The rationalisation of the Goods and Services Tax (GST) in September ahead of the festive season has buoyed the retail credit market. As a result, the Credit Market Indicator (CMI) rose to 99 for July-September 2025, up from 98 in April-June 2025, according to TransUnion CIBIL’s Credit Market Report. The period saw more demand for vehicle finance (two-wheeler loans and auto loans) and consumer durables; and this also led to an uptick in the CMI for demand to 95 from 92.
The CMI is a comprehensive measure of data elements that are summarised monthly to analyse changes in credit market health, categorised under four pillars of demand, supply, consumer behaviour and performance. These factors are combined into a single, comprehensive CMI Indicator.
