New Delhi, March 7 (IANS) Women in India are taking charge of their financial futures like never before, with a 45 per cent year-on-year (YoY) increase in women borrowers since 2022, multiple reports have revealed.
A report by fintech platform mPokket showed a significant rise in female borrowers as in 2024 alone, loans worth Rs 4.8 lakh crore were taken by them.
Healthcare remains a top priority for women, with 33.5 per cent of borrowers using loans to cover medical emergencies.
Many women also turn to credit for education, with 20.6 per cent seeking financial assistance for skill development and learning.
Entrepreneurship is another key driver, with 17.4 per cent of women borrowing for business purposes.
The entrepreneurial spirit is particularly strong in East India, where 25 per cent of women borrowers are using credit to fund their businesses.
Another report by CRIF High Mark also showed that women have taken the lead over men in loan growth and repayment discipline in 2024.
The number of active women borrowers grew by 10.8 per cent in 2024, reaching 8.3 crore by December.
This growth rate was significantly higher than the 6.5 per cent increase recorded for men, the report added.
Additionally, they showed better repayment behavior in consumer durable loans, unlike their male counterparts.
The report noted that government banks were particularly supportive of lending to women in 2024.
The total outstanding loan portfolio of women borrowers rose by 18 per cent to Rs 36.5 lakh crore by the end of the year.
However, their overall share in the total number of borrowers remained stable at around 24 per cent.
A recent report by NITI Aayog revealed that at least 27 million women in India are seeking credit to run their businesses and are actively tracking their credit scores, highlighting a significant rise in financial awareness.
As of December 2024, the number of women monitoring their credit had surged by 42 per cent compared to the previous year.
–IANS
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