Everyone is living a life of borrowings. Someone is living by borrowing from a credit card and some car with a loan. By the way, most people take home loans to buy or build a house. But a survey has shocked. In the first 6 months of the year, every 5th person who took personal loans from banks took it not for any particular need, but for a walk, travel or holidays. The surveys increased further when it was found that there were more people who took such debt compared to the first quarter in the second quarter of the calendar year. This is not a normal situation.

This survey has raised many questions. The first question was the era when the interest rates of the debt had increased to a higher level and the inflation was around 6 percent. This was the time when there was a dire need to control the demand for debt to control inflation, yet the 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 to the country and the world with the help of debt.

According to a survey by online loan platform Paisa Bazar, one of the five individual debt customers borrowing money between January and June 2023 cited the reason for borrowing money. The journey appeared rapidly spreading in the second quarter of 2023 compared to the first three months of the year. A survey conducted by online loan platform Paisabazar has shown that 16 percent of borrowers took a holiday loan between January and March 2023, while in the June quarter, about 24 percent opted for a holiday loan option.

21 percent of the people in the survey said that they had taken loans for the holidays, while 31 percent said that the money was taken for renewal of the house. After leisure loan seekers, 10 percent took a loan to pay credit card loans. At the same time, 9% was taken as a loan to pay the medical bill. The remaining 29 percent borrowed to cover marriage, education or commercial expenses.

Talking about personal loans, the number of people taking loans was seen more in lieu of housing and property. This was followed by auto and education loan number. The second unsafe individual loan was classified under individual debt. A holiday loan has become very popular among salaried people. 74 percent of the total borrowers were from the salaried class, followed by 14 percent self-employment professionals and 12 percent businessmen.