TransUnion CIBIL, a credit data firm, has released a report on debt repayment that shows women in India are more conscientious than men when it comes to repaying loans taken from banks or NBFCs. This report comes just before International Women's Day, celebrated annually on March 8th. The findings suggest that the increasing number of loans given to women over the past five years can be attributed to their more honest repayment behavior.
According to TransUnion CIBIL, the number of women borrowers in India has grown at an annual rate of 15 percent over the past five years, compared to 11 percent for men. In 2017, 25 percent of borrowers were women, while this number has increased to 28 percent in 2022. These statistics indicate that women are increasingly becoming a part of financial inclusion in India, and that there is a significant potential for lending to women.
Currently, India's estimated population of 1.4 billion includes around 454 million adult women. Out of these, about 6.3 crore women have taken loans, as per the statistics until 2022. Credit access for women was 7 percent in 2017, which has increased to 14 percent in 2022. These figures suggest that there is still a long way to go in terms of financial inclusion for women in India, but the progress made so far is encouraging.
Harshala Chandorkar, the Chief Operating Officer of TransUnion CIBIL, believes that the increase in the number of women borrowers is a positive sign for the financial inclusion of the government. She also suggests that offering loans tailored to women across different socio-economic categories, age groups, and geographies will help them fulfill their aspirations. This will not only benefit women but also traditionally underserved sectors.
TransUnion CIBIL report highlights the positive trend of increasing financial inclusion of women in India's credit market. While there is still room for improvement, the findings suggest that women are more honest in repaying their loans and that providing women-friendly loan options can help fulfill their aspirations and promote economic growth.
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