A study by IndiaLends for the recent World Tourism Day - which took place on September 27 - found that a whopping 85 per cent of those who applied for loans of Rs 30,000 to Rs 2.50 lakh did so for travel purposes.
Founder and CEO of IndiaLends, Gaurav Chopra, said: "The emergence of leisure consciousness among India's young adults and the realisation of the importance of a balanced lifestyle has led to an increase in both domestic and international travel."
Over a third of millennials are willing to go into debt to travel.
A study by Vrbo has found that 37 per cent of millennials wouldn't be worried about going in debt to fulfil their travel needs, compared to just 15 per cent for the baby boomers generation and 27 per cent for the generation X category.
And when it comes to millennials, nearly half (45 per cent) of them see travel as a reason for exploration rather than for special occasions such as birthdays, anniversaries or weddings.
Karen Fuller, senior director of global market research at Vrbo, said: "Forget what you thought about millennials traveling on a shoestring. Our results revealed they're actually the most likely to go into debt for travel, which is consistent with the notion that millennials like to accumulate experiences, not things."