A holiday is a great way to recharge and explore different destinations, food and culture. However, what may come in the way of a vacation is most often financial planning. Are you deciding how much you can spend based on your savings, whether to use your credit card for all holiday expenses or if breaking your fixed deposit or other investments is a good idea? Well, there is another option.
You can take a personal loan for travel and finance your trip flexibly and easily. This credit facility is an unsecured loan that you can rely on for all travel-related costs, be it train or airline tickets, your stay, travel insurance, dining, shopping and exploring. What makes a personal loan ideal for travel? Read on to find out.
4 top reasons to fund your holiday with a personal loan
It allows you to preserve your savings and investments
While savings help you access funds to address emergencies, investments work towards ensuring financial fitness in the future. Both these components of personal finance are important. When you take a personal loan for travel you keep yourself from compromising on either front.
Since a personal loan is collateral-free, you do not need to risk your assets to get money. Moreover, you can use the personal loan amount for any reason, without any restriction. So, be it visiting museums or forts, enjoying street food or fine dining restaurants, buying handicrafts or gifts – you can do it all with funds from a personal loan.
It gives you access to the funds you need
Your dream holiday may include a trip to Vietnam or relaxing in a luxury resort in Jaipur. No matter whether you plan to travel within India or overseas, you can get ample funds when you take a personal loan.
Lenders offer up to ₹50 Lakhs based on the amount you qualify for, so you can plan your holiday, your way. With a personal loan, you don’t need to compromise on what you’d like to do and how you plan to spend your vacation, which makes it an ideal credit facility.
It is easy to get with 100% digital protocols
Getting a personal loan today is as easy as snapping your fingers. You can apply for it using a personal loan app or online from a lender’s website. With simple eligibility criteria that most lenders set these days, qualifying for a personal loan is also easy. Once you know you are eligible, all you need to do is fill in the short online application form and attach KYC documents and income proof.
Digital lenders offer instant approval and once your details are verified, you can get access to funds in less than a day. This makes a personal loan ideal even for last-minute holiday plans.
It makes repayment stress-free
With a personal loan, you get the freedom to choose your repayment timeline. Most often, you get anywhere between 12 and 60 months to repay this type of loan. This gives you plenty of time to repay based on your finances and income.
Since personal loan EMIs stay the same for your selected tenure, you can budget for them by preplanning. Use a personal loan EMI calculator to forecast your EMIs and select a loan amount and duration that works best for you.
The personal loan interest rate is competitive as there are so many lenders in the financial marketplace. So, make sure you compare the offers before you select one. With a good credit score, you can get an affordable loan that is hassle-free to repay even once you’re back from your holiday.
Now that you know why a personal loan can be an easy and convenient way to fund your vacation, all that’s left is holiday planning! Once you know where you want to go and what your budget is, make sure you plan the loan ensuring you are keeping your financial wellness in mind. To choose between the top personal loans in the market and apply online with ease, download the Bajaj Markets app.
This app gives you access to a wide variety of loans and other financial products to fund all of your life’s goals. Download it from Google Play or the App Store today and make your dream vacation a reality.