Loan women
The number of women taking loans in India has increased at an annual rate of 22% in the last five years, most of which are from towns and rural areas. This information was given in a report on Monday. According to the report, a large part of the women’s loan was to meet the demand for consumption and comparatively less loans for business. The Chief Executive Officer (CEO) of NITI Aayog, BVR Subramaniam released this report titled ‘Role in Financial Growth Story in India’. The report has been published by Transian CIBIL, NITI Aayog’s Women’s Entrepreneurship Forum (WEP) and MicroSev Consulting (MSC).
Women are taking loans for business
According to a statement, the number of women taking loans in India increased at a compound rate of 22 percent between 2019 and 2024. While the consumption loan remains a favorite product taken by women borrowers, now more women are also taking business loans. ”The report says that in 2024 women took only three percent loans for finance of businesses, while 42 percent loans were taken for personal finance products such as personal loans, consumer durables, home ownership and 38 percent loans in lieu of gold. According to the report, the number of loan accounts opened with the intention of trading since 2019 has increased by 4.6 times but these loans are only three percent of the total loans taken by women in 2024. Government Research Institute NITI Aayog said in a statement that more women in India are trying to take loans and are actively monitoring their credit scores.
60% women from towns and rural areas
As of December 2024, around 2.7 crore women were monitoring their debt which reflects their growing financial awareness. The report said that 60 percent of the female borrowers were from towns and rural areas. Manoj Kumar Sharma, managing director of MSc, said, “It outlines a deep financial impression beyond the metros. Along with this, the younger generation of women is also a pioneer in the supervision of their debt. On this occasion, Subramaniam said that the government believes that there is a basic competence for women entrepreneurship access to finance. Subramaniam said, “collective efforts are needed to ensure equal financial access.
Government emphasis on financial inclusion
The role of financial institutions in designing inclusive products to suit the needs of women, as well as policy initiative to remove structural obstacles, will help in increasing this pace.
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