Personal Loans by Women Borrowers Grew 52 PC in 2023

Chennai: While the number of active personal loans availed by women borrowers grew by 52 per cent in calendar year 2023, business loans dipped 19 per cent.

Active personal loans by women borrowers grew 52 per cent from 891.4 lakh at the end of 2022 to 1,268.8 lakh by December 2023. At the same time, business loans registered a decline of 19 per cent from 435.3 lakh in 2022 to 369.4 lakh in 2023. However, gold loans, which has the highest share of women borrowers at 43 per cent saw a 5 per cent growth to 698.4 lakh, as per the data of CRIF High Mark.

The number of women borrowers with active loans stood at 7.83 crore as of December 2023, increasing from 6.65 crore as of December 2022 with a year-on-year growth of 17.8 per cent.

Women’s share in the overall retail portfolio remained stable at 26 per cent as of December 2023 even as the overall retail portfolio grew by 17 per cent to Rs 117.36 lakh crore from Rs 100.29 lakh crore in December 2022.

The portfolio outstanding of women borrowers grew to Rs 30.95 lakh crore from Rs 26 lakh crore in December 2022, registering a faster growth of 19 per cent.

As of December 2023, the share of portfolio outstanding of women borrowers in retail loans saw higher contribution from gold loans at 44 per cent, education loan 36 per cent, home loan 33 per cent and loan against property 30 per cent. The average ticket size of loans given to women borrowers increased across all major retail loan products in 2023 against 2022, except personal loan and agri, tractor loan.

Maharashtra topped the chart of states with highest women borrowers in home loan, business loan, property loan, auto loan, credit card loan, education loan and consumer durable loan. Tamil Nadu topped in two-wheeler loan, gold loan and personal loan. Andhra Pradesh topped in agri and tractor loans.