Borrowers to builders: A comprehensive analysis of women’s participation in the retail credit market, India

• Jul 30, 2025
• 1 min

MSC collaborated with NITI Aayog and TransUnion CIBIL to explore women’s participation in India’s retail credit market and shape inclusive financial strategies. The project sought to highlight trends in credit uptake, product preferences, and the growing financial agency among women.

MSC conducted rigorous market research using credit bureau data and secondary sources to analyze borrower segments, identify systemic barriers, and map emerging credit behaviors. We complemented this with qualitative insights to understand demand-side realities and challenges faced by women-led enterprises.

The study found a 22% CAGR in women who seek credit since 2019, with 60% of borrowers from semi-urban and rural areas, and a 42% rise in women self-monitoring their credit. Insights from the study informed actionable recommendations to enhance credit access and support systems for women borrowers and entrepreneurs.

The report was commissioned by NITI Aayog and TransUnion CIBIL.