The number of women is increasing rapidly in terms of loan applications, 28 percent of retail borrowers are women

With the changing times, women are increasing their participation in various fields. Today, the number of women is also increasing in terms of personal loans. According to the report, 28 percent of retail borrowers are women. It is a sign of the financial inclusion of women. Industry figures show that since 2014, women’s dependence on external funding has increased at a rate of 21%.

According to data released Monday by Credit Bureau Transunion Cibil, the number of women borrowing in the retail lending market has reached 4.7 crore at present. In addition, the share of women in retail loans increased to 28% in September 2020, from 23% in September 2014. In this way, the number of women taking out retail loans has increased rapidly over the past six years. years. This indicates that the inclusion of women in the debt market is increasing.

According to the data, the number of women taking out retail loans increased by 21% year-on-year, while the number of men taking out retail loans grew by 16% year-over-year during this period. Speaking of the loan amount sanctioned, the share of female borrowers reached Rs 15.1 lakh crore. Thus, over the past six years, it has increased by 12% on an annual basis.

Harshala Chandorkar, COO of Transunion CIBIL, said: “As the share of women in the workforce increases, government policies and measures have increased women’s access to opportunities. economic. As a result, the share of women in the retail loan market has increased.

Chandorkar added that some states impose lower stamp duties on women who buy homes, as well as better terms and conditions offered by banks for women who borrow. In many banks, women also benefit from reduced interest on loans. All of these factors have led to an increase in the share of women in the retail loan market.

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