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Best ways for millennials to use a personal loan in India

by Byrne Anderson
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Millennials in India, born between 1982 and 1996, are dynamic trendsetters. They make up 46% of the Indian workforce, according to Morgan Stanley. Measured in US dollars, The Financial Express pegs their spending capacity at $3.6 billion. Their approach to finance is markedly different than other generations. They embrace personal loans to fuel their aspirations. Features like instant personal loan approvals and being collateral-free make this credit line accessible. Even new-to-credit customers find it easy to avail of this loan.

How can the millennials though make the best use of a personal loan in India that has no restrictions on its end-usage?

Here are some suggestions:


Often leading a hectic lifestyle, this generation prefers to take regular holidays. They consider travelling essential for quality life experience. They seek out novelties, avant-garde destinations, adventure tours, self-driven trips, and luxury camping. A personal loan for travel then becomes a convenient way of realizing such vacation goals.


Young adults often choose to improve their credentials for better professional growth. However, costs of quality higher education have been on a rising trend. The annual education inflation is at 10-12% by a ballpark estimate. Thus, personal loans for students are ideal solutions for millennials seeking higher education.

Medical contingencies 

Another sector where inflation is steep and unrelenting in India is healthcare. The current average medical inflation rate is at 15%. Thus, even with health insurance, the cost of ongoing medical treatments can be prohibitive. Millennials, who are often the breadwinners of the family, tend to shoulder such responsibilities. It makes a personal loan for medical emergency a boon for them.

EMI funding 

A recent YouGov-Mint Millennial Survey shows that millennials are more open to loans than other age groups. However, rather than servicing multiple debts, merging several into one single loan can be beneficial. Often personal loans offer lower interest rates than credit cards. These digital natives can estimate their monthly outgo using an online personal loan EMI calculator. It can help them refinance their dues in line with their budget.


Typically, millennials focus on their careers and tie the knot after attaining financial stability. However, when they do decide to tie the knot, they do so in style. Fancy designer-wear, lavish photoshoots, elaborate rituals, destination weddings in luxury resorts are a growing trend in this social-media-savvy generation. And personal loans help put together the perfect celebration.


Quality, convenience, well-being, and cost-effectiveness drive the buying decisions of Indian millennials. They use the internet to make informed choices and purchase-related monetary transactions. And the easy availability of a personal loan online makes it the preferred finance option for these new-age consumers. Tata Capital offers such unsecured loans online at attractive interest rates, starting at 10.99%. Such loans can help millennials meet shortfalls any time they find themselves in need of money.

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