India’s formal retail credit footprint has expanded significantly over the past decade, with the share of consumers accessing credit at least once rising from 35% in March 2017 to 74% in March 2026. This growth came even as the credit-eligible population increased from 79 crore to 89 crore.
The rise was also marked by stronger credit engagement, with the share of active borrowers more than doubling from 11% to 28%, signalling deeper adoption of formal financial services. According to TransUnion CIBIL's latest report, consumption-led lending has emerged as the primary driver of this growth, with personal loans, credit cards and consumer durable loans becoming the dominant entry point into the credit system.
