In Kolkata, data from Crif High Mark reveals that nearly ₹15,800 crore (approximately $1.9 billion USD) of microfinance loans are at risk due to over-leveraged borrowers who have taken loans from more than three lenders. This situation represents about 5% of the total microfinance sector portfolio and highlights significant delinquency risks. A detailed analysis indicates that around 1.5 million small borrowers are burdened with average outstanding loans exceeding ₹1 lakh, more than double the average for typical microfinance customers. The chief executive of a leading non-banking finance company-microfinance institution (NBFC-MFI) noted that these borrowers are unable to secure fresh loans, increasing their vulnerability to defaults. Alarmingly, 10% of these loans have been in default for over 30 days. In contrast, borrowers with loans from three lenders demonstrate better repayment behavior, while the most disciplined repayment practices are seen among the 62.2 million customers with one or two loans, having a cumulative outstanding of ₹2.66 lakh crore and only 2.3% remaining unpaid for 30-180 days.