The present invention relates to a contraceptive composition. These compositions are for the use as vaginal contraceptive. Particularly, the invention relates to compositions comprising spermicidal agent, sapindus saponin. A composition comprises sapindus saponin ranging between 1 to 5% and 95 to 99% being the cream base containing polyethylene glycol. Sapindus saponins extracted from the fruit pericarp of Sapindus mukorosii and were tested for their bactericidal/bacteriostatic property. The new formulations, which are safe, efficient, have good cervical mucus bio-diffusion ability, possess spermicidal efficacy and can be conveniently delivered like a vaginal suppository, vaginal jelly, vaginal soluble waffle, cream.