DRMumbai: Be it immersing in the James Bond experience at 007 Elements in Tirol, Austria or scuba diving in Great Barrier Reef, Australia or snowmobiling in Levi, Finland, more and more Indian travellers are choosing travel loans to tick the boxes of dream destinations on their bucket list. According to industry reports, personal loans for travel have grown 55 per cent over the last year. Millennials account for about 85 per cent of loan seekers, looking to borrow amounts ranging from Rs. 50,000 to 2,50,000. Depending on the travel agent and a customer’s risk profile, the interest rate varies from 9 to 13 per cent for up to 18 months.
SanKash, a Gurgaon-based travel fintech startup is focusing on helping travel brands, both online and offline, provide innovative payment products to their customers
SanKash, a Gurgaon-based travel fintech startup is focusing on helping travel brands, both online and offline, provide innovative payment products to their customers. Started less than eight months ago, they generate 100+ loan requests daily and connect over 350 offline travel partners. The platform has tied up with B2B travel aggregators like Travel Boutique Online (TBO) and BirdRes; key accounts like Thomas Cook, BigBreaks, OYO Total Holidays, Club7 Holidays, Veena World and Neptune Holidays; and tour packages marketplace, Tripshelf to power their innovative zero to one per cent EMI travel payment solutions. SanKash hopes to engage 10,000 partners in the next 12 months.
SanKash has been plugging the massive financing gap within the Indian travel market that refrains nearly 35 per cent of travellers in India from taking the vacation of their choice. Through its unique, concept-based lending solution, SanKash aims to create a best-in-class lending solution for the travel industry. Travellers can now save themselves from the hassle of last-minute travel expenses, further transforming their travel goals into reality.
Through its travel partners across 32 cities, SanKash has registered significant market traction and already processed travel applications worth Rs. 45 crore since launch. All the transactions have been made via 475+ Points of Sale and 456 offline travel agents.
“We envision a world where travel is simply affordable. Moreover, travellers will not be required to pay any interest on the package amount, which will make it a cash flow management tool rather than a loan,” said Akash Dahiya, Founder, SanKash.
SanKash is not just another payment option. It improves important travel marketing metrics including conversion, booking value, channel loyalty, cross-selling, and ancillary revenue for its travel partners. The platform intends to promote travel consumption within the country, driving 30 per cent of once-a-year travellers to travel at least twice a year.
“Indian travellers are slowly moving from visiting proximity markets to medium-haul destinations. Customers are now used to the fact that loans are being offered even for travel products. As more young customers come into play, they are more aligned to the concept of taking loans, even for a vacation,” opined Ankush Nijhawan, Co-founder of TBO, which is an investor in SanKash. “Easy availability of credit and changing perceptions about loans are making matters interesting and SanKash is at that exciting intersection.”
