Wanderlust hits all of us from time to time. But, money constraints often curb us from acting on it. Thus, before planning any trip outside India, it is important to assess if you are able to afford it. This is where a Personal Loan for travel comes into play. It offers you ample funds to plan international travel without any hassles and comes at a competitive interest rate that makes repayment easy.
While there are certain fees and charges apart from the interest that accompanies your loan sanction, overall, it is a much better way of accessing funds as compared to funding your trip using a credit card. Even if the trip is last-minute, you can still avail a Travel Loan online. If you apply for Personal Loan for Travel and will get an approval on your application within minimum time and get money up to Rs.25 lakh in your account in 24 hours. But, before taking such a step, it is important to educate yourself on the benefits of this loan.
It is better than Credit Cards
While a Personal Loan doesn’t have the perks of a credit card such as reward points, insurance or travel benefits, it does come at a lower interest rate, which is its biggest advantage. You can also borrow a lot more cash with a quick Loan, whereas you will have to operate within a fixed limit in case of a credit card. If you are still tilting towards a credit card, you can use it when on the holiday to pay for smaller expenses like at restaurants, for your spa therapy, or when you are tempted to buy an expensive souvenir.
It lets you Access Funds via the Flexi Loan Facility
Lenders adds an extra layer of convenience to your sanction by offering you the Flexi-Loan facility on the Travel Loan. This facility allows you to withdraw funds from your sanction as and when required. Here, you pay interest only on what you use. Thus, you save on interest cost when you don’t know the total loan amount you need. This will come in handy when you have to pay for unplanned expenses and emergencies during your travel. Moreover, you can choose to pay interest-only EMIs through the tenor and repay the principal whenever you have surplus funds in hand. This reduces your EMIs by up to 45%, helping you manage your cash flow better.
It allows you to Repay the Loan on Easy Terms
When you use credit cards, your repayment is governed by your usage and in every billing cycle you are expected to clear the entire amount you have used. Since an unsecured Personal Loan for Travel is a loan, you can divide the amount you borrow into regular EMIs for a tenor of your choice. So, you can repay your loan by choosing the repayment duration as per your financial standing from a comfortable window of 12–60 months. This helps you return from an enriching trip and repay the loan by being disciplined with your finances until you are debt-free.
Now that you know how beneficial a Personal Loan for travel is, understand how you can utilise it better to fund your travel goals and necessities.
Plan your Itinerary
Planning a trip is a lot of work but it’s fun! Where to go? What places to visit there? How to reach? So, if you know your whole itinerary in detail before starting a trip, it makes your travel a lot easier. For this, you can hire a tour agency to arrange your trip or do it yourself by studying guides, talking to friends, and researching the internet. When you avail a Personal Loan for travel finance, you can bear the expenses of the agency and travel stress-free.
Budget your Travel
Now that you have decided where you are spending your dream vacation, you need to plan out the estimated budget for the tour. You need to budget certain things like transportation, accommodation, food, activities famous in that area, and other expenses. Budgeting your travel will also help you know the loan amount you need to borrow. This way you won’t take a loan of an amount higher than you require and end up paying high interest.
With Travel Loan, that exotic vacation with your family can be well within your reach. While you can check your eligibility using the Personal Loan eligibility calculator before you apply, first check your pre-approved Personal Loan and avail a quick loan and sail out on an overseas trip!