There has seen a steep 48 per cent growth in loan applications by women borrowers between fiscals 2015 and 2018, as against 35 percent by men, finds a report. Nearly 8.6 million first-time female borrowers have opened loan accounts annually during this four-year period, of which as much as 66 percent of the borrowers are from Tamil Nadu, Kerala, Andhra, Maharashtra and Karnataka, according to a report by Transunion Cibil released Thursday.

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"It is encouraging to observe a high number of business loans originate from those states which have the most number of female MSME-owners. Women-oriented financial inclusion policies of the various governments have also helped catalyse this growth," according to Transunion Cibil chief operating officer Harshala Chandorkar.

In terms of the types of loans that women have availed of over the last four years, gold loans top the list with 56.4 million accounts. However, demand for gold loan fell by 13 percent in 2018.

Womens demands for consumer, personal and two-wheeler loans have also been increasing year-on-year, growing by 31 percent, 19 percent and 14 percent, respectively between 2017 and 2018, it shows.

In terms of risk profiles, Tamil Nadu and Kerala have the lowest borrowing risks with an average Cibil score among women at 781.

"Data show that financial prudence and the average credit score among all women increases with age," the study reveals.

Millennial women (under 35 years) have an average credit score of 773, while women between in the 3545 age bracket score 776, and those above 45 have the highest average score of 785.

The average credit score among all women consumers nationally is a little over 770.

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Chandorkar feels that there will be a further growth in credit demand by women borrowers in future due to factors like rise in their education levels, increasing consumption of consumer durables in large cities and towns and an increase in the number of working women.