TransUnion Civil, a credit rating agency that handles the credit details of around 60 crore people in India, has recently released a report. It states:-
Female borrowers lead the way with a credit score of 57 percent, followed by men with a credit score of 51 percent.
Retail loans are generally considered to be the safest by lending institutions. Because it is mostly secured against assets like house. Consumer goods personal loans are on the rise among women.
Now a large number of women are working and financially independent and are seeking loan opportunities to fulfill their life goals and aspirations. Apart from this, across all sectors, women seeking business loans have increased by 32 per cent.
At present, overall, the ratio of women borrowers is 28 percent. The rate of women taking new loans is 34 percent. Of the 45.4 crore women above the age of 18 in India, only 6.3 crore are women borrowers.
A study on New Borrowers (NTC) in 2022 found that women borrowers have taken more agricultural loans and consumer goods loans. In 2022 alone, 8.06 crore women have applied for loans. Of this, 7.27 crore people were given loans in the same year.
About one-fourth of the loans disbursed are consumer loans. And overall dues for women are Rs. 16 lakh crore. This is 19 percent or almost one-fifth of the total loans.
Tamil Nadu has the highest number of women borrowers in the country, i.e. 91 lakh 70 thousand. At the same time, the number of women borrowers in West Bengal is increasing.