Individuals across different age groups are happy to experiment with payment options. This is simply to explore & experience new travel locations & keep your hard earned money intact.
Let’s consider the case of an avid traveler who planned a 45-day trip to UK & Europe, a few months ago. While the first half of the year was spent with family, the other half was spent with friends, tripping & teasing.
So, let’s assume that your budget goes a little beyond 1.5 lakhs, then you use your savings partially while depending on personal loans for the rest. You can also use your credit cards for alternative help. It may not be the case always that you do not have sufficient bank balance. However, you would like to keep liquid cash aside for emergency situations and instead take up a loan. It’s always preferred to have that kind of money in your bank accounts. Under such circumstances, any credit line helps to keep going with spontaneous plans of travel.
You may have to quit your job and survive with the savings in pocket. This is specifically done because you may not have received approval for such a long leave.
Passionate travelers like to plan day in and day out and prefer instant personal loan as their funding route. Maybe, you’ve planned a trip to Dubai and taken a loan to be repaid in six months. Isn’t this better to pay in installments over a shot payment.
There are so many who follow the same funding strategy for travelling. Whether you talk about tripping perpetually or once in a year for a long time, you can pay up through a card. The repayment could be fixed at 6 EMIs at reasonable rates of interest. We typically look at EMI options to manage the cash flow rather than tackling with shortage of funds. These days your friends can resort to similar means of funding their vacations.
Why do we need to Travel New Horizons?
The idea is to gain new experiences and learning, chill, relax & rejuvenate. An increasing number of individuals like to take short breaks in a particular year rather than one long annual vacation. And to fund them effectively, they choose either travel or personal loans instead of ripping off the maximum limit of their credit cards. About 50-60% of the individuals’ witness growth in travel loans. This clearly portrays the potential of travelers in the 25-35 age group.
As a personal loan provider, Home Credit witnessed an exemplary rise in personal loan for travel purposes, which is primarily constituted of millennial.
New places, new experiences with an Online Personal Loan
Looking at the current demand, personal loans process was streamlined a bit further.
For eager travelers, trips are no more a ‘one time’ affair. These days, the younger generations like to hop between weekends to tick off places on their list.
It’s looking like that people are ready to compromise on their comfort and travel as much as they can. Weekend getaways have become a usual to do!
Read more: Make your Dream Holiday with a Travel Loan