Maldivian blues or Rajasthan's sand dunes? Keen on both, Rakesh Mandavaya had a budget for none. That's when he learnt of the ‘travel now pay later' option offered by banks and fintech companies. And the rest, as they say, is his Maldives travel history he can't stop gushing about.
The 37-year-old, who managed a memorable holiday and that too a foreign one, said his six-month interest free loan for Rs 1.5 lakh was approved in just a day. "Since my trip was an impromptu one, I didn't have enough time to plan it or money to fund it. Then a friend told me about travel loans. The process was super easy," the Delhi-based IT professional told PTI.
"I think the demand for such a loan category was always there. It is useful for everyone, especially salaried employees. It will encourage people to see new places and make holiday memories," he added.
The TNPL acronym for the ‘travel now pay later' trend has caught on, a variation of the ‘buy now pay later' (BNPL) segment where customers buy products without paying for them immediately. Be it a foreign or a domestic destination, leisure or adventurous getaways, TNPL options available with leading travel agencies, including SOTC, Thomas Cook India and MakeMy Trip (MMT), make it all within reach for India's growing tribe of ‘travel-philes' busy ticking off their bucket lists. The trend has picked up pace after the pandemic.
"You walk into a leading electronics store to buy a refrigerator or a mobile. You will see 10 options to pay over an EMI or pay for later programmes,” said Akash Dahiya, founder of SanKash, a travel aggregator with a network of more than 6,000 merchants.