New Delhi – The credit exposure of India’s micro, small and medium enterprises (MSMEx) with limits up to ₹100 crore reached ₹43.3 lakh crore in September, a 17.8 % rise from last year and unchanged from the previous month, the study announced on Monday.
Loans that are actively being serviced grew 5.7 % year‑on‑year to 192.9 lakh, according to the CRIF High Mark report, signalling a portfolio that is expanding faster than the borrower base and a trend toward larger disbursals and more mature clientele.
Small businesses captured the biggest jump in exposure share, rising to 39.5 % from 38.4 % a year earlier. The medium‑size segment followed, increasing its slice from 22.5 % to 23.1 % and recording steady month‑on‑month growth. Micro firms still dominate the active loan count at 86.4 %, although their total exposure stayed flat in this quarter.
Quality of the portfolio kept improving. The overall Portfolio at Risk (PAR) for 91–180 days fell to 1.6 % in September 2025, better than the prior quarter, with more borrowers slipping into the Very Low and Low Risk buckets across all segments.
“It’s clear that India’s MSME credit ecosystem continues to demonstrate resilience with India’s broader economic transformation. Micro borrowers remain the backbone in terms of loan volumes, the real credit momentum is shifting toward small and medium enterprises,” said Sachin Seth, Chairman of CRIF High Mark and Regional Managing Director for CRIF India & South Asia.
Public sector banks stay the largest lenders to micro firms, holding a 36.3 % share, while private banks dominate the small and medium segments with 46.4 % and 47 % respectively, the report added.
Non‑bank financial companies widened their footprint, capturing 20.1 % of the micro market, 13.9 % of the small market and 15.7 % of the medium market.
Term loans remain the primary form of credit for MSMEs, especially for medium‑size enterprises where they represent more than half of the exposure.
Maharashtra tops the list of markets by outstanding exposure, with ₹7 lakh crore showing solid year‑on‑year growth.
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