How women can leverage credit scores for financial independence

International Women's Day: Motherhood and caregiving responsibilities often require women to step away from the workforce. These career interruptions reduce income stability and growth, making it difficult for women to build a strong financial profile or establish a reliable credit history.

How women can build strong credit history to gain easier, cheaper access to loans

In recent years, women have made considerable progress in achieving financial inclusion. They are taking control of their financial future and making independent decisions regarding property ownership. In fact, many women today are embracing financial independence, with homeownership as a key goal.

As per our data, over 8.31 crore women in India are active borrowers as of December 2024, accounting for 20.85 percent of the country’s total borrowers. Over the past five years, the annual growth rate for women borrowers has been 87 percent, outpacing the growth rate for men.

Additionally, the outstanding portfolio of women borrowers grew to Rs 36.5 lakh crore in Dec 2024, up from ₹30.9 lakh crore in December 2023, registering an 18 percent year-on-year growth.

The number of women borrowers with active loans increased to 8.3 crore as of December 2024, up from 7.5 Crore as of December 2023, with a YoY growth of 10.8 percent. In contrast, the number of men borrowers with active loans increased to 20.3 crore as of December 24, up from 19.1 crore as of December 2023, with a YoY growth of 6.5 percent.

Source: MONEYCONTROL, 06th March, Mumbai