Holiday Loan: People are taking personal loans to fulfill their hobbies, celebrating holidays by taking loans

Loan for Travel: People usually resort to loans when there is a sudden need, but in recent years, the number of such people has increased rapidly, who are taking personal loans to fulfill their hobbies…

Everyone likes to celebrate holidays and go on a trip, but it cannot be done for free. Many people make holiday and travel plans in advance and also prepare funds for the same. At the same time, there are many such people who choose the way of taking loans for travel and holidays. In a recent survey, shocking figures have come to the fore.

Travel loan

Online personal finance platform Paisa Bazaar recently conducted a survey in this regard. In a report of the Times of India, quoting that survey, it has been told that in India, one out of every five people is paying their travel bills with a personal loan. According to the survey, out of all the personal loans sanctioned between January and June 2023, every fifth loan has been taken for travel.

The number increased in the second quarter

According to the survey, with the arrival of summer, there was a spurt in taking travel loans. While 16 per cent personal loans were taken to meet travel expenses during the first quarter i.e. January to March 2023, their share increased to 24 per cent during the next quarter i.e. April to June 2023. This also shows that with the change of season, more people started following the plan of celebrating holidays.

Most home repairers

However, most personal loan borrowers spent on things other than travel. According to the survey, a maximum of 31 percent of people took a personal loan for home repairs. After that, the number of loan takers remained on the number for roaming around. The third number were such people, who took a personal loan to repay the old loan. The share of such people was about 10 percent.

These people also took a personal loan

According to the survey, about 9 percent of the people took a personal loan due to the cost of treatment and medicines. On the other hand, in the remaining 29 percent, such people were included, who took personal loans due to marriage, education, and business. Among individual loans, the maximum number of borrowers were home loans and loans against property. After that, the number of people who took car loans and education loans remained.

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