance borrowers progress into
higher-value credit segments as they build
repayment histories and learn credit discipline,
demonstrating upward mobility and expanding
access to diversified financial products.
•Graduation Scale - 19% of active MFI
borrowers (2025) now hold an individual retail
or commercial loan, indicating expanding
access to diversified credit products.
•Top Graduating States - Tamil Nadu (27%)
and West Bengal (23%) lead in customer
graduation, reflecting stronger credit
ecosystems.
•Preferred Non-Microfinance Products -
Graduated borrowers primarily take business
loans, gold loans, personal loans, and
consumer durable loans.
0% 36%
Graduated microfinance borrowers as % of active
microfinance borrowers
*The India map shown is for representation purposes only.
Share of graduated microfinance borrowers by their non-microfinance product holding as of 2025
Business Loan
14%
Personal Loan
13%
Gold Loan
11%
Consumer Loan
9%
Two-wheeler Loan
6% FORCES FUELING A
CREDIT REVOLUTION
ACROSS INDIA
WOMEN BORROWERS TAKING RETAIL
PURPOSE LOANS TO MEET BOTH LIFESTYLE
AND PERSONAL NEEDS FORCES FUELING A CREDIT REVOLUTION ACROSS INDIA
Women borrowers’ share of overall retail loan originations has increased steadily, rising by 3 percentage points
since 2022 to reach 27% in the latest period. This consistent gain indicates a structural expansion of women’s
participation in retail credit rather than a cyclical uptick.
The shift is most visible in consumption and housing loans. In consumption credit, women’s share of
originations increased from 16% in 2022 to 19% in 2025, highlighting growing access to entry-level products
that address household and lifestyle needs. Housing* finance shows an even stronger trend, with women’s
share rising from 63% to 69% over the same period—signaling deeper involvement in long-term asset
ownership and financial decision-making.
WOMEN BORROWERS SHARE IN ALL KEY RETAIL PRODUCTS
CONTINUE TO EXPAND WITH HIGHER SHARE IN SECURED
PRODUCTS LIKE GOLD LOANS AND HOUSING LOANS
19
% Accounts
Share of Originations by Gender Year-to-Date Dec End
WOMEN
OTHERS
2022
76%
24%
2023
75%
25%
2024
74%
26%
2025
73%
27%
16% 19%
Consumption
20222025
Women Share in Product Originations
Year-to-Date Dec End
% Accounts
36%37%
Gold loan
20%22%
Vehicles
63%
69%
Housing loan*
*Includes reporting as co-applicant
Consumption includes Credit Cards, Personal Loans and Consumer Durable Loans
Vehicles includes Auto Loans, Used Car Loans and Two Wheeler Loans
Others in the Gender category includes all gender identities reported to the bureau besides women FORCES FUELING A CREDIT REVOLUTION ACROSS INDIA
RESPONSIBLE CREDIT BEHAVIOUR* OF WOMEN BORROWERS
LED TO INCREASE SHARE IN NTC ORIGINATIONS
20
New-to-credit (NTC) women borrowers represent a scalable entry cohort for retail credit, expanding the
market by bringing previously unserved households into the formal financial system. Their share has grown
steadily—rising by 10 percentage points to reach 38% in 2025 compared to 2022. Most NTC women borrowers
enter retail credit through consumption and gold loan products.
Within consumption, consumer durable loans saw the highest increase in share of NTC originations for both
women and other borrowers, growing by 7% and 10% respectively between 2022 and 2025. Gold loans also
recorded significant growth among women, with a 7 percentage points rise in NTC originations versus just
1 percentage point for other borrowers during the same period—indicating stronger uptake and reliance on this
product category by women borrowers. These product choices suggest that women are entering the formal
credit system through low-barrier, easily accessible products. They also signal that immediate personal, or
household needs often take priority as women begin their credit journey.
% Accounts
Share of New-to-Credit Originations by Gender Year-to-Date Dec End
2025 2024 2023 2022
72% 70% 65% 62%
28% 30% 35% 38%
WOMEN
OTHERS
*While reviewing Vintage delinquency
(computed at ever 90+ reported on trades
over next 12 months) for 2024 we note that
women borrower have 0.7x default
compared to overall credit originations. FORCES FUELING A CREDIT REVOLUTION ACROSS INDIA
CONSUMPTION LOANS CONTINUE TO BE PRODUCT OF FOCUS FOR
NEW ACCESS; GOLD LOANS SHOWED HIGHER INCREASE IN SHARE
FOR WOMEN NTC BORROWERS COMPARED TO OTHERS
21
Consumption includes Credit Cards, Personal Loans and Consumer Durable Loans
Vehicles includes Auto Loans, Used Car Loans and Two Wheeler Loans
All Other products (including business purpose loans) account for 27% of NTC Originations by women borrowers
All Other products (including business purpose loans) account for 15% of NTC Originations by other borrowers
Product Share of NTC Originations Year-to-Date Dec End
Women
Consumption
40%40%
Gold Loan
16%23%
Housing Loan
6% 3%
Vehicles
7%8%
% Accounts
2022 2025
Others
Consumption
55%57%
Gold Loan
13%14%
Housing Loan
1% 0%
Vehicles
13%12%
% Accounts
20222025 FORCES FUELING A CREDIT REVOLUTION ACROSS INDIA
CONTINUED MOMENTUM IN PARTICIPATION FROM YOUNGER
WOMEN BORROWERS ACROSS PRODUCT
Women Borrowers: Credit and
Demographic Features
22
Young women
Borrowers (<=35 years)
2022 2025
Across most product categories, women show a
stronger preference for NBFCs, reflecting their need
for faster processing, flexible underwriting, and lower
documentation thresholds. Gold loans are the key
exception: 44% of women’s gold loan originations
come from PSU banks, indicating trust in public
sector institutions for asset-backed borrowing and
possibly better terms.
Ticket-size patterns further highlight their
differentiated credit behaviour: women typically
secure higher sanctioned amounts than other
borrowers across product lines, signaling stronger
creditworthiness or more prudent loan utilization.
Geographically, women borrowers are predominantly
in semi-urban and rural locations. However,
consumption credit stands out: 51% of women
borrowers come from metro and urban markets. This
indicates that women’s consumption-led credit
adoption is more urban-centric, likely driven by
greater digital adoption, retail penetration, and
financial access in cities.
Key Takeaway: Younger women borrowers are
accelerating credit uptake across consumption,
gold, and vehicle loans, while staying stable in
housing. While steady in growth, housing loans
continue to be more popular as 1 in 3 young
borrowers taking a housing loan is a woman, aided
partly by specific stamp duty benefits provided by
government intervention. As young women
diversify into multiple products and grow their
financial portfolios faster lenders have a strong
opportunity to build early loyalty and drive long
term lifetime value.
Consumption
loans
15% 18%
Gold loans
36% 37%
Vehicle loans
16% 17%
Housing loans
40% 40%
Consumption includes Credit Cards, Personal Loans and
Consumer Durable Loans
Vehicles includes Auto Loans, Used Car Loans and Two Wheeler
Loans ENTREPRENEURSHIP
BEGINS HERE
RISE OF WOMEN-LED ENTERPRISES
HOW BORROWERS BECOME
BUSINESS BUILDERS ENTREPRENEUR BEGINS HERE
WOMEN ENTREPRENEURS AT THE CORE OF COMMERCIAL CREDIT;
31% CAGR OVER LAST 3 YEARS COMPARED TO 17% FOR OVERALL
COMMERCIAL CREDIT GROWTH
24
Uttar Pradesh
Bihar
Maharashtra
Karnataka
Tamil Nadu
West Bengal
8%
42%
4%
59%
3%
26%
15%
32%
9%
36%
11%
23%
Share of Credit Active Women
Business Borrowers in 2025
3-year CAGR of Credit Active
Women Business Borrowers
15%0%
Share of Credit Active Borrowers by State
Women borrowers with an active business-purpose loan have grown rapidly, recording a 31% CAGR over the
past three years—indicating rising participation of women in enterprise-led credit adoption. While southern
and western states continue to anchor volume, with Tamil Nadu accounting for 15% and Maharashtra for 11%
of such borrowers, growth momentum is increasingly shifting northwards.
States such as Bihar and Uttar Pradesh—with a combined share of 12%—have demonstrated above-average
growth, posting CAGRs of 59%, and 42% respectively. This divergence between contribution and growth
suggests a maturing base in traditionally strong markets and emerging acceleration in under-penetrated
northern states. The trend points to improving credit access, rising entrepreneurial activity among women,
and the effectiveness of digital and policy-led inclusion initiatives in newer geographies.
*The India map shown is
for representation purposes only. ENTREPRENEUR BEGINS HERE
WOMEN ENTREPRENEURS ARE INCREASINGLY GRADUATING TO
AVAILING MORE COMPLEX BUSINESS CREDIT PRODUCTS SUCH AS
CASH CREDIT AND OVERDRAFT FACILITIES
25
202320242025
1 Crore 1.4 Crore 1.6 Crore
Number of women entrepreneurs
with an active business loans as of
December (in individual capacity)
% of women entrepreneurs with an
active loan availed in the name of
business entity managed by them
29%25%27%
4.3%4.5%4.3%
% of business entity with Cash
Credit or Overdraft facility availed ENTREPRENEUR BEGINS HERE
WOMEN ENTREPRENEURS ARE INCREASINGLY GRADUATING TO
AVAILING MORE COMPLEX BUSINESS CREDIT PRODUCTS SUCH AS
CASH CREDIT AND OVERDRAFT FACILITIES
26
Post-pandemic, women entrepreneurs
experienced strong growth in credit activity and
outstanding balances. However, this momentum
has moderated in recent past stabilizing at 18%
growth in women borrowers with business loans
by Dec-25. The share of women taking loans in
the name of their business entity has also
plateaued at 27%, indicating significant
untapped potential for business-oriented
women borrowers to progress into larger and
more complex commercial lending products.
Despite this slowdown, women who do enter
commercial credit are adopting more complex
credit products such as cash credit and
overdraft facilities though the access to such
products still remains lower at ~4.3% of the
women owned business entities compared to
overall ~40%.
Key Takeaway: By leveraging digital
channels for targeted outreach, credit
education, and seamless online product
journeys, lenders can help women
entrepreneurs access more complex
commercial credit, enabling deeper
participation and long-term business
growth. ENTREPRENEUR BEGINS HERE
DIGITAL ADOPTION FUELING WOMEN BORROWERS EXPANSION
ESPECIALLY IN ACCESS TO CONSUMPTION LOANS
27
Originations by TAT between enquiry and originations
21%
3%
2022
12%
24%
39%
25%
5%
2025
10%
22%
37%
34%
43%
2022
16%
7%
0%
45%
40%
2025
11%
5%
0%
2022
46%
10%
32%
9%
3%
2025
50%
10%
29%
9%
2%
15%
3%
2025
30%
26%
27%
2022
18%
3%
28%
24%
27%
31-90 DAYS
16-30 DAYS 6-15 DAYS 1-5 DAYS SAME DAYS
Housing LoanConsumption Loan
Commercial LoanVehicles Loan ENTREPRENEUR BEGINS HERE
DIGITAL ADOPTION FUELING
WOMEN BORROWERS EXPANSION
28
Digital adoption in loan origination is compressing
turnaround times for women borrowers availing retail
purpose loans, enabling same-day and same-week (1–5
days) credit decisions at scale.
Consumption loans show the strongest acceleration, with
same-day approvals rising from 34% in 2022 to 45% in
2025—an 11-percentage-point increase that reflects the
sector’s high digital readiness and simplified underwriting.
Housing loans, however, remain concentrated in longer TAT
buckets (31–90 days) due to unavoidable steps such as
property valuation, collateral checks, and in-depth income
assessment, which are less amenable to full digitization.
In commercial lending, same week approval (0-5 days) has
increased from 24% in 2022 to 30% in 2025. Reduced TAT in
business purpose loans signals a digitally enabled lending
ecosystem—improving timely access to capital, aligning
credit with business cash-flow needs, and reflecting higher
lender confidence in standardized, data-driven
underwriting.
Key Takeaway: As digital origination deepens,
speed-to-credit is evolving from a process metric to a
structural enabler—reducing friction for women, boosting
approval confidence, and bringing more first-time
borrowers into formal credit. Continued focus on
digitization across data, onboarding, servicing, and product
design will define the next frontier of financial inclusion in
India. ENTREPRENEUR BEGINS HERE
LAST MILE DIGITIZATION WILL
SHAPE THE NEXT PHASE OF
FINANCIAL INCLUSION
29
Across women-borrower segments, growth
remains strong. Yet a substantial opportunity still
exists to expand women’s access to
credit—especially at the last mile. As the market
matures, the priority is shifting from simply
increasing outreach to enabling meaningful
participation.
At the grassroots level, many women
entrepreneurs—especially Rural Women
Nano-Entrepreneurs (RWNE)—operate in
low-income, credit-constrained environments.
While digital infrastructure has expanded access,
disparities in digital readiness, financial literacy,
and ecosystem coordination continue to shape
credit outcomes.
Understanding how these borrowers interact with:
Digital payments, Financial tools and Lending
platforms will be critical to designing more
targeted interventions.
Strengthening last-mile digital capability can:
1.Improve credit visibility
2.Enable flow-based underwriting
3.Enhance sustainable borrowing
4.Support long-term enterprise resilience
Implication: The next phase of financial inclusion
will depend not only on expanding credit
availability, but on digitally equipping women to
participate confidently and independently in the
formal financial system. TRANSFORMING DAILY DIGITAL
BEHAVIOR INTO ACTIONABLE
DATA PATHWAYS
UNDERSTANDING RURAL WOMEN
NANO-ENTREPRENEURS’ (RWNES’) DIGITAL
JOURNEYS UNDERSTANDING RURAL WOMEN
NANO-ENTREPRENEURS’(RWNES’)* DIGITAL JOURNEYS
In India’s rapidly digitizing economy, digital participation has become central to enterprises for accessing
markets, services, and finance. The lending ecosystem is becoming increasingly digital and data-driven,
accelerating loan approvals. As noted earlier, same-day consumption loan approvals rose from 34% in 2022
to 45% in 2025. Rising participation of women in formal credit markets and faster approval timelines reflect
a structurally evolving financial system.
In the current financial system, enterprises that use digital tools frequently, independently, and
consistently may leave behind digital footprints that lenders can meaningfully use to assess
creditworthiness. Each digital interaction, from social media engagement and website visits to digital
payments and e-commerce activity, generates a footprint that reflects behavioural signals relevant to
credit assessment. Digital engagement is not just a tool for efficiency but a mechanism for financial visibility.
FROM DAILY USE TO DATA TRAILS 31
Frequent,
Independent, and
Consistent Digital
Engagement
Stronger and More
Legible
Digital Footprints
Better business
outcomes and access
to finance
Stronger Capacity to
Absorb Credit Effectively
Higher demand for diverse
financial products and services
Greater Business
Visibility
Improved lenders’
Ability to Assess Risk
Higher Confidence in
Extending Credit
*Description in the definitions and notes section FRAGMENTED DIGITAL
ENGAGEMENT LIMITS
HOW RWNES BENEFIT
FROM DIGITAL
FROM DAILY USE TO DATA TRAILS 32
*This section is based on primary field research conducted with
Rural nano women entrepreneurs (RNWEs) of Kerala and Madhya
Pradesh. The analysis draws on in-depth interviews, focus group
discussions, and field observations with 161 women entrepreneurs
operating in rural and semi-rural contexts.
Digital visibility is not automatic. For women nano
entrepreneurs, who constitute the majority of
women nano and micro enterprises, digital access
does not always translate into independent,
strategic, or sustained use. While smartphones
and digital payments are widespread, deeper
engagement remains uneven. Shared devices,
assisted transactions , time poverty due to unpaid
care and household responsibilities, and
contextual constraints such as restricted mobility,
limited financial decision-making autonomy, low
awareness of digital tools, language barriers etc
shape how women interact with digital tools. What
matters, therefore, is not access alone but how
digital engagement unfolds over time.
This section examines the behavioral dynamics
that shape Rural women nano-entrepreneurs
(RWNEs) digital participation. Drawing on primary
field research, this section introduces the Digital
journey of women entrepreneurs. It reveals where
progression stalls, where risk and trust barriers
persist, and where behavioral constraints limit
deeper engagement. By identifying these friction
points, the framework helps the ecosystem to
design targeted interventions that support
women’s progression towards strategic,
empowered digital use.
Source: https://www.cgap.org/sites/default/files/publications/FN_Diverse
Paths_Finance for Women%E2%80%99s Nano and Micro Enterprises *Description in the definitions and notes section
FROM DAILY USE TO DATA TRAILS 33
DIGITAL ACCESS ISN’T DIGITAL EMPOWERMENT FOR RWNES;
TRUST SHAPES SUSTAINED ADOPTION
Based on field observations, we identified qualitative insights into RWNEs’ digital behavior, including how
they use digital tools, make decisions, and manage daily operations. These behaviors matter because they
directly shape their digital journey, influencing engagement levels, tool adoption, and responsiveness to
digital interventions
RWNEs manage daily operations
but often lack full decision-making
power over credit, procurement,
pricing, and investment, which
limits how far digital participation
translates into financial control,
visibility, and confidence.
RWNEs articulate clear business
needs, such as improving
marketing and diversifying
products. Yet they lack clarity on
how digital or AI tools can address
them, creating a translation gap
that reinforces reliance on familiar
practices.
Most RWNEs own smartphones and
use basic applications. Our study
finds that 60–70% accept digital
payments. However, engagement
remains limited to payments, with
minimal use of tools for other
business functions.
Trust shapes digital adoption
among RWNEs. They prefer tools
endorsed by peers, banks, or
government institutions, as peer
validation signals safety and
reduces fear of loss.
38% of RWNEs in Kerala report
time poverty as a key growth
barrier, indicating that the overlap
of business and household
responsibilities limits sustained
digital engagement and shifts
adoption toward quick, familiar
tools.
RWNEs show greater willingness to
adopt new digital tools when
collectives* introduce or endorse
them. Collectives reduce perceived
risk, lower the burden of
experimentation, and provide social
proof, thus drive more sustained
adoption.
*Description in the definitions and notes section FROM DAILY USE TO DATA TRAILS 34
RURAL WOMEN NANO ENTREPRENEURS’ (RWNES)
DIGITAL JOURNEY
DIGITAL ADOPTION AMONG RWNES UNFOLDS AS A NON-LINEAR
JOURNEY SHAPED BY TRUST, CONTEXT, EXPERIENCE, AND
BEHAVIORAL CHOICES AT EACH STAGE
The real lifedigital journey and
digital adoption is a
behavioral decision process
that moves from contextual
triggers to advanced usage
Field insights show that RWNEs cannot be classified simply as “digitally included” or
“excluded.”While many use smartphones, UPI, and familiar applications, their exposure to
advanced toolsremainsuneven andcontext-driven
The journey is not linear; at each stage, RWNEs make critical choices. They may continue at the
same level, progress to deeper or more independent use, revert to earlier forms of engagement,
ordiscontinueuse after negative experiences.
This digital journey reflects RWNEs lived realities and operating environment
1All rights reserved. This document is proprietary and confidential.
Editable:
Contextual
Trigger
ReverseDrop offForwardStay
Assisted usageAware nessIndependent and
routine usage
Advanced usage
23451 FROM DAILY USE TO DATA TRAILS
EACH STAGE OF THE DIGITAL JOURNEY GENERATES FOOTPRINTS
OF VARYING DEPTH AND CONTINUITY, STRENGTHENING THE
RELIABILITY OF CREDIT-RELEVANT DATA THAT SHAPES ACCESS TO
FORMAL CREDIT
35
Contextual trigger
A business or financial need arises, but digital tools addressing the need may not yet be actively considered.
1
Awareness
Exposure to a relevant digital tool through peers, family, or networks.Use is not yet certain.
2
Digital footprint: Initial interactions lead to light, exploratory traces (logins, browsing)
Assisted usage
Initial use with support from family, SHGs, or intermediaries. Assistance may reduce perceived risk
and enable initial engagement.
3
Digital footprint: Transaction or task-based traces; often inconsistent.
Digital footprint: Consistent transaction and usage data strengthen the digital record. Interruptions
or reversals can weaken data continuity.
Independent and routine usage
Regular, self-directed use of digital tools. Confidence grows through repetition.
4
Advanced usage
Strategic, multi-tool use for business growth and financial tasks.Digital tools become
embedded in operations.
5
Digital footprint: Diversified, continuous, credit-relevant data trail. Interruptions or reversals can
weaken data continuity. FROM DAILY USE TO DATA TRAILS 36
SUPPORTING WOMEN TO ADVANCE IN THEIR DIGITAL JOURNEY
FROM BASIC TO INDEPENDENT SUSTAINED USAGE WILL IMPROVE
THEIR ACCESS TO FORMAL FINANCE
Leveraging social validation and
trust networks by using peer,
bank, and institutional
endorsements will support safe
adoption from early awareness to
assisted usage
Building practical digital
capability by enabling hands-on,
use-case-driven practice with
tools, supports progression from
contextual trigger to
independent & routine usage
01
02
Strengthening agency across
business decisions will translate
digital engagement into real
control and strategic use
03
Designing digital tools that
account for RWNEs’ contextual
realities, time constraints,
overlapping responsibilities, and
risk perceptions will enable
sustained and meaningful
engagement
04
Enabling collective learning by
fostering group-based
approaches that reduce risk and
reinforce skills facilitates
progression from assisted use to
routine and advanced adoption
05 Sreevidya, Mushroom culture, Varkala/Kerala
Fresh mushrooms need quick selling, so I have begun using WhatsApp
groups and my Facebook page. I get fairly good sales through these
platforms. As I get more used to digital tools, I feel AI could help me
market better and share the health value of my produce to customers. I
also think it can keep me informed about market trends and open up ideas
for new products. Over time, I see AI supporting my financial decisions,
helping me plan savings, investments, and credit more confidently.
37
RURAL WOMEN NANO-ENTREPRENEURS
REIMAGINING DIGITAL POSSIBILITIES
DIGITAL TOOLS
HELPED ME FIND
CUSTOMERS; AI
CAN HELP ME
PLAN WHAT
COMES NEXT. Customers often came to the shop but left without purchasing when UPI payment
was not available. This became a major issue because the shop is located near an
area with a large number of migrant workers, or nearby travelers, many of whom
prefer digital payments. As a result, the shop experienced a significant reduction in
customers. I had heard of UPI apps but didn’t know how to set up a QR code. After
attending a training session locally, I learned how UPI works, including on my
phone, and how to stay safe from scams. Once I started accepting digital
payments, more customers stayed, and transactions became smoother.
I feel more confident now, and I see digital payments helping my business grow
steadily.
Pragati, Retail shop, Raisen/Madhya Pradesh
38
RURAL WOMEN NANO-ENTREPRENEURS
REIMAGINING DIGITAL POSSIBILITIES
SINCE I STARTED
ACCEPTING UPI,
MORE
CUSTOMERS STAY
AND BUY FROM
MY SHOP. I use Instagram and Pinterest to learn new designs and stitching ideas,
and to promote my work. I imagine AI helping me create and visualise
designs for different body types so customers can see what suits them
before buying. I hope it can also suggest new designs and styles that
match my customers’ tastes, making my work more relevant and exciting
for everyone.
39
Rabia, Fashion designing teacher
and garment stitching business, Nedumangad/Kerala
I WANT MY
DESIGNS TO FEEL
RELATABLE TO
EVERY
CUSTOMER.
RURAL WOMEN NANO-ENTREPRENEURS
REIMAGINING DIGITAL POSSIBILITIES RECOMMENDATIONS (1/2) 40
The evidence from rural women nano-entrepreneurs
shows that trust networks, collectives, and peer
endorsement drive sustained adoption. Financial
institutions, platforms, and government actors
must embed trust-based, collective-led digital
capability building to deepen financial visibility and
credit readiness.
With a majority of credit-eligible women still
unserved, expansion must continue through
improved risk segmentation, alternative data use,
and hybrid sourcing models; balancing inclusion with
portfolio quality.
The ecosystem must systematically integrate UPI
trails, recurring inflows, merchant activity, and
behavioral repayment patterns into flow-based
underwriting models. This is particularly critical for
nano enterprises with no formal collateral.
Strengthen data use while ensuring regular
gender-bias audits in credit models.
Digital Footprints as Productive Economic Assets
Strengthen Last-Mile Digital CapabilityExpand First-Time Access – responsibly RECOMMENDATIONS (2/2) 41
Financial institutions should embed assisted-digital,
vernacular-first, and voice-enabled models, and
integrate non-financial support, such as market
linkages and basic business tools, into enterprise
lending to strengthen credit readiness and business
sustainability. This will improve women's business
growth and credit absorption as they grow.
The next phase of inclusion should track graduation
rates, multi-product holding, working capital
uptake, and enterprise growth — measuring depth
rather than disbursement volumes alone.
Structured cross-sell pathways, bundled offers, and
milestone-based product expansion should be
institutionalized to prevent stagnation at
single-product participation.
Strengthen Inclusive Digital and
Enterprise Enablement
Shift from Access Metrics to Progression Metrics
Financial institutions should develop lifecycle-linked gender intelligent
product bundles and youth-focused credit entry pathways, particularly
for women under 35, integrating savings, credit, and digital financial
literacy. Early financial anchoring can strengthen retention, deepen
product diversification, and enhance long-term portfolio value.
Design Lifecycle-Based and Early-Entry Financial Pathways for Women 42THE ROAD AHEAD
INDIA’S FUTURE WRITTEN IN WOMEN’S SUCCESS
With credit penetration among women at 36%, the opportunity ahead is notable. Nearly two-thirds of
credit-eligible women (aged 18–64) remain unserved, representing a large untapped segment for inclusion
and growth. Even within the existing 36% who are credit active, nearly half have held only a single credit
product ever, indicating clear scope to deepen engagement and support their progression along the credit
journey. Fully realising this potential requires a clearer understanding of women borrowers’ lived
experiences, behaviours, and decision-making environments.
Building on this need, this report offers a structured view into how women entrepreneurs—particularly nano
enterprises—navigate digital tools for both business and financial purposes. Through field observations and
behavioural insights, the Digital Journey framework maps how women’s choices, constraints, and contexts
shape their digital footprints, which in turn influence business outcomes and access to credit. By
highlighting these pathways, the analysis underscores the importance of deeper research into digital
behaviour and footprint creation. Given the significant presence of women-led nano enterprises,
understanding these behavioural dynamics provides a clear pathway to unlock growth, strengthen financial
visibility, and expand meaningful credit access—ultimately advancing the role of women entrepreneurs in
India’s evolving digital economy. 43AUTHORS AND CONTRIBUTORS
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 the country.
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.
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 44AUTHORS AND CONTRIBUTORS
SONAL JAITLY
MICROSAVE CONSULTING
ANKITA BHAT
MICROSAVE CONSULTING
JEYASUNDARI. S
MICROSAVE CONSULTING
MUSKAN SINGH
MICROSAVE CONSULTING
RAHUL KOTABAGE
TRANSUNION CIBIL
ANURAG CHITTA
TRANSUNION CIBIL
PIYUSH KANT
TRANSUNION CIBIL
DINESH VALIRAMANI
TRANSUNION CIBIL 45DEFINITIONS AND NOTES
•All credit related data is sourced from TransUnion CIBIL consumer database.
•The latest month values are subject to revision as additional data get reported to the
TransUnion CIBIL credit bureau.
•Latest month Origination/disbursement values are provisional and subject to revision as
additional data gets reported.
•QoQ refers to growth rate of a month in a quarter over a similar month in the previous quarter.
As an example, June over March or April over January.
•Approval rate is calculated as the percentage of accounts which were opened within the next
90 days of the enquiry for home loans, commercial vehicle, construction equipment and
education loans; and within the next 30 days of enquiry for all other loans. Approval Rate month
is 30 – 90 days post the enquiry month.
•CreditVision (CV) score ranges are: Below prime = 300–730; Prime = 731–770; Above Prime =
771–900. Grouped together, below prime consumers constitute a CV score of ≤730 and prime
or above a CV score of ≥731.
•NTC (New to Credit) Consumers refers to those consumers who do not have a score as of
beginning of the month of the loan origination for a given calendar month. An increase in NTC%
indicates higher financial inclusion.
•Collective refers to a structured group-based platform—such as Self-Help Groups (SHGs),
producer groups, cooperatives, federations, or community-based associations
•Rural Women Nano Entrepreneurs:
•For the qualitative research, we describe Rural Women Nano Entrepreneurs as women in
rural areas who own and/or operate nano-scale enterprises:
•Typically self-employment or household-based activities, with no regularly paid workers.
•Monthly net income of up to INR 10,000, with a small number of cases in our study
marginally exceeding this level. This report is prepared by TransUnion CIBIL Limited (TU CIBIL) and MicroSave Consulting. This
report is based on collation of information, substantially, provided by credit institutions who are
members with TU CIBIL. While TU CIBIL takes reasonable care in preparing the report , TU CIBIL
shall not be responsible for errors and/or omissions caused by inaccurate or inadequate
information submitted to it by credit institutions. Further, TU CIBIL does not guarantee the
adequacy or completeness of the information in the report and/or its suitability for any specific
purpose nor is TU CIBIL responsible for any access or reliance on the report and that TU CIBIL
expressly disclaims all such liability. This report is not a recommendation for rejection / denial or
acceptance of any application nor any recommendation by TU CIBIL to (i) lend or not to lend; (ii)
enter into or not to enter into any financial transaction with the concerned individual/entity. The
user should carry out all the necessary analysis that is prudent in its opinion before making any
decisions based on the Information contained in this report. The use of the report is governed by
the provisions of the Credit Information Companies (Regulation) Act, 2005, the Credit Information
Companies Regulations, 2006, Credit Information Companies Rules, 2006. No part of this report
should be copied, circulated, published without prior approvals.
DISCLAIMER 46 NOTES 47 For more information on your CIBIL Score, CIBIL Rank or
Microfinance Score, please scan the QR code or visit
www.cibil.com
FROM BORROWERS
TO BUILDERS
Women and India’s evolving credit market FOREWORD AND EXECUTIVE SUMMARY:
SETTING THE STAGE:
INDIA’S NEW CHAPTER OF WOMEN-LED GROWTH
03
A LOAN AT A TIME:
HOW WOMEN ARE QUIETLY TRANSFORMING INDIA
09
INSIDE THE MICROFINANCE MOVEMENT:
WHERE SMALL LOANS SPARK BIG CHANGE
14
FORCES FUELING A CREDIT REVOLUTION
ACROSS INDIA
18
ENTREPRENEURSHIP BEGINS HERE:
HOW BORROWERS BECOME BUSINESS BUILDERS
23
TRANSFORMING DAILY DIGITAL BEHAVIOR INTO
ACTIONABLE DATA PATHWAYS
30
ROAD AHEAD:
INDIA’S FUTURE WRITTEN IN WOMEN’S SUCCESS
42
CONTENTS 02 Economic development advances when participation in markets
becomes broader, deeper, and more efficient. Over the past decade,
the convergence of digital public infrastructure and formal credit
systems has fundamentally altered how economic participation is
recorded, assessed, and financed.
The evidence presented in this report, “From Borrowers to Builders:
Women And India’s Evolving Credit Market”, signals how women are
increasingly shaping and benefitting from these shifts
The report highlights that women today account for 26% of total
system credit, with portfolio balances expanding nearly five-fold
since 2017. Credit penetration among women has risen steadily to
36%. More significant than scale, however, is the direction. Women
borrowers are progressively moving beyond entry-level credit
towards retail and business-purpose lending. Graduation from
microfinance into diversified credit products signals strengthening
financial capability and deeper economic integration. In business
lending, women entrepreneurs have emerged as a strong growth
cohort, with portfolio balances increasing 7.5x since 2017.
This momentum opens a larger opportunity to leverage digital
systems to strengthen financial visibility for women-led enterprises.
A significant proportion of women-led enterprises in India operates
at the nano and micro scale. While individually modest, their
collective economic footprint is substantial. Historically, limited
visibility constrained their access to formal finance. The expansion of
digital transactions is beginning to narrow this gap. The convergence
of digital systems and credit markets is reshaping incentives across
the ecosystem. For lenders, richer and more reliable data reduces
uncertainty and improves risk calibration. For entrepreneurs, greater
financial visibility expands access to appropriate and timely financing.
For the broader economy, it enhances productivity within the MSME
sector and strengthens the foundations of formal enterprise growth.
At NITI Aayog, we recognize that access to finance is a structural
enabler of women’s economic participation. Through platforms such
as the Women Entrepreneurship Platform and the Financing Women
Collaborative, we are working to strengthen ecosystem coordination.
And as India advances toward a more digitally integrated and
enterprise-driven economy, this report serves not only as a
reflection of measurable progress, but as a strategic guide for the
next phase. The focus will be on enabling progression, ensuring that
digital participation translates into sustained enterprise capability
and deeper integration into formal credit markets.
SPECIAL MESSAGE 03
NIDHI CHHIBBER
CEO, NITI AAYOG India’s financial inclusion journey has evolved from expanding access
to strengthening usage. As digital public infrastructure deepens and
financial systems become more data-driven, the contours of
inclusion are changing, from access alone to measurable economic
visibility.
Digitization is emerging as a critical enabler. Faster underwriting
cycles, expanding digital payments, and the creation of verifiable
financial trails are lowering historical barriers to formal credit for
women. Yet the qualitative insights in this report introduce an
important dimension: the digital journey of women entrepreneurs is
neither uniform nor linear. While adoption of digital payments is
widespread, the depth, independence, and continuity of digital
engagement vary considerably. Trust networks, collective
endorsement, time constraints, and decision-making autonomy
shape how digital tools are adopted and sustained in practice. Digital
access, therefore, is a necessary condition for progression to
advanced usage but not a sufficient one.
For policy, this distinction matters. Strengthening women’s
economic participation requires attention not only to credit supply,
but to the conditions that enable consistent and independent digital
engagement. When digital systems are responsive to lived realities,
they can accelerate graduation across credit segments and support
enterprise resilience.
Through the Women Entrepreneurship Platform, NITI Aayog has
sought to build precisely such ecosystem alignment, bringing
together financial institutions, CSOs, government and market actors
to ensure that women entrepreneurs are able to move from initial
access to sustained growth. The next phase of inclusion will be
defined not by how many women enter the system, but by how
steadily they progress within it. Enabling that progression will be
central to deepening India’s entrepreneurial base and sustaining
long-term economic growth.
This report is significant because it captures both the scale and the
structure of women’s credit participation, identifying both
measurable gains and structural gaps. It provides a comprehensive
understanding of how women are moving through the formal
financial systems, and guides where policy and market responses
must adapt.
SPECIAL MESSAGE 04
ANNA ROY
Programme Director, NITI Aayog and Mission Director,
Women Entrepreneurship Platform 05
Women borrowers are playing an increasingly significant role in
shaping India’s evolving credit landscape. Their participation
strengthens household and enterprise stability and contributes to
national economic growth. Access to formal credit supports
livelihoods, strengthens communities, and enables more inclusive
and sustainable development.
At TransUnion CIBIL, we have a frontrow view of this transformation.
Our consumer credit data reflects a clear structural shift. More
women are availing formal credit and they are also borrowing to
fulfil a diverse range of needs.
The number of women availing formal credit in India has grown at a
compounded annual growth rate (CAGR) of 9% between 2017 and
2025, underscoring their increasing engagement with the financial
system. Outstanding credit for women borrowers has grown 4.8
times since 2017, compared with 2.9 times for total credit, indicating
a significantly faster expansion.
In recent years, the growth of digital infrastructure has facilitated
easier onboarding, faster loan processing, and improved access to
information. This tech-enabled transformation, has led to a
sustained rise in the number of women borrowers, particularly
those seeking businesspurpose loans. Our research shows that the
number of women with an active businesspurpose loan has grown at
a 31% CAGR over the past three years.
We have also seen that sameday approvals for women in
consumption loans have climbed from 34% in 2022 to 45% in 2025,
reflecting the growing efficiency of digital-first origination.
The report, From Borrowers to Builders: Women And India’s
Evolving Credit Market, traces the journeys of women borrowers
across segments—from microfinance to retail credit to
entrepreneurial borrowing. A collaboration between NITI Aayog’s
Women Entrepreneurship Platform (WEP), MicroSave Consulting
(MSC), and TransUnion CIBIL, this report combines policy insights,
ecosystem expertise, and data-driven analysis with an aim to
strengthening credit awareness and enhance financial capability
among women.
At TransUnion CIBIL, we believe financial inclusion must evolve from
firsttime access to longterm empowerment. Through initiatives
such as Project Seher – a credit education programme, we remain
committed to strengthening credit literacy, improving awareness of
credit scores and reports, and enabling women to build and sustain
healthy credit journeys.
We hope the insights presented support policymakers and lenders
in creating a more inclusive, confident, and creditaware generation
of women across India.
BHAVESH JAIN
MD & CEO, TransUnion CIBIL
MESSAGE FROM TRANSUNION CIBIL SPECIAL MESSAGE BY SENIOR PARTNER, MSC06
India’s economic transformation is increasingly shaped by the
ambitions and resilience of its women entrepreneurs. Across rural and
urban markets alike, women are building enterprises that sustain
households, strengthen local economies, and contribute to the
country’s broader growth story. Ensuring that these entrepreneurs
are able to access and effectively use formal financial systems is
therefore central to building a more inclusive and productive
economy.
At MicroSave Consulting (MSC), our work across Asia and Africa has
consistently focused on bridging the gap between system design and
lived experiences. Through our engagements with governments,
regulators, financial institutions, and development partners, we have
seen that the journey from financial access to meaningful economic
participation is rarely linear. Structural constraints, information
asymmetries, and behavioral factors often shape how individuals
interact with financial services and whether those services ultimately
translate into opportunity.
This report reflects our commitment to grounding policy and market
discussions in practical insights. By combining large-scale credit data
with field-based perspectives, it seeks to better understand how
women borrowers navigate the formal credit ecosystem and how
those pathways can be strengthened. The analysis highlights both the
progress that has been made and the areas where deeper ecosystem
coordination, product innovation, and targeted support can further
enable women-led enterprises to thrive.
As India’s financial system becomes increasingly digital and
data-driven, the opportunity ahead is not merely to extend credit
more widely, but to design systems that enable sustained economic
mobility. Strengthening women’s participation in formal finance can
support broader development priorities, including building resilient
local economies, sustainable livelihoods and enabling communities to
adapt to emerging challenges. It will not only support enterprise
growth but also strengthen the foundations for climate-resilient and
inclusive economic development in the years ahead.
Doing so will require continued collaboration between policymakers,
financial institutions, and ecosystem actors to ensure that financial
markets evolve in ways that support the ambitions of millions of
women entrepreneurs.
AKHAND JYOTI TIWARI
Senior Partner - MicroSave Consulting (MSC) India’s growth trajectory is increasingly shaped by the expanding economic participation of women, enabled by
rapid digitization across identity, payments, underwriting, and loan servicing. Over the past decade, these
structural shifts have materially lowered entry barriers to formal credit, allowing women to transition from
informal borrowing to scalable, structured financial pathways.
As of 2025, women borrowers hold a credit portfolio of INR 76 lakh crore, accounting for 26% of total system
credit, a 4.8x increase since 2017. Credit penetration among women has risen to 36% taking the total credit
active women borrowers in the lending ecosystem to 16 crore. This report provides insights into the credit
trends and behaviours of these 16 crore women borrowers.
The increase reflects a broad-based expansion rather than growth concentrated in a narrow segment. While
industry growth has moderated in recent cycles, new-to-credit women borrowers remain a structurally
important opportunity to deepen inclusion and drive long-term portfolio expansion.
Women’s credit journeys, however, are not uniform. This report examines three distinct borrower segments:
•Microfinance borrowers, for whom small-ticket, collateral-free loans often represent the first formal credit
experience.
•Retail-purpose borrowers, accessing consumption-led credit such as gold, consumer durable, vehicle, and
housing loans.
•Women entrepreneurs, increasingly leveraging business-purpose credit to expand their enterprises.
EXECUTIVE SUMMARY 07 EXECUTIVE SUMMARY 08
In retail credit, women’s first loans remain predominantly consumption-led, with digital sourcing playing a
critical role in reducing friction and improving access. Notably, 45% of approvals in key consumption
categories now occur on the same day highlighting the impact of digitization in accelerating credit flow.
In business lending, women entrepreneurs have emerged as a strong growth cohort, with portfolio balances
increasing 7.5x since 2017. A gradual shift towards revolving credit products such as cash credit and overdraft
signals increasing financial sophistication and enterprise maturity.
This report further maps how this segment of women, particularly nano-entrepreneurs, use digital tools across
their business and financial activities. The analysis takes a qualitative, demand-side view, grounded in field
insights from rural women nano entrepreneurs.
Beyond the portfolio trends reflected in credit data, behavioral insights of rural women nano-entrepreneurs
(RWNEs) reveals shows that digital adoption is widespread among RWNEs but the depth and independent usage
vary across users. Their digital journey is not linear. Understanding this journey is important, as sustained
digital engagement improves financial visibility and can support women’s progression within the formal credit
ecosystem.
The central conclusion is clear: digitally enabled credit is no longer merely expanding access it is enabling
advancement. The next phase of opportunity lies in strengthening financial visibility, accelerating graduation
from entry-level credit to higher-value products, and supporting sustained enterprise growth. Unlocking this
pathway will not only deepen financial inclusion but also meaningfully advance women’s contribution to
India’s long-term economic growth. A LOAN AT A TIME
AN OVERVIEW OF WOMEN’S ROLE IN THE
INDIAN CREDIT ECONOMY
HOW WOMEN ARE QUIETLY
TRANSFORMING INDIA HOW INDIA’S DIGITAL RAILS ARE UNLOCKING CREDIT
FOR WOMEN ENTREPRENEURS
India’s digital public infrastructure (DPI)—Aadhaar e-KYC, UPI, and paperless document rails—has eased
onboarding and verification for first-time borrowers, helping women-led micro-businesses access formal
credit faster and with fewer in-person hurdles. Over time RBI KYC amendments enable Aadhaar-based e-KYC,
V-CIP (video KYC), DigiLocker documents, and Business Correspondent support, making customer due
diligence simpler, especially in rural and semi-urban areas
The more transformative shift, however, is the widespread
adoption of UPI and digital payments.
UPI transaction value has surged from INR 920 million in FY
2017–18 to INR 83.75 trillion in FY 2022–23, reflecting a CAGR
of 147%. In the first four months of FY 2024–25 alone,
transaction value reached INR 80.79 trillion across 55.66
billion transactions*. This scale of adoption is creating a
powerful digital footprint for millions of small businesses.
For women entrepreneurs, digital payment adoption translates into:
•Verifiable cash-flow histories
•Increased financial visibility
•Reduced information asymmetry for lenders
This shift enables flow-based underwriting, faster loan approvals, and more accurate risk
assessment—particularly for first-time borrowers who previously operated outside the formal financial
system.
As digital transactions become embedded in everyday business activity, women entrepreneurs are moving
from informal participation to measurable economic visibility. This visibility strengthens lender confidence,
improves access to better credit terms, and supports enterprise formalization. However, access gaps remain.
Many women-led micro and small enterprises continue to face awareness barriers, limited scheme uptake, and
residual credit frictions. Sustained progress will require deeper digital onboarding, targeted outreach, and
continued evolution toward data-driven underwriting models.
Overall, India’s digital rails—combined with gender intelligent credit initiatives—are expanding financial
visibility and de-risking small-ticket lending, enabling more women entrepreneurs to formalize, borrow, and
scale.
*Source: Enabling Digital Payments For Women In India Report – WWB and NPCI
A LOAN AT A TIME 10 To better understand women borrowers credit ecosystem, we have defined three major segments of
borrowers who are at different stages of credit journey
A CORE PILLAR OF CREDIT ECOSYSTEM EXPANSION
A LOAN AT A TIME 11
Microfinance
These are collateral-free loans given at lower ticket size
(typically below INR 50,000) to support women borrowers
from low-income households based on their credit needs.
These loans are given to women who are part of, joint
liability group (JLG) or self-help groups (SHG). For the
purpose of this report, we will be covering only joint
liability groups (JLG) which is a group of people (at least
3-5 members) who seek credit based on mutual guarantee,
SHGs are not included in the analysis for this report.
Retail Purpose Loans
These are retail focused individual-focused loans provided
to meet personal or household needs. They typically cover
consumption loans oriented to meet lifestyle needs and
expenses such as home purchase/improvement,
education, medical bills, travel, or purchasing consumer
goods and also larger personal expenses such when we see
loans taken for vehicles or house purchase towards
expenses. These loans can be unsecured (personal loans,
credit cards) or secured (housing loans, gold loans), come
with fixed repayments, and help borrowers manage their
short-term and long-term financial requirements.
Business Purpose Loans
Business purpose loans are credit facilities provided to
individuals, micro-entrepreneurs, or small businesses to
support income-generating activities. They are used for
working capital, inventory purchase, equipment,
expansion, or other operational needs. These loans may be
secured or unsecured, come with structured repayment
schedules, and help borrowers grow or stabilize their
enterprises. These include business loans, commercial
vehicle loans, construction equipment loans, and loan
against property. A LOAN AT A TIME
India’s Women Borrowers Credit market value has grown 4.8x since 2017 with a compounded annual growth
rate (CAGR) of 20% indicating steady growth each year. While retail purpose loans still dominate as a
category, the highest growth was noted in business purpose loans whose share of overall women borrowers
lending increased from 16% to 25% a ~9 percentage points increase between 2017 to 2025. Microfinance,
which is currently on its path to recovery after a decline caused by borrower over-leveraging, has grown the
slowest—at 2.9x—compared to the relatively higher growth seen in other lending segments
GROWTH IN CREDIT OUTSTANDING FOR WOMEN
BORROWERS SINCE 2017 VS 2.9X FOR OVERALL
12
*Microfinance balances reported as of Nov-25
2017 16 Lakh Cr
2022 41 Lakh Cr 7% 75% 19%
2025 76 Lakh Cr 4% 71% 25%
Growth in value since 2017 2.9X 4.5X 7.5X
7% 77% 16%
Women Borrower
Portfolio Outstanding
Value (in Lakh Crore)
as of year end
Share of
Microfinance
by Value*
Share of Retail
Purpose Loans
by Value
Share of Business
Purpose Loans by
Value
4.8X The number of women borrowers availing credit in India has increased at a compounded annual growth rate
(CAGR) of 9% between 2017 to 2025. Credit access for women increased from 19% in 2017 to 36% in 2025,
growth of 17 percentage points growing at par with overall credit access which grew 18 percentage points in
the same period. This growth reflects a significant shift in financial behaviour with more women increasingly
leveraging credit to meet personal and professional goals. Growth in women’s access to formal credit
coincides with stronger, more resilient credit outcomes at the system level—suggesting women borrowers are
contributors to, not beneficiaries of, credit expansion.
2X INCREASE IN CREDIT ACTIVE WOMEN
BORROWERS FROM 2017 TO 2025
A LOAN AT A TIME13
Key Takeaway: With ~45 crore credit-eligible women, the growth potential is significant. Strengthening
financial literacy, product awareness, and digital credit infrastructure with gender intelligent products
for women borrowers, can further accelerate credit penetration among women.
201720182019202020212022202320242025
19%
21%
24%
25%
25%
28%
33%
35%
36%
16 crore credit active
women borrowers
Credit penetration is the percentage of credit active population to the total adult women (18 to 64) population
Women borrower credit access % INSIDE THE MICROFINANCE
MOVEMENT
DIGITIZATION CREATING DEEPENING
FINANCIAL INCLUSION
WHERE SMALL LOANS SPARK
BIG CHANGE INSIDE THE MICROFINANCE MOVEMENT
The microfinance sector in India is coming out of a challenging 18 months due to contraction in credit supply
impacted by borrower overindebtedness resulting in rising NPAs
This has led to a decrease in credit active borrowers as lenders become more cautious. The share of credit
active borrowers has shifted from southern states like Tamil Nadu to Northern States like Uttar Pradesh and
Bihar in 2025.
NORTH AND NORTH-EAST REGIONS WITH SHARE SHIFT
IN CREDIT ACTIVE WOMEN BORROWERS LEAD RECENT
MICROFINANCE LENDING
15
Uttar Pradesh
Bihar
Maharashtra
Karnataka
Tamil Nadu
West Bengal
9%
11%
9%
13%
8%
8%
Uttar Pradesh
Bihar
Maharashtra
Karnataka
Tamil Nadu
West Bengal
12%
14%
9%
12%
8%
8%
2022
7.4 Cr credit active borrowers
2025*
7.3 Cr credit active borrowers
14%0%
Share of Credit Active Borrowers by State
*2025 credit active consumers
is as of Nov-25
*The India map shown is for
representation purposes only. INSIDE THE MICROFINANCE MOVEMENT
One of the key levers to expand the microfinance borrower base is to strengthen onboarding of new-to-credit
(NTC) women. However, the share of NTC women borrowers in total originations has been declining since 2023,
partly due to tighter guardrails and increased lender focus on existing borrowers. While lending to repeat
borrowers helps maintain portfolio quality, it does not expand the reach of microfinance.
WHILE NTC BORROWERS HAVE REDUCED IN RECENT PAST,
THIS STILL PROVIDES A STRONG OPPORTUNITY TO CONTINUE
EXPANSION OF FINANCIAL INCLUSION MANDATE
16
*NTC stands for New-to-Credit borrowers, those who have availed their first ever microfinance loan
ETC stands for Existing-to-Credit borrowers, those who had a microfinance loan prior to the current origination
Key Takeaway: Bringing more NTC women into formal credit is central to deepening financial inclusion. By
boosting financial literacy and expanding hybrid field-and-digital outreach, lenders can accelerate the
entry of millions of first-time women borrowers.
2025 2024 2023 2022
% Share of NTC/ETC* in Origination Volumes for Year-to-Date Nov End
% Share of Origination Volumes
NTC ETC
72% 72% 73% 76%
28% 28% 27% 24% INSIDE THE MICROFINANCE MOVEMENT
EXPANDING FROM MICROFINANCE LOANS TO
WIDER RETAIL CREDIT PRODUCTS
17
Uttar
Pradesh
11%
Rajasthan
17%
Maharashtra
21%
Karnataka
20%
Bihar
11%
West
Bengal
23%
Odisha
20%
Tamil Nadu
27%
Madhya Pradesh
15%
Above 20%
12%-20%
Belew 12%
Microfinance borrowers progress into
higher-value credit segments as they build
repayment histories and learn credit discipline,
demonstrating upward mobility and expanding
access to diversified financial products.
•Graduation Scale - 19% of active MFI
borrowers (2025) now hold an individual retail
or commercial loan, indicating expanding
access to diversified credit products.
•Top Graduating States - Tamil Nadu (27%)
and West Bengal (23%) lead in customer
graduation, reflecting stronger credit
ecosystems.
•Preferred Non-Microfinance Products -
Graduated borrowers primarily take business
loans, gold loans, personal loans, and
consumer durable loans.
0% 36%
Graduated microfinance borrowers as % of active
microfinance borrowers
*The India map shown is for representation purposes only.
Share of graduated microfinance borrowers by their non-microfinance product holding as of 2025
Business Loan
14%
Personal Loan
13%
Gold Loan
11%
Consumer Loan
9%
Two-wheeler Loan
6% FORCES FUELING A
CREDIT REVOLUTION
ACROSS INDIA
WOMEN BORROWERS TAKING RETAIL
PURPOSE LOANS TO MEET BOTH LIFESTYLE
AND PERSONAL NEEDS FORCES FUELING A CREDIT REVOLUTION ACROSS INDIA
Women borrowers’ share of overall retail loan originations has increased steadily, rising by 3 percentage points
since 2022 to reach 27% in the latest period. This consistent gain indicates a structural expansion of women’s
participation in retail credit rather than a cyclical uptick.
The shift is most visible in consumption and housing loans. In consumption credit, women’s share of
originations increased from 16% in 2022 to 19% in 2025, highlighting growing access to entry-level products
that address household and lifestyle needs. Housing* finance shows an even stronger trend, with women’s
share rising from 63% to 69% over the same period—signaling deeper involvement in long-term asset
ownership and financial decision-making.
WOMEN BORROWERS SHARE IN ALL KEY RETAIL PRODUCTS
CONTINUE TO EXPAND WITH HIGHER SHARE IN SECURED
PRODUCTS LIKE GOLD LOANS AND HOUSING LOANS
19
% Accounts
Share of Originations by Gender Year-to-Date Dec End
WOMEN
OTHERS
2022
76%
24%
2023
75%
25%
2024
74%
26%
2025
73%
27%
16% 19%
Consumption
20222025
Women Share in Product Originations
Year-to-Date Dec End
% Accounts
36%37%
Gold loan
20%22%
Vehicles
63%
69%
Housing loan*
*Includes reporting as co-applicant
Consumption includes Credit Cards, Personal Loans and Consumer Durable Loans
Vehicles includes Auto Loans, Used Car Loans and Two Wheeler Loans
Others in the Gender category includes all gender identities reported to the bureau besides women FORCES FUELING A CREDIT REVOLUTION ACROSS INDIA
RESPONSIBLE CREDIT BEHAVIOUR* OF WOMEN BORROWERS
LED TO INCREASE SHARE IN NTC ORIGINATIONS
20
New-to-credit (NTC) women borrowers represent a scalable entry cohort for retail credit, expanding the
market by bringing previously unserved households into the formal financial system. Their share has grown
steadily—rising by 10 percentage points to reach 38% in 2025 compared to 2022. Most NTC women borrowers
enter retail credit through consumption and gold loan products.
Within consumption, consumer durable loans saw the highest increase in share of NTC originations for both
women and other borrowers, growing by 7% and 10% respectively between 2022 and 2025. Gold loans also
recorded significant growth among women, with a 7 percentage points rise in NTC originations versus just
1 percentage point for other borrowers during the same period—indicating stronger uptake and reliance on this
product category by women borrowers. These product choices suggest that women are entering the formal
credit system through low-barrier, easily accessible products. They also signal that immediate personal, or
household needs often take priority as women begin their credit journey.
% Accounts
Share of New-to-Credit Originations by Gender Year-to-Date Dec End
2025 2024 2023 2022
72% 70% 65% 62%
28% 30% 35% 38%
WOMEN
OTHERS
*While reviewing Vintage delinquency
(computed at ever 90+ reported on trades
over next 12 months) for 2024 we note that
women borrower have 0.7x default
compared to overall credit originations. FORCES FUELING A CREDIT REVOLUTION ACROSS INDIA
CONSUMPTION LOANS CONTINUE TO BE PRODUCT OF FOCUS FOR
NEW ACCESS; GOLD LOANS SHOWED HIGHER INCREASE IN SHARE
FOR WOMEN NTC BORROWERS COMPARED TO OTHERS
21
Consumption includes Credit Cards, Personal Loans and Consumer Durable Loans
Vehicles includes Auto Loans, Used Car Loans and Two Wheeler Loans
All Other products (including business purpose loans) account for 27% of NTC Originations by women borrowers
All Other products (including business purpose loans) account for 15% of NTC Originations by other borrowers
Product Share of NTC Originations Year-to-Date Dec End
Women
Consumption
40%40%
Gold Loan
16%23%
Housing Loan
6% 3%
Vehicles
7%8%
% Accounts
2022 2025
Others
Consumption
55%57%
Gold Loan
13%14%
Housing Loan
1% 0%
Vehicles
13%12%
% Accounts
20222025 FORCES FUELING A CREDIT REVOLUTION ACROSS INDIA
CONTINUED MOMENTUM IN PARTICIPATION FROM YOUNGER
WOMEN BORROWERS ACROSS PRODUCT
Women Borrowers: Credit and
Demographic Features
22
Young women
Borrowers (<=35 years)
2022 2025
Across most product categories, women show a
stronger preference for NBFCs, reflecting their need
for faster processing, flexible underwriting, and lower
documentation thresholds. Gold loans are the key
exception: 44% of women’s gold loan originations
come from PSU banks, indicating trust in public
sector institutions for asset-backed borrowing and
possibly better terms.
Ticket-size patterns further highlight their
differentiated credit behaviour: women typically
secure higher sanctioned amounts than other
borrowers across product lines, signaling stronger
creditworthiness or more prudent loan utilization.
Geographically, women borrowers are predominantly
in semi-urban and rural locations. However,
consumption credit stands out: 51% of women
borrowers come from metro and urban markets. This
indicates that women’s consumption-led credit
adoption is more urban-centric, likely driven by
greater digital adoption, retail penetration, and
financial access in cities.
Key Takeaway: Younger women borrowers are
accelerating credit uptake across consumption,
gold, and vehicle loans, while staying stable in
housing. While steady in growth, housing loans
continue to be more popular as 1 in 3 young
borrowers taking a housing loan is a woman, aided
partly by specific stamp duty benefits provided by
government intervention. As young women
diversify into multiple products and grow their
financial portfolios faster lenders have a strong
opportunity to build early loyalty and drive long
term lifetime value.
Consumption
loans
15% 18%
Gold loans
36% 37%
Vehicle loans
16% 17%
Housing loans
40% 40%
Consumption includes Credit Cards, Personal Loans and
Consumer Durable Loans
Vehicles includes Auto Loans, Used Car Loans and Two Wheeler
Loans ENTREPRENEURSHIP
BEGINS HERE
RISE OF WOMEN-LED ENTERPRISES
HOW BORROWERS BECOME
BUSINESS BUILDERS ENTREPRENEUR BEGINS HERE
WOMEN ENTREPRENEURS AT THE CORE OF COMMERCIAL CREDIT;
31% CAGR OVER LAST 3 YEARS COMPARED TO 17% FOR OVERALL
COMMERCIAL CREDIT GROWTH
24
Uttar Pradesh
Bihar
Maharashtra
Karnataka
Tamil Nadu
West Bengal
8%
42%
4%
59%
3%
26%
15%
32%
9%
36%
11%
23%
Share of Credit Active Women
Business Borrowers in 2025
3-year CAGR of Credit Active
Women Business Borrowers
15%0%
Share of Credit Active Borrowers by State
Women borrowers with an active business-purpose loan have grown rapidly, recording a 31% CAGR over the
past three years—indicating rising participation of women in enterprise-led credit adoption. While southern
and western states continue to anchor volume, with Tamil Nadu accounting for 15% and Maharashtra for 11%
of such borrowers, growth momentum is increasingly shifting northwards.
States such as Bihar and Uttar Pradesh—with a combined share of 12%—have demonstrated above-average
growth, posting CAGRs of 59%, and 42% respectively. This divergence between contribution and growth
suggests a maturing base in traditionally strong markets and emerging acceleration in under-penetrated
northern states. The trend points to improving credit access, rising entrepreneurial activity among women,
and the effectiveness of digital and policy-led inclusion initiatives in newer geographies.
*The India map shown is
for representation purposes only. ENTREPRENEUR BEGINS HERE
WOMEN ENTREPRENEURS ARE INCREASINGLY GRADUATING TO
AVAILING MORE COMPLEX BUSINESS CREDIT PRODUCTS SUCH AS
CASH CREDIT AND OVERDRAFT FACILITIES
25
202320242025
1 Crore 1.4 Crore 1.6 Crore
Number of women entrepreneurs
with an active business loans as of
December (in individual capacity)
% of women entrepreneurs with an
active loan availed in the name of
business entity managed by them
29%25%27%
4.3%4.5%4.3%
% of business entity with Cash
Credit or Overdraft facility availed ENTREPRENEUR BEGINS HERE
WOMEN ENTREPRENEURS ARE INCREASINGLY GRADUATING TO
AVAILING MORE COMPLEX BUSINESS CREDIT PRODUCTS SUCH AS
CASH CREDIT AND OVERDRAFT FACILITIES
26
Post-pandemic, women entrepreneurs
experienced strong growth in credit activity and
outstanding balances. However, this momentum
has moderated in recent past stabilizing at 18%
growth in women borrowers with business loans
by Dec-25. The share of women taking loans in
the name of their business entity has also
plateaued at 27%, indicating significant
untapped potential for business-oriented
women borrowers to progress into larger and
more complex commercial lending products.
Despite this slowdown, women who do enter
commercial credit are adopting more complex
credit products such as cash credit and
overdraft facilities though the access to such
products still remains lower at ~4.3% of the
women owned business entities compared to
overall ~40%.
Key Takeaway: By leveraging digital
channels for targeted outreach, credit
education, and seamless online product
journeys, lenders can help women
entrepreneurs access more complex
commercial credit, enabling deeper
participation and long-term business
growth. ENTREPRENEUR BEGINS HERE
DIGITAL ADOPTION FUELING WOMEN BORROWERS EXPANSION
ESPECIALLY IN ACCESS TO CONSUMPTION LOANS
27
Originations by TAT between enquiry and originations
21%
3%
2022
12%
24%
39%
25%
5%
2025
10%
22%
37%
34%
43%
2022
16%
7%
0%
45%
40%
2025
11%
5%
0%
2022
46%
10%
32%
9%
3%
2025
50%
10%
29%
9%
2%
15%
3%
2025
30%
26%
27%
2022
18%
3%
28%
24%
27%
31-90 DAYS
16-30 DAYS 6-15 DAYS 1-5 DAYS SAME DAYS
Housing LoanConsumption Loan
Commercial LoanVehicles Loan ENTREPRENEUR BEGINS HERE
DIGITAL ADOPTION FUELING
WOMEN BORROWERS EXPANSION
28
Digital adoption in loan origination is compressing
turnaround times for women borrowers availing retail
purpose loans, enabling same-day and same-week (1–5
days) credit decisions at scale.
Consumption loans show the strongest acceleration, with
same-day approvals rising from 34% in 2022 to 45% in
2025—an 11-percentage-point increase that reflects the
sector’s high digital readiness and simplified underwriting.
Housing loans, however, remain concentrated in longer TAT
buckets (31–90 days) due to unavoidable steps such as
property valuation, collateral checks, and in-depth income
assessment, which are less amenable to full digitization.
In commercial lending, same week approval (0-5 days) has
increased from 24% in 2022 to 30% in 2025. Reduced TAT in
business purpose loans signals a digitally enabled lending
ecosystem—improving timely access to capital, aligning
credit with business cash-flow needs, and reflecting higher
lender confidence in standardized, data-driven
underwriting.
Key Takeaway: As digital origination deepens,
speed-to-credit is evolving from a process metric to a
structural enabler—reducing friction for women, boosting
approval confidence, and bringing more first-time
borrowers into formal credit. Continued focus on
digitization across data, onboarding, servicing, and product
design will define the next frontier of financial inclusion in
India. ENTREPRENEUR BEGINS HERE
LAST MILE DIGITIZATION WILL
SHAPE THE NEXT PHASE OF
FINANCIAL INCLUSION
29
Across women-borrower segments, growth
remains strong. Yet a substantial opportunity still
exists to expand women’s access to
credit—especially at the last mile. As the market
matures, the priority is shifting from simply
increasing outreach to enabling meaningful
participation.
At the grassroots level, many women
entrepreneurs—especially Rural Women
Nano-Entrepreneurs (RWNE)—operate in
low-income, credit-constrained environments.
While digital infrastructure has expanded access,
disparities in digital readiness, financial literacy,
and ecosystem coordination continue to shape
credit outcomes.
Understanding how these borrowers interact with:
Digital payments, Financial tools and Lending
platforms will be critical to designing more
targeted interventions.
Strengthening last-mile digital capability can:
1.Improve credit visibility
2.Enable flow-based underwriting
3.Enhance sustainable borrowing
4.Support long-term enterprise resilience
Implication: The next phase of financial inclusion
will depend not only on expanding credit
availability, but on digitally equipping women to
participate confidently and independently in the
formal financial system. TRANSFORMING DAILY DIGITAL
BEHAVIOR INTO ACTIONABLE
DATA PATHWAYS
UNDERSTANDING RURAL WOMEN
NANO-ENTREPRENEURS’ (RWNES’) DIGITAL
JOURNEYS UNDERSTANDING RURAL WOMEN
NANO-ENTREPRENEURS’(RWNES’)* DIGITAL JOURNEYS
In India’s rapidly digitizing economy, digital participation has become central to enterprises for accessing
markets, services, and finance. The lending ecosystem is becoming increasingly digital and data-driven,
accelerating loan approvals. As noted earlier, same-day consumption loan approvals rose from 34% in 2022
to 45% in 2025. Rising participation of women in formal credit markets and faster approval timelines reflect
a structurally evolving financial system.
In the current financial system, enterprises that use digital tools frequently, independently, and
consistently may leave behind digital footprints that lenders can meaningfully use to assess
creditworthiness. Each digital interaction, from social media engagement and website visits to digital
payments and e-commerce activity, generates a footprint that reflects behavioural signals relevant to
credit assessment. Digital engagement is not just a tool for efficiency but a mechanism for financial visibility.
FROM DAILY USE TO DATA TRAILS 31
Frequent,
Independent, and
Consistent Digital
Engagement
Stronger and More
Legible
Digital Footprints
Better business
outcomes and access
to finance
Stronger Capacity to
Absorb Credit Effectively
Higher demand for diverse
financial products and services
Greater Business
Visibility
Improved lenders’
Ability to Assess Risk
Higher Confidence in
Extending Credit
*Description in the definitions and notes section FRAGMENTED DIGITAL
ENGAGEMENT LIMITS
HOW RWNES BENEFIT
FROM DIGITAL
FROM DAILY USE TO DATA TRAILS 32
*This section is based on primary field research conducted with
Rural nano women entrepreneurs (RNWEs) of Kerala and Madhya
Pradesh. The analysis draws on in-depth interviews, focus group
discussions, and field observations with 161 women entrepreneurs
operating in rural and semi-rural contexts.
Digital visibility is not automatic. For women nano
entrepreneurs, who constitute the majority of
women nano and micro enterprises, digital access
does not always translate into independent,
strategic, or sustained use. While smartphones
and digital payments are widespread, deeper
engagement remains uneven. Shared devices,
assisted transactions , time poverty due to unpaid
care and household responsibilities, and
contextual constraints such as restricted mobility,
limited financial decision-making autonomy, low
awareness of digital tools, language barriers etc
shape how women interact with digital tools. What
matters, therefore, is not access alone but how
digital engagement unfolds over time.
This section examines the behavioral dynamics
that shape Rural women nano-entrepreneurs
(RWNEs) digital participation. Drawing on primary
field research, this section introduces the Digital
journey of women entrepreneurs. It reveals where
progression stalls, where risk and trust barriers
persist, and where behavioral constraints limit
deeper engagement. By identifying these friction
points, the framework helps the ecosystem to
design targeted interventions that support
women’s progression towards strategic,
empowered digital use.
Source: https://www.cgap.org/sites/default/files/publications/FN_Diverse
Paths_Finance for Women%E2%80%99s Nano and Micro Enterprises *Description in the definitions and notes section
FROM DAILY USE TO DATA TRAILS 33
DIGITAL ACCESS ISN’T DIGITAL EMPOWERMENT FOR RWNES;
TRUST SHAPES SUSTAINED ADOPTION
Based on field observations, we identified qualitative insights into RWNEs’ digital behavior, including how
they use digital tools, make decisions, and manage daily operations. These behaviors matter because they
directly shape their digital journey, influencing engagement levels, tool adoption, and responsiveness to
digital interventions
RWNEs manage daily operations
but often lack full decision-making
power over credit, procurement,
pricing, and investment, which
limits how far digital participation
translates into financial control,
visibility, and confidence.
RWNEs articulate clear business
needs, such as improving
marketing and diversifying
products. Yet they lack clarity on
how digital or AI tools can address
them, creating a translation gap
that reinforces reliance on familiar
practices.
Most RWNEs own smartphones and
use basic applications. Our study
finds that 60–70% accept digital
payments. However, engagement
remains limited to payments, with
minimal use of tools for other
business functions.
Trust shapes digital adoption
among RWNEs. They prefer tools
endorsed by peers, banks, or
government institutions, as peer
validation signals safety and
reduces fear of loss.
38% of RWNEs in Kerala report
time poverty as a key growth
barrier, indicating that the overlap
of business and household
responsibilities limits sustained
digital engagement and shifts
adoption toward quick, familiar
tools.
RWNEs show greater willingness to
adopt new digital tools when
collectives* introduce or endorse
them. Collectives reduce perceived
risk, lower the burden of
experimentation, and provide social
proof, thus drive more sustained
adoption.
*Description in the definitions and notes section FROM DAILY USE TO DATA TRAILS 34
RURAL WOMEN NANO ENTREPRENEURS’ (RWNES)
DIGITAL JOURNEY
DIGITAL ADOPTION AMONG RWNES UNFOLDS AS A NON-LINEAR
JOURNEY SHAPED BY TRUST, CONTEXT, EXPERIENCE, AND
BEHAVIORAL CHOICES AT EACH STAGE
The real lifedigital journey and
digital adoption is a
behavioral decision process
that moves from contextual
triggers to advanced usage
Field insights show that RWNEs cannot be classified simply as “digitally included” or
“excluded.”While many use smartphones, UPI, and familiar applications, their exposure to
advanced toolsremainsuneven andcontext-driven
The journey is not linear; at each stage, RWNEs make critical choices. They may continue at the
same level, progress to deeper or more independent use, revert to earlier forms of engagement,
ordiscontinueuse after negative experiences.
This digital journey reflects RWNEs lived realities and operating environment
1All rights reserved. This document is proprietary and confidential.
Editable:
Contextual
Trigger
ReverseDrop offForwardStay
Assisted usageAware nessIndependent and
routine usage
Advanced usage
23451 FROM DAILY USE TO DATA TRAILS
EACH STAGE OF THE DIGITAL JOURNEY GENERATES FOOTPRINTS
OF VARYING DEPTH AND CONTINUITY, STRENGTHENING THE
RELIABILITY OF CREDIT-RELEVANT DATA THAT SHAPES ACCESS TO
FORMAL CREDIT
35
Contextual trigger
A business or financial need arises, but digital tools addressing the need may not yet be actively considered.
1
Awareness
Exposure to a relevant digital tool through peers, family, or networks.Use is not yet certain.
2
Digital footprint: Initial interactions lead to light, exploratory traces (logins, browsing)
Assisted usage
Initial use with support from family, SHGs, or intermediaries. Assistance may reduce perceived risk
and enable initial engagement.
3
Digital footprint: Transaction or task-based traces; often inconsistent.
Digital footprint: Consistent transaction and usage data strengthen the digital record. Interruptions
or reversals can weaken data continuity.
Independent and routine usage
Regular, self-directed use of digital tools. Confidence grows through repetition.
4
Advanced usage
Strategic, multi-tool use for business growth and financial tasks.Digital tools become
embedded in operations.
5
Digital footprint: Diversified, continuous, credit-relevant data trail. Interruptions or reversals can
weaken data continuity. FROM DAILY USE TO DATA TRAILS 36
SUPPORTING WOMEN TO ADVANCE IN THEIR DIGITAL JOURNEY
FROM BASIC TO INDEPENDENT SUSTAINED USAGE WILL IMPROVE
THEIR ACCESS TO FORMAL FINANCE
Leveraging social validation and
trust networks by using peer,
bank, and institutional
endorsements will support safe
adoption from early awareness to
assisted usage
Building practical digital
capability by enabling hands-on,
use-case-driven practice with
tools, supports progression from
contextual trigger to
independent & routine usage
01
02
Strengthening agency across
business decisions will translate
digital engagement into real
control and strategic use
03
Designing digital tools that
account for RWNEs’ contextual
realities, time constraints,
overlapping responsibilities, and
risk perceptions will enable
sustained and meaningful
engagement
04
Enabling collective learning by
fostering group-based
approaches that reduce risk and
reinforce skills facilitates
progression from assisted use to
routine and advanced adoption
05 Sreevidya, Mushroom culture, Varkala/Kerala
Fresh mushrooms need quick selling, so I have begun using WhatsApp
groups and my Facebook page. I get fairly good sales through these
platforms. As I get more used to digital tools, I feel AI could help me
market better and share the health value of my produce to customers. I
also think it can keep me informed about market trends and open up ideas
for new products. Over time, I see AI supporting my financial decisions,
helping me plan savings, investments, and credit more confidently.
37
RURAL WOMEN NANO-ENTREPRENEURS
REIMAGINING DIGITAL POSSIBILITIES
DIGITAL TOOLS
HELPED ME FIND
CUSTOMERS; AI
CAN HELP ME
PLAN WHAT
COMES NEXT. Customers often came to the shop but left without purchasing when UPI payment
was not available. This became a major issue because the shop is located near an
area with a large number of migrant workers, or nearby travelers, many of whom
prefer digital payments. As a result, the shop experienced a significant reduction in
customers. I had heard of UPI apps but didn’t know how to set up a QR code. After
attending a training session locally, I learned how UPI works, including on my
phone, and how to stay safe from scams. Once I started accepting digital
payments, more customers stayed, and transactions became smoother.
I feel more confident now, and I see digital payments helping my business grow
steadily.
Pragati, Retail shop, Raisen/Madhya Pradesh
38
RURAL WOMEN NANO-ENTREPRENEURS
REIMAGINING DIGITAL POSSIBILITIES
SINCE I STARTED
ACCEPTING UPI,
MORE
CUSTOMERS STAY
AND BUY FROM
MY SHOP. I use Instagram and Pinterest to learn new designs and stitching ideas,
and to promote my work. I imagine AI helping me create and visualise
designs for different body types so customers can see what suits them
before buying. I hope it can also suggest new designs and styles that
match my customers’ tastes, making my work more relevant and exciting
for everyone.
39
Rabia, Fashion designing teacher
and garment stitching business, Nedumangad/Kerala
I WANT MY
DESIGNS TO FEEL
RELATABLE TO
EVERY
CUSTOMER.
RURAL WOMEN NANO-ENTREPRENEURS
REIMAGINING DIGITAL POSSIBILITIES RECOMMENDATIONS (1/2) 40
The evidence from rural women nano-entrepreneurs
shows that trust networks, collectives, and peer
endorsement drive sustained adoption. Financial
institutions, platforms, and government actors
must embed trust-based, collective-led digital
capability building to deepen financial visibility and
credit readiness.
With a majority of credit-eligible women still
unserved, expansion must continue through
improved risk segmentation, alternative data use,
and hybrid sourcing models; balancing inclusion with
portfolio quality.
The ecosystem must systematically integrate UPI
trails, recurring inflows, merchant activity, and
behavioral repayment patterns into flow-based
underwriting models. This is particularly critical for
nano enterprises with no formal collateral.
Strengthen data use while ensuring regular
gender-bias audits in credit models.
Digital Footprints as Productive Economic Assets
Strengthen Last-Mile Digital CapabilityExpand First-Time Access – responsibly RECOMMENDATIONS (2/2) 41
Financial institutions should embed assisted-digital,
vernacular-first, and voice-enabled models, and
integrate non-financial support, such as market
linkages and basic business tools, into enterprise
lending to strengthen credit readiness and business
sustainability. This will improve women's business
growth and credit absorption as they grow.
The next phase of inclusion should track graduation
rates, multi-product holding, working capital
uptake, and enterprise growth — measuring depth
rather than disbursement volumes alone.
Structured cross-sell pathways, bundled offers, and
milestone-based product expansion should be
institutionalized to prevent stagnation at
single-product participation.
Strengthen Inclusive Digital and
Enterprise Enablement
Shift from Access Metrics to Progression Metrics
Financial institutions should develop lifecycle-linked gender intelligent
product bundles and youth-focused credit entry pathways, particularly
for women under 35, integrating savings, credit, and digital financial
literacy. Early financial anchoring can strengthen retention, deepen
product diversification, and enhance long-term portfolio value.
Design Lifecycle-Based and Early-Entry Financial Pathways for Women 42THE ROAD AHEAD
INDIA’S FUTURE WRITTEN IN WOMEN’S SUCCESS
With credit penetration among women at 36%, the opportunity ahead is notable. Nearly two-thirds of
credit-eligible women (aged 18–64) remain unserved, representing a large untapped segment for inclusion
and growth. Even within the existing 36% who are credit active, nearly half have held only a single credit
product ever, indicating clear scope to deepen engagement and support their progression along the credit
journey. Fully realising this potential requires a clearer understanding of women borrowers’ lived
experiences, behaviours, and decision-making environments.
Building on this need, this report offers a structured view into how women entrepreneurs—particularly nano
enterprises—navigate digital tools for both business and financial purposes. Through field observations and
behavioural insights, the Digital Journey framework maps how women’s choices, constraints, and contexts
shape their digital footprints, which in turn influence business outcomes and access to credit. By
highlighting these pathways, the analysis underscores the importance of deeper research into digital
behaviour and footprint creation. Given the significant presence of women-led nano enterprises,
understanding these behavioural dynamics provides a clear pathway to unlock growth, strengthen financial
visibility, and expand meaningful credit access—ultimately advancing the role of women entrepreneurs in
India’s evolving digital economy. 43AUTHORS AND CONTRIBUTORS
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 the country.
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.
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 44AUTHORS AND CONTRIBUTORS
SONAL JAITLY
MICROSAVE CONSULTING
ANKITA BHAT
MICROSAVE CONSULTING
JEYASUNDARI. S
MICROSAVE CONSULTING
MUSKAN SINGH
MICROSAVE CONSULTING
RAHUL KOTABAGE
TRANSUNION CIBIL
ANURAG CHITTA
TRANSUNION CIBIL
PIYUSH KANT
TRANSUNION CIBIL
DINESH VALIRAMANI
TRANSUNION CIBIL 45DEFINITIONS AND NOTES
•All credit related data is sourced from TransUnion CIBIL consumer database.
•The latest month values are subject to revision as additional data get reported to the
TransUnion CIBIL credit bureau.
•Latest month Origination/disbursement values are provisional and subject to revision as
additional data gets reported.
•QoQ refers to growth rate of a month in a quarter over a similar month in the previous quarter.
As an example, June over March or April over January.
•Approval rate is calculated as the percentage of accounts which were opened within the next
90 days of the enquiry for home loans, commercial vehicle, construction equipment and
education loans; and within the next 30 days of enquiry for all other loans. Approval Rate month
is 30 – 90 days post the enquiry month.
•CreditVision (CV) score ranges are: Below prime = 300–730; Prime = 731–770; Above Prime =
771–900. Grouped together, below prime consumers constitute a CV score of ≤730 and prime
or above a CV score of ≥731.
•NTC (New to Credit) Consumers refers to those consumers who do not have a score as of
beginning of the month of the loan origination for a given calendar month. An increase in NTC%
indicates higher financial inclusion.
•Collective refers to a structured group-based platform—such as Self-Help Groups (SHGs),
producer groups, cooperatives, federations, or community-based associations
•Rural Women Nano Entrepreneurs:
•For the qualitative research, we describe Rural Women Nano Entrepreneurs as women in
rural areas who own and/or operate nano-scale enterprises:
•Typically self-employment or household-based activities, with no regularly paid workers.
•Monthly net income of up to INR 10,000, with a small number of cases in our study
marginally exceeding this level. This report is prepared by TransUnion CIBIL Limited (TU CIBIL) and MicroSave Consulting. This
report is based on collation of information, substantially, provided by credit institutions who are
members with TU CIBIL. While TU CIBIL takes reasonable care in preparing the report , TU CIBIL
shall not be responsible for errors and/or omissions caused by inaccurate or inadequate
information submitted to it by credit institutions. Further, TU CIBIL does not guarantee the
adequacy or completeness of the information in the report and/or its suitability for any specific
purpose nor is TU CIBIL responsible for any access or reliance on the report and that TU CIBIL
expressly disclaims all such liability. This report is not a recommendation for rejection / denial or
acceptance of any application nor any recommendation by TU CIBIL to (i) lend or not to lend; (ii)
enter into or not to enter into any financial transaction with the concerned individual/entity. The
user should carry out all the necessary analysis that is prudent in its opinion before making any
decisions based on the Information contained in this report. The use of the report is governed by
the provisions of the Credit Information Companies (Regulation) Act, 2005, the Credit Information
Companies Regulations, 2006, Credit Information Companies Rules, 2006. No part of this report
should be copied, circulated, published without prior approvals.
DISCLAIMER 46 NOTES 47 For more information on your CIBIL Score, CIBIL Rank or
Microfinance Score, please scan the QR code or visit
www.cibil.com