Fit body, perfect teeth, zero savings? Investment banker warns of India’s new EMI economy

Straight teeth, a fit body, and a full head of hair—these, not bank balances or cars, are the new visible markers of wealth in India. At least according to investment banker Sarthak Ahuja, who points to a fast-growing financial trend that backs this up: “beauty loans.”

In a linkedin post, Ahuja broke down what he calls the real signs of affluence in modern India: white, aligned teeth, toned bodies, and well-maintained hairlines. “I'm not saying it,” he wrote. “It's the data.” And the data shows a boom in what NBFCs and fintechs now label “wellness financing.”

Companies like Tata Capital, Bajaj Finance, Fibe, SaveIn, and Aarogya Finance are now disbursing over ₹20 crore every month in loans for cosmetic and elective procedures—primarily hair transplants, dental work, and skin treatments. Hair restoration alone dominates this space, with each session averaging ₹65,000 and many undergoing two to three procedures over a few years.

Dental aligners, whitening, and veneers are not far behind, while laser treatments and cosmetic dermatology round out the top three. These are not luxury spends anymore—they’re EMI purchases. Much like how 60–70% of iPhones in India are now bought on installment plans, beauty is being financed.

This trend is unfolding in parallel with a deeper shift in India’s financial habits. Ahuja notes the irony that “people think those who have ₹70 lakh can save a lot,” when in reality, lifestyle expenses are outpacing income growth. RBI and private bank data back this up—personal loans and credit card debt are rising faster than wages, especially in urban centers.

Young professionals and aspirational middle-class consumers are now funding their lifestyles—from phones to faces—with credit. Savings rates are declining, while discretionary spending on things like wellness, travel, and electronics is climbing steadily.

For lenders, beauty has become bankable. For borrowers, it’s the new cost of staying competitive in the image economy. The question isn’t just how much you earn—it’s how many EMIs you’re carrying to look like you do.