To meet their travel related goals, Indian millennials are increasingly opting for personal loans in the range of Rs. 30000 to Rs. 2.5 lakhs, as per an online lending platform's-IndiaLends reports. The surge in such loans is of the order of 55%, whereby millennials account for nearly 85% of the total loan applicants.
"The emergence of 'leisure consciousness across India's younger generation and the realisation that a balanced lifestyle is important, has led to increase in domestic as well as international travel," Gaurav Chopra, Founder, and CEO, IndiaLends said in a statement.
The borrowers are choosing travel destinations such as Thailand, Dubai, Sri Lanka, Indonesia, Nepal, Maldives, and Bhutan that offer visa-on-arrival. And the need for personal loans for travel plans is owing to the last minute planning that raises the need for quick finances that could service as a cushion, enhancing overall travel experience.
"There has been a shift in the younger generation in terms of financial planning. Not just those who don't have enough savings, but also those who want better travel experiences or wish to visit finer destinations are opting for loans. This also indicates the popularity of digital lending which is growing substantially in India. For a new generation customer, the ease of services is one of the important criteria for choosing the servicing company," Chopra added.
And these travellers prefer new age online lending platforms that provide loans even to people with zero credit history.