Key Points
- Women hold ₹76 lakh crore in credit, 26 per cent of India's total system credit
- Credit to women business borrowers grew 31 per cent annually from 2022 to 2025
- Credit-active women rose from 19 per cent in 2017 to 36 per cent in 2025
Women borrowers in India now hold a credit portfolio of ₹76 lakh crore, accounting for 26 per cent of total system credit, according to a NITI Aayog report released on Wednesday.
The report, titled From Borrowers to Builders: Women and India’s Evolving Credit Market, found that women’s total credit outstanding expanded 4.8 times from ₹16 lakh crore in 2017 to ₹76 lakh crore in 2025. The findings point to a sharp rise in women’s participation in formal lending beyond entry-level loans.
NITI Aayog published the second edition of the report in collaboration with the Women Entrepreneurship Platform (WEP), TransUnion CIBIL and MicroSave Consulting. The study draws on longitudinal credit bureau data covering approximately 16 crore credit-active women.
Credit penetration among women, which measures the share of women with access to formal credit, increased from 19 per cent in December 2017 to 36 per cent in December 2025, the report said. The number of credit-active women borrowers grew at a compounded annual growth rate of 9 per cent, meaning the figure increased by an average of 9 per cent each year over the period.
The geographical spread of women’s credit access is widening, the report noted. Northern states such as Bihar and Uttar Pradesh have registered increased growth alongside southern and western states, indicating that formal credit is reaching women across more regions.
Personal and gold loans remain the most accessed products among women borrowers. Housing loans are also seeing encouraging growth, which the report said indicates rising asset ownership among women.
Business credit grows faster than overall lending
Growth has been driven particularly by commercial credit. Credit to women business borrowers registered a compounded annual growth rate of 31 per cent between 2022 and 2025, compared with 17 per cent for overall commercial credit during the same period.
The report also noted a gradual transition among microfinance borrowers. Nineteen per cent of active Microfinance Institution borrowers now hold individual retail and commercial loans, suggesting that women are moving from group-based microfinance to individual credit products.
“The convergence of digital public infrastructure and formal credit systems has changed how economic participation is recorded and financed,” NITI Aayog CEO Nidhi Chhibber said. She added that women borrowers are increasingly moving towards retail and business-purpose lending.
Sustaining momentum remains key challenge
Anna Roy, Mission Director of WEP, said the scale and diversification of women’s participation in formal credit reflects a meaningful shift. “Sustaining the momentum will require a stronger enabling environment so that rising access translates into more resilient enterprises and deeper economic contribution,” Roy said.
The study supplemented credit bureau data with primary research involving 161 rural women nano-entrepreneurs, who run very small businesses often from their homes. It also incorporated microfinance data for a more comprehensive assessment of women’s access and progression within the credit system.
The report follows the first edition published by NITI Aayog and its partners, which established baseline data on women’s credit participation.
Your Questions, Answered
What is the total credit portfolio held by women borrowers in India?
Women borrowers in India hold a credit portfolio of ₹76 lakh crore as of 2025, according to a NITI Aayog report. This accounts for 26 per cent of total system credit and represents a 4.8 times increase from ₹16 lakh crore in 2017.
How fast is credit to women business borrowers growing in India?
Credit to women business borrowers registered a compounded annual growth rate of 31 per cent between 2022 and 2025. This is nearly double the 17 per cent growth rate for overall commercial credit during the same period.
What percentage of women in India now have access to formal credit?
Credit penetration among women increased from 19 per cent in December 2017 to 36 per cent in December 2025. The number of credit-active women borrowers grew at a compounded annual growth rate of 9 per cent over this period.
Which credit products do women borrowers in India access most?
Personal and gold loans remain the most accessed credit products among women borrowers in India. Housing loans are also seeing encouraging growth, indicating rising asset ownership among women, according to the NITI Aayog report.
