TransUnion CIBIL, WEP, and MSC Report Highlights 42% Growth in Women Borrowers Monitoring Credit Health

Varahi media.com online news,Mumbai, March 5, 2025: The number of women in India actively monitoring their credit health has seen significant growth, reflecting a shift towards financial awareness and empowerment. According to the latest annual report titled “From Borrowers to Builders: Women’s Role in India’s Financial Growth Story,” published by TransUnion CIBIL in collaboration with NITI Aayog’s Women Entrepreneurship Platform (WEP) and MicroSave Consulting (MSC), the number of women actively tracking their credit scores increased by 42% year-over-year.

As of December 2024, 27 million women borrowers in India were self-monitoring their credit, compared to approximately 19 million in December 2023. This surge underscores the growing recognition of credit health as a critical aspect of financial empowerment.

Younger Women Leading the Credit Awareness Movement

With increasing workforce participation and entrepreneurship among women, access to formal credit has become crucial for career advancement and business growth. The report highlights that younger women, particularly from Gen Z and Millennial demographics, are leading this change:

• Gen Z women self-monitoring their credit increased by 56% YoY, accounting for 22% of the total self-monitoring women population in 2024.
• Millennial women saw a 38% YoY increase, making up 52% of the total self-monitoring women population.
• Overall, the share of Gen Z women borrowers in the self-monitoring population rose to 27.1% in December 2024, up from 24.9% in 2023.

Encouraging Women’s Entrepreneurship and Financial Inclusion

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Anna Roy, Principal Economic Advisor at NITI Aayog and Mission Director of WEP, emphasized the importance of fostering women’s entrepreneurship to drive employment and equitable economic growth. She stated: “Encouraging women entrepreneurship can create employment opportunities for 150 to 170 million people while increasing women’s participation in the workforce.”

B.V.R. Subrahmanyam, CEO of NITI Aayog, stressed the significance of financial accessibility, stating: “Ensuring equitable financial access requires collective efforts from financial institutions and policymakers. Through the Financing Women Collaborative (FWC) under WEP, we aim to build an inclusive ecosystem offering financial literacy, credit access, mentorship, and market linkages.”

Credit Monitoring Fuels Improved Financial Decisions

TransUnion CIBIL’s MD & CEO, Bhavesh Jain, highlighted the critical role of credit self-monitoring, noting that women borrowers who actively track their credit:

• Are 13.49% more likely to open a loan account within a month of monitoring.
• 44% of self-monitoring women borrowers improved their credit scores within six months.
• Among those with 90+ days past due (DPD) credit, 17.45% reduced delinquency within six months, while 11.37% transitioned to standard borrowers.

Shifting Trends in Women’s Credit Preferences

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The report indicates a 22% CAGR in women availing credit from 2019 to 2024. While consumption loans remain the most preferred, there is a growing inclination towards business loans:

• Business loan accounts grew by over four times since 2019, reaching 37 lakh new accounts with disbursements totaling ₹1.9 lakh crore in 2024.
• 16% of women borrowers in 2024 held a live business loan, compared to 9% in 2019.
• Agri and gold loans were held by 34% of women borrowers in 2024, up from 32% in 2019.

Regional Growth in Credit Awareness

The report also highlights the geographic distribution of self-monitoring women borrowers:

• Southern states recorded the highest number, with 10.2 million self-monitoring women, growing by 46% YoY.
• Top five states with the highest number of self-monitoring women: Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh, and Telangana, collectively accounting for 49% of all self-monitoring women borrowers.
• Women in non-metro areas are increasingly self-monitoring credit, with 48% YoY growth, compared to 30% YoY growth in metro regions.

The Need for Women-Centric Financial Products

Despite improvements in credit awareness, women borrowers still face challenges such as credit aversion, limited access to financial products, and structural barriers like collateral constraints.

Bhushan Padkil, Senior Vice President and Head of Direct-To-Consumer Business at TransUnion CIBIL, emphasized: “Lenders can identify and support credit-ready women borrowers while also assisting those facing repayment difficulties, fostering long-term trust-based relationships.”

With increasing financial literacy and improved credit scores, there is an opportunity for financial institutions to design gender-intelligent financial products tailored to women’s unique business and personal needs, further driving financial inclusion and economic growth.

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