Neoclassical economics says that interest rate, duration, monthly payments, total payments, etc. are aspects people consider while making borrowing decisions. However, very few studies explore the use of heuristics/behavioral biases in such decisions. Using a combination of lab and lab-in-the-field experiment, we study whether framing of interest rate information in different ways cause a change in their loan preferences. Any preference reversal observed in loan choices due to the framing effect would imply potential sub-optimal decision making. More specifically, it would be interesting to see whether there are any gender differences in how individuals suffer from such behavioral biases.