Travel loans: From Rs 30,000 to Rs 2.50 lakh, millennials take out loans to travel

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Awareness of leisure has led to an increase in travel loan applications, according to the IndiaLends report.

YOLO seems to be the currency of millennials. A recent study by IndiaLends, a new age digital lending platform, found that 85% of people who applied for loans of Rs 30,000 to Rs 2.50 lakh for travel purposes were millennials.

The study was conducted ahead of World Tourism Day which is celebrated on September 27 and covered employed and self-employed Indians in six major cities – Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Kolkata.

city ​​dwellers

Of the total loan applications received from this demographic, also known as Generation Y, over the past year, 19% were for travel on all six metros; the maximum (20%) was received from Hyderabad, followed by Mumbai (19.7%) and Bangalore (19%).

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Jet, set, go

Make your life easier when traveling by rolling your clothes while packing and carrying a tote handbag for utility, experts suggest.

Shivani Malik, Director of Da Milano and Tushar Ved, President of Major Brands India Pvt Ltd, for Charles & Keith shared simple travel tips.

For a new generation of salaried and tech-savvy young professionals in the country, the idea of ​​approaching traditional banks for loans is not appealing, given the lengthy and lengthy application process. Instead, they are turning to digital lending companies that offer new earners with no credit history, including millennials, easier access to loans for trips to exotic destinations around the world.

Travel Trends

According to the data, borrowers generally opt for countries that offer visa on arrival, as most millennials take loans for last-minute vacations in countries like Thailand, Dubai, Sri Lanka, Indonesia. , Nepal, the Maldives and Bhutan. Millennials have also applied for loans to luxury destinations in Europe, the United States, South Africa, Australia and New Zealand.

In the country, Goa, Rajasthan, Kerala and Ladakh are the most popular destinations for young Indians.

short and sweet

Many of these travel plans are the result of long weekends and last-minute vacation plans that require quick and easy access to funding. A growing number of millennials are taking out personal loans to satisfy their wanderlust. In many cases, the loan is a safety cushion to enhance the vacation experience.

Most Powerful Passports of 2019: India Losing Its Charm; Singapore, Japan Among travel friendly…

The mix of passports

The new Henley Passport Index has been released, and there has been a major overhaul in the World’s Passport Rankings.

At the beginning of 2019, 27 countries were in the top 10 positions of the index, but this month another 4 countries have been added to the list.

Several countries have climbed the list to have the most powerful passports, while few have slipped from their positions, including India.

The ranking is determined on the number of destinations to which their holders can access without a prior visa. It is based on proprietary data from the International Air Transport Association, which maintains the largest and most accurate database of travel information in the world.

Here’s a look at all of this year’s top-ranked passports.

Denmark, Italy & Luxembourg

With access to 186 jurisdictions, Denmark and Italy moved up to third place, and Luxembourg managed to move up from the previous fifth place.

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