It is not just vehicles, electronic gadgets or home loan that is on offer for an EMI. This option has emerged as the latest trend in the travel trade to visit the dream destinations and is fast catching up.
EMI option has opened up a new world of opportunity to a burgeoning segment of the travelling community.
As per estimates, over 65 per cent of the Indians have opted for an EMI option for travelling this year.
While Mumbai ranks first followed by Bengaluru, many cities are fast catching up with the idea.
This summer vacation has seen around 40 per cent of the travellers relying on EMI offered by travel
agencies to travel within India.
“Be it touring within the country or travelling to international destinations, many opt for EMI. Even those going home are buying tickets through EMI options,” Sunil Hasija, Senior vice president, TUI India.
Certain travel agencies have tied up with banks to provide the EMI with nominal processing charges allowing the customers 3 months, 6 or 9 months option to enable customers to book a vacation instead of deferring it for want of financial resources.
According to Noel Swain, EVP, supplier relations, Cleartrip, “There are many Indian wanderlusts who have keen desire to travel with family but are restricted by budgetary constraints.
Airfares and hotel stays add up as the biggest component of travel expenses for them. We want to reach out to this set of aspiring travellers and urge them to come forward and partake of our EMI option.”
“It lifts the load of heavy travel expenses at one go. Cleartrip’s partnership with three leading Indian banks ensures that we cover a large base of credit card holders,” he adds.
Yatra.com, for instance, offers similar option for credit cardholders to make domestic or international travel bookings and pay the sum in installments. Bookings of `2,000 and above are eligible for EMI term.