2 August 2026·mint - money

74% Indians Now Borrow: Is Your Credit Ready?

India's credit market has exploded — from 34% of eligible borrowers in 2017 to 74% in 2026. Women, young professionals, and people in smaller cities are leading this shift. If you haven't checked your credit profile lately, now is the time.

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Did you know?

In 2017, only 1 in 3 eligible Indians had a loan — today it's nearly 3 in 4, more than your office floor taking EMIs.

Impact on You

74% of eligible Indians

Your neighbours are borrowing more than ever — are you being left behind?

Key Takeaways

Check your CIBIL or Experian credit score for free — if it's below 700, start fixing it now before you need a loan urgently.

Compare loan offers across banks and RBI-registered NBFCs before you apply — a 0.5% lower rate on a ₹5 lakh personal loan saves you over ₹1,500 a year.

If you are a first-time borrower in a smaller city, start with a small credit card or secured loan to build a credit history — lenders will offer better terms once you have 12 months of clean repayment on record.

Here's what happened: India's share of eligible borrowers with active loans has more than doubled — from 34% in 2017 to 74% in 2026, signalling a major credit inclusion shift.. Women borrowers, younger professionals under 35, and residents of Tier 2 and Tier 3 cities are the fastest-growing segments in India's retail credit market.. Improved credit bureau coverage, digital lending platforms, and easier KYC norms have made formal credit accessible to millions who previously relied on informal moneylenders..

What you should do: Check your CIBIL or Experian credit score for free — if it's below 700, start fixing it now before you need a loan urgently.. Compare loan offers across banks and RBI-registered NBFCs before you apply — a 0.5% lower rate on a ₹5 lakh personal loan saves you over ₹1,500 a year.. If you are a first-time borrower in a smaller city, start with a small credit card or secured loan to build a credit history — lenders will offer better terms once you have 12 months of clean repayment on record..

Having zero loans is not the same as having a good credit score — no credit history can get you rejected just like bad credit. A small, timely-repaid loan builds your profile faster than doing nothing.