New Delhi, Feb. 19 -- Indians are spending more than 33% of their income towards paying instalments on loans, according to a new study from PwC and Perfios that analysed the spending behaviour of more than 3 million tech-savvy consumers.

The report-How India Spends-says the share of individuals paying loan EMIs (equated monthly instalments) is highest among upper-mid-level earners and lowest among entry-level earners. Further, those in lower salary brackets are more likely to take loans from informal sources such as friends, family, or local shadow lenders.

Higher penetration of loans in higher-income segments is reflective of higher living expenses as well as rising aspirations to buy premium or luxury goods such as vehicles and fund h...