People all around the world take loans for so many personal reasons. From medical loans to higher education to higher studies, customers borrow money as personal loans for different purposes. The first half of 2023 saw a rise in people taking travel loans for exploring the world. A survey reveals all the information about these loans and borrowers as of now this year.
1 In 5 Personal Loan Borrowers Took Money To Fulfill Their Wanderlust
Recently, a study revealed that one in five personal loan customers took money for travelling to different places. These travel enthusiasts borrowed loans for traveling in the first two quarters of 2023, according to a report by The Times of India. The second quarter of 2023 witnessed more demand for personal loans for travel purposes in comparison to the first quarter. This shows how tourists are getting more influenced and excited about taking holidays and also shows globetrotters’ strong desire for wanderlust.
Also read: 5 Things To Keep In Mind While Taking A Holiday Loan For Your Next Trip
Paisabazaar is a renowned company and it has conducted a survey that revealed some numbers about personal loan customers. According to this study, 16 per cent of personal loan borrowers took money in the first quarter of 2023 citing for travel purposes. The number of people taking travel loans rose to 24 per cent in the next three months.
Here Are More Information About The Loan Borrowers:
- Among the participants of the survey, 21 per cent of them took holiday loans.
- Considering people from different professions, salaried employees took vacation loans the most. 74 per cent of these travel loan customers were salaried employees.
- The study also revealed that self-employed people were about 14 per cent.
- The rest 12 per cent of loan borrowers were people involved in businesses, according to the survey.
Also read: IRCTC Makes ₹10 Lakh Travel Insurance At 35 Paise A Default Option When You Book Train Tickets
Wondering what were the favourite destinations of the travel enthusiasts who borrowed a personal loan for their holidays? In India, Goa, Himachal Pradesh, and Uttarakhand were the major favourites. And Dubai, Europe, and Thailand were the top choices overseas.
Have you ever taken a personal loan before citing holidays as the reason? If yes, how were your experiences?
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