Everyone is living a borrowed life. Some are surviving by borrowing from credit cards and some are surviving by taking car loans. Actually, most people take home loan to buy or build a house. But a survey has shocked. Every fifth person who took a personal loan from banks in the first 6 months of the year did not take it for any specific need, but for travel, travel or holidays. The survey added to the surprise when it was found that there were more people taking such loans in the second quarter of the calendar year compared to the first quarter. This is not a normal situation.
This survey has raised many questions. The first question was from the period when loan interest rates had increased to high levels and the inflation rate was around 6 percent. This was a time when there was a dire need to control the demand for credit to control inflation, yet banks distributed personal loans with both hands to celebrate the holidays. Let us turn the pages of the survey today and understand how many people traveled across the country and the world with the help of loans.
According to a survey by online loan platform Paisabazaar, one in five personal loan customers who borrowed money between January and June 2023 cited travel as the reason for borrowing money. The travel bug appeared to spread faster in the second quarter of 2023 than in the first three months of the year. A survey conducted by online loan platform Paisabazaar showed that 16 per cent borrowers took a holiday loan between January and March 2023, while around 24 per cent chose the holiday loan option in the June quarter.
Of those surveyed, 21 percent said they had taken a loan for a vacation, while 31 percent said the money was taken for home renovation. After those seeking vacation loans, 10 percent took out the loan to pay off credit card debt. At the same time, 9% was taken as loan to pay the medical bills. The remaining 29 percent borrowed to cover marriage, education or business expenses.
Talking about personal loans, the number of people taking loans against housing and property was seen to be high. After this came auto and education loans. The second unsecured personal loan was classified under personal loans. Vacation loans have become very popular among salaried people. Of the total borrowers, 74 per cent were from the salaried class, followed by 14 per cent self-employed professionals and 12 per cent businessmen.
