Millennials were brought up with the idea that they are unique, and that they are meant to achieve great things. They were also told to live their life to the fullest and to make the most out of it. This ‘you only live once’ idea is a hit with millennials, which is apparent in their lifestyle, interactions, and habits, especially spending habits. Millennials are known to desire the good things in life, which comes at a price. When their pay checks aren’t enough to support their lifestyle and spending habits, they proactively look at other modes of doing so.
We see a sharp contrast in the spending habits of millennials and the previous generation, which is made evident by the way millennials tend to utilise loans, specifically personal loans. The previous generations typically opted for loans to build their business, afford weddings, or to buy a home.
On the other hand, tech-savvy, new-age millennials prefer personal loan to upgrade their lifestyle and boost purchasing power.
Here’s how this generation is putting this flexible loan product to good use.
Travelling around the world
Millennials love to travel, and we have their Instagram profiles as a testimony. To appease their inner wanderlust, millennials are increasingly opting for personal loans to fund trips around the world, since travelling certainly comes at a cost. What makes these loans especially suitable is that they don’t ask for collateral, and disbursements are swift.
Since millennials are well-versed in the modern-day technology and want virtually everything on-the-go, lenders are now offering loans online, with zero credit history requirements. Thus, the availability of personal loans online, along with millennials’ love of travel and adventure, has led to an increase in borrowings for travelling around the world.
Additional Read: How do Millennials Afford Vacations so Often?
Millennials want the latest gadgets, the second they are available on the market. The availability of fast, digitally-backed credit only makes it easier to own the latest phone with a high price tag. With brands constantly battling it out to provide better products, and millennials scrambling to keep up with trends, personal loans have become a saviour for the majority of the workforce in India. The breaking down of an excessive amount into small, monthly-payable bits allows techno-dexterous millennials to buy many indispensable items like smartphones, laptops, and home appliances.
Since millennials don’t have to physically travel to a bank branch to apply for a personal loan, the popularity of instant loans has only shot up.
Additional Read: Should You Apply for A Personal Loan Online or Offline?
Easy personal loans to upgrade your lifestyle
Whether you’re looking to travel to your dream destination or thinking of buying a new smartphone, we at Tata Capital have got your covered. Apply for affordable personal loans with competitive interest rates and flexible tenure, and never compromise on anything ever again. Upgrade your lifestyle without having to shell out an exorbitant amount on travel, education, and other purchases. Check your personal loan eligibility today, and get in touch with us for more information about our products.