The popular perception would be that women spend more on vanity, and men spend cautiously on necessities. However, a new survey by ZestMoney 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.
“Financial inclusion will become a reality when people from all demography and geography get affordable EMI solutions. Women spending more on education underlines the aspirations of women in India to upskill and lead much more independent lives. These customers are macro influencers and we really want to understand such open opportunities to drive our future product strategy,” said Lizzie Chapman, CEO & Co-founder, ZestMoney.
The survey also looked at other segments such as ecommerce and healthcare. The maximum loan taken by men is for ecommerce purposes – they avail 83.4 percent as compared to women who take 68.4 percent.
The advent of EMI financing has transformed our relationship with money – whether it’s for shopping, travel or education – Indians are increasingly availing the benefits of EMI financing, and not allowing cash to become a challenge in their aspirations.
ZestMoney is the largest and fastest growing consumer lending fintech company in India founded by Lizzie Chapman, Priya Sharma and Ashish Anantharaman in 2015. ZestMoney 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. ZestMoney’s unique platform uses mobile technology, digital banking and Artificial Intelligence to make life more affordable to millions of Indian consumers. ZestMoney is backed by leading global investors such as Naspers Fintech, Omidyar Network, Quona Capital, Reinventure, Ribbit Capital, and Xiaomi.