Indian women are focusing more on building hard assets than comforts. They are availing more credit in the form of home loans as compared to personal and auto loans, data from credit bureau CRIF Highmark shows.
Women account for 29 per cent of the Rs 20 lakh crore worth home loans extended by Indian lenders as of December 2020. While their share in Rs 4.6 lakh crore auto loans and Rs 5.9 lakh crore personal loans is as at 16 per cent each, according to the credit bureau.
But the pandemic seems to be forcing women to go for unsecured personal loans. Active personal loans to women borrowers have spiked by 23% year-on-year or y-o-y as of December 2020, while that for home loans has increased 5% y-o-y. Active auto loans to women borrowers have reduced by 4% during the period.
A total of 1.8 crore loans – 18lakh auto loans, 15 lakh home loans and 1.5 crore personal loans – were e largely availed loans by women borrowers – were given out in the during the pandamic in the first three quarters of FY’ 2020-21, the credit bureau said.
In terms of geography, women borrowers from southern states have higher credit book size as compared to western and northern states
The early millennial segment has turned out to be a key participant in the market and the older segment of the population have increased their borrowing capacity even more than the former. Maximum loans are given to women in the age group 26-35 having a share of 40% in the overall disbursements in the year 2020. The share of loans availed by women borrowers in the age group 36-50 stands at 35%.
In terms of the amount (value) of loans disbursed to women borrowers, Public Sector banks have had the largest share observed over the past 4 quarters, followed by NBFCs and Private Banks.