India’s commercial credit market is seeing a shift in borrower composition, with individual borrowers with business-oriented loans now forming a share of overall commercial credit balances, according to the latest MSME Pulse released by TransUnion CIBIL and the Small Industries Development Bank of India (SIDBI).
Loans to individuals accounted for 28% of outstanding commercial balances, while loans to entities accounted for 72%. Individual borrower balances grew 1.8 times during the three-year period between March 2023 and March 2026, compared with 1.5 times growth in entity borrower balances during the same period.