Women taking more education loans, opting for higher EMIs than men: Survey

One of India’s leading EMI financing companies, ZestMoney says it is a common belief that women spend more on vanity and men spend cautiously on necessities. However, it says that a new survey will change that perception. According to the survey, women are spending more than men on education loans. Not just this, they are even opting for higher loan amounts. Not just that, they are opting for greater EMI amounts. 

The survey revealed that over 20 per cent of loan amounts taken by women were for education which is far more than 6 per cent being taken by men. In fact, in the ongoing year, average EMI taken by women was around Rs 20,000, Rs 5000 more than the average amount for men. 

"Survey has revealed that on an average, over 20% of loan amounts taken by women were for education, whereas in comparison, the same percentage for men was 6%. The research also found that average loan amount for Women is 35% higher than men. In 2019, average amount of EMI Financing taken by women is around INR 20,000, whereas for men the amounts is INR 15,000," the survey said. 

The advent of EMI financing has transformed how people deal with money related problems. More and more customers are opting for it when it comes to shopping, travel or education. Indians are increasingly availing the benefits of EMI financing, and not allowing cash to become a challenge in their aspirations.

One of the fastest growing consumer lending fintech company in India, ZestMoney was founded by Lizzie Chapman, Priya Sharma and Ashish Anantharaman in 2015. The company is built as a platform that can meaningfully improve the lives of more than 300 million households in the country, who currently have no access to credit cards or any other formal financing options because of insufficient credit history. 

The platform uses mobile technology, digital banking and Artificial Intelligence to make life more affordable to millions of Indian consumers. It is backed by investors like Ribbit Captial, Xiaomi, Naspers Fintech and Omidyar Networks.