Number of women taking loans rising faster than that by men in India

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The number of women who have taken a loan from a bank grew faster than that of men in India between 2015 and 2018, shows a report by Transunion Cibil, a credit information company.

Even though men far outnumber women in terms of the total numbers, the number of successful credit applications by women grew by 48% in the period, while that by men grew by 35%.

According to a report on the Indian Express, two-thirds of the women are from Maharashtra alone, while rest are from Tamil Nadu, Kerala, Andhra Pradesh and Karnataka.

While gold loans were the mostly chosen type. Consumer loans, personal loans and two-wheeler grew by 31 per cent, 19 per cent and 14 per cent, respectively between 2017 and 18.

In terms of credit risks, Tamil Nadu and Kerala showed the least risk in borrowings by women.

While a credit score of 750 and above is ideal for getting a loan, on an average, millennial women (under 35 years) had an average credit score of 773, while women between the age group 35-45 had a score of 776, and those above the age of 45 years had the highest average score of 785, Cibil says.

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