EMIs for Botox and Fillers: Fintechs tap into India's cosmetic lending boom with easy loans

Peak into the trend 

TPG-backed Fibe reports hair treatments alone make up 50% of its wellness loan volume. Skin, body, and ayurveda treatments split the rest. Its top partner, VLCC, has seen a 5x jump in disbursals through Fibe in just a year from Rs 1 crore to Rs 5 crore.

"Consumers increasingly view self-care as essential, not indulgent," said Akshay Mehrotra, co-founder and CEO of Fibe. "With strong partner networks and growing regional demand, we see long-term opportunity in this category and are investing in its continued scale and relevance."

Fibe’s partner network includes brands like VLCC, Vcare, Adgrow (Max Hair Clinic), Olivia, Glow Skin, Hair Craft, and Ayurveda-focused names such as Gynoveda and Jiva Ayurveda.

The Gurugram-based firm is gaining traction beyond metros, including Tamil Nadu, Kerala, Telangana, Pune, and Kolkata.

Platforms vary in their models—some act as credit line enablers across clinics, others tie financing to curated partners, while a few embed it into corporate wellness benefits.

Men, millennials, and money

Increasingly, men too are driving much of this growth. "We are now seeing more men than women spend on cosmetic procedures through our platform," said Chris George, co-founder and CEO of QubeHealth. However, the data reflects the loan applicant, not necessarily the end user—men may be paying for partners or family.

Popular categories include hair transplants, skin treatments, and even glutathione IV drips--the so-called skin-lightening shots.

“We’ve seen everything from pregnant women opting for minor cosmetic tweaks to brides and grooms going all out before weddings. The youngest customer we’ve had was a 21-year-old," George added.

The average spend per procedure, according to QubeHealth data, is Rs 65,000 for a hair transplant and anywhere between Rs 30,000 to Rs 1 lakh for broader aesthetic packages. Their average power user spends over Rs 1.1 lakh annually across wellness categories and clocks 7–8 visits. Regular users tend to spend Rs 37,000 monthly.

Unlike traditional lenders, QubeHealth lets users pay at any clinic via UPI QR codes, converting it to EMIs through their platform—even if the clinic isn’t a partner. Or, users can pre-select a partner clinic and get EMI packages. "This gives consumers freedom of choice," says George.

QubeHealth’s platform has seen rapid growth from 1 lakh users last year to over 3 lakh (projected) this year. Over the next five years, the platform expects to process $1 billion of healthcare payments, which includes elective and critical care. In the ongoing fiscal, it projects to process Rs 298 crore in health and medical payments, growing 37 percent QoQ.

While cosmetic dermatology ranks high, some lenders see IVF and dental procedures leading the charge. These categories, though distinct, are grouped under "wellness loans" due to rising demand across lifestyle and health segments.

George emphasised the shift: “Treatments like Lasik (eye) and teeth whitening used to be available only at high-end hospitals. Now, they’re accessible through standalone clinics across India and that has led to the change.”

QubeHealth partners with NBFCs and continues to expand its offering. “It’s the iPhone EMI effect. When something becomes aspirational and expensive, EMI turns it into a lifestyle option,” George added.

Tap the corporates

Corporate partnerships are also emerging as a significant growth engine in this space. QubeHealth, for instance, has tied up with over 300 companies, including Flipkart, Myntra, Tata Teleservices, and Walmart India, to offer pre-approved health credit lines to their employees.

“This is going to be the next HR-led insurance revolution,” said George, highlighting how these partnerships allow salaried professionals to access cosmetic and wellness procedures, including mental health, at discounted rates.

Meanwhile, SaveIN launched a new corporate wellness platform, welUp, letting employers offer financing for dermatology, dental, and hair treatments.

“We’ve built a plug-and-play solution for wellness credit,” said SaveIN co-founder Jitin Bhasin. The app not only includes credit features but also envelopes a suite of free services that go beyond traditional health insurance such as doctor consultations, Ayurveda, homeopathy, dental checkups, personalised diet plans, and mental health support.

The platform has already onboarded startups and mid-sized firms.

A $2 billion beauty bet

SaveIN, active in 130 cities with 7,000+ partner clinics, is among the aggressive players in this space. “The beauty and cosmetic procedures market in India is already worth over $1.5–2 billion and growing at 25% YoY,” said Bhasin.

“Even dentistry is seeing a huge spike like smile correction, teeth whitening, dental implants,” he added. “Hair and skin treatments are the fastest growing categories.”

SaveIN’s ML model assesses clinics on doctor education, past claims, regional pricing benchmarks, and patient reviews. “This ensures end-use clarity and boosts creditworthiness,” Bhasin said.

The platform has handled 6 lakh credit applications in cosmetic dermatology over three years—1.2 lakh in just the last year. Its average loan is Rs 55,000, going up to Rs 10 lakh for 9–24 months.

“Elective used to be a rich person’s word,” Bhasin said. “Now, it’s part of the vocabulary of salaried millennials who are willing to invest in their body image and confidence.”

Even traditional NBFCs like Arogya Finance are getting into the game. Known for financing critical illnesses like cancer and cardiac care, almost 40 percent of loans now come from elective procedures.

"We are seeing huge demand for IVF and dental besides fast growing categories like dermatology, hair transplant and aesthetics," said Jose Peter, co-founder at Arogya. It partners with QubeHealth and hospitals, IVF/dental networks like Sadguru IVF and Morpheus.

Loans average Rs 50,000–1 lakh; aligners go up to Rs 3 lakh. The dominant age group? 25–30 years. In IVF and dental spaces, Arogya uses a partner interest subvention model, and its pharmacy network allows for lower-cost financing tied to usage.

Uninsured, but not unaffordable

Most cosmetic procedures aren’t covered by insurance, making fintechs the primary lifeline for aspirational consumers. “Over 70 percent of healthcare expenses in India are out-of-pocket. Cosmetic and derma procedures are entirely uncovered,” George pointed out.

That gap is exactly what fintechs are monetising. “Capital is the lubricant in the consumption economy,” he said. “And right now, that consumption is about aesthetics.”

While metro cities continue to dominate, Fibe is seeing fast growth in Tamil Nadu, Kerala, Pune, and Kolkata. SaveIN and QubeHealth report strong traction in tier-2 cities as well like Ludhiana, Chandigarh, Indore, Nagpur, and Ahmedabad.

Cosmetics and medical instruments offer $3 billion opportunity to UK in India

The Gen Z effect

Younger borrowers, especially in their 20s, are shaping this shift, though millennials in their 30s and 40s are equally driving the demand. Many are financing lip fillers, acne treatments, or non-surgical facelifts as early investments.

“For them, self-care isn’t vanity. It’s a form of self-branding,” Bhasin said.

And the EMI model makes it seamless. 27-year-old Kriti, the Delhi-based laser skin treatment user, sums it up best: “No one wants to wait anymore. If you can get a new nose or perfect skin and pay in parts, why not? I don't want to touch my savings for these treatments. A small EMI works out well, I have my phone also on EMI."

Discretionary spend, lower delinquency

India’s cosmetic surgery market is expected to reach Rs 99,475 crore ($11.5 billion) by 2030, driven by celebrity influence, rising disposable incomes, decreasing stigma, and the availability of advanced equipment. According to Grand View Research, the market is expanding at a CAGR of 15.6 percent.

Unlike general unsecured personal loans, defaults in beauty and wellness financing tend to be lower, experts and fintech players say.

“While we don’t have disaggregated public data, the fact that more lenders are entering this segment and expanding exposure is in itself an indicator that repayments are stable,” said Parijat Garg, an independent digital lending consultant.

A key reason, he explained, is the discretionary nature of these services. “These are often optional, emotionally significant treatments. If someone is taking a loan for cosmetic work, say, before a wedding-they are less likely to default. There's a high personal motivation to stay committed to the repayment.”

Moreover, most fintechs issue these loans through trusted provider networks. “The clinics and wellness centres act as an early filter. They usually attract a more financially aware customer base,” Garg said. This also helps explain why only 60-65 percent of applicants typically qualify for an EMI offer, indicating rigorous underwriting.

Fibe echoed this view. “Usually, the service quality of the partners helps keep the delinquency rate under control,” a company spokesperson said.

Garg likened the trend to the rise of EMIs for iPhones. “People might have bought a simpler package, but when EMI options are available, they opt for higher-end services. The EMI becomes a lifestyle enabler.”