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World Tourism Day: 10 times increase in demand for travel loans, people of which city are at the fore? Learn

Highlights

People in the age group of 21-26 years are 36 percent of the people who want to take a travel loan.
52 per cent people in the age group of 27-40 years have applied for the loan.
During this time, the average ticket size of travel loans has come down.

New Delhi. During Kovid-19, after being locked in the boundary walls for almost a year, people have now started roaming freely. A recent report on World Tourism Day states that the demand for travel loans has increased 10 times in the last one year.

36% of the people in the age group of 21-26 years who wished to take a travel loan for travel, 52 per cent of the people in the age group of 27-40 years have applied for the loan. On this basis, it can be said that the desire to travel among the youth is very strong. IndiaLends has shared a detailed study report on travel loan applications in its report released on the occasion of World Tourism Day.

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Let us tell you that Indialands is an online marketplace for getting loans and credit cards. It has also been said in this report that the average ticket size of travel loans has come down during the same period. Earlier it was Rs 95,000, which has now come down to Rs 75,000. This means that people applying for the loan have to plan their travel expenses in a better way.

Study was done in 8 cities
The study included salaried and self-employed Indians in eight major cities – Mumbai, New Delhi, Bengaluru, Hyderabad, Pune, Chennai, Jaipur and Kolkata. Out of the total loan applications received from these geographies, maximum loan applications came from New Delhi (22%). This was followed by Mumbai (20%), Bengaluru (17%), Hyderabad (15%), Pune (13%), Chennai (8%), and Jaipur with 5% applications. The report also mentioned that out of all the applications, 27% of women also expressed their desire to take a loan.

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Travel credit cards boom
Indialands also saw a 6x growth in travel credit cards. In 2022, 75% of travel credit cards issued through the platform came with complimentary access to airport lounges, and over 30% with travel special offers. IndiaLends also reported that travel offers are the second most searched category after electronics.

Gaurav Chopra, Founder and CEO, IndiaLends said, “We have seen a significant growth in travel loans and credit cards in recent months. Even the level before the pandemic has been exceeded. With the festive holidays approaching, we expect this growth to continue. As life is returning to normal, we have seen a change in the way youth spend. We believe that traveling is essential rather than aspirational. However, the average ticket size of travel loans has come down, which reflects the smart financial planning of the youth.”

Tags: air travel, business news, Business news in hindi, Domestic Travel, Tour and Travels, Travel

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