5 Ways a Personal Loan for Travel Can Help You Go Places

Finance

Exploring new places is a dream of every traveller. However, due to the high expenses involved and financial constraints, only a few people are able to fulfil their travelling dreams.

Planning for even a short vacation to a domestic destination nearby needs a significant amount of money. Due to this reason, many people are unable to fulfil their dream of travelling to new horizons.

However, there is good news!

Now you can get a personal loan for travel to explore the hidden gems of the world and soothe your wanderlust.

With a personal loan, you can realise your travelling dreams without worrying about the budget. A travel loan can be of great help if you want to go to your dream destination with your family and loved ones.

With a personal loan for travel, you don’t have to worry about managing your finances or budget. Just apply for an online personal loan for travel with a trusted lender, and start planning your travel itinerary. You can repay in easy EMIs (equated monthly instalments) after your vacation.

Here are five ways in which a Travelling Loan can be helpful for your vacation

  • Flights & Visa: The cost of visa and flight tickets can take up a significant portion of your travel budget. If you are travelling to a faraway destination, flight tickets can be in lakhs. A vacation loan can cover these expenses.
  • Accommodation: Once you are done with your flight and visa, the next important thing about a travel plan is booking accommodation. Even if you are booking a hotel or resort for one week, the expenses can be huge. A travel loan covers the lodging/hotel expenses and food as well.
  • Sightseeing & Local Transportation: You will have to book a taxi, train or other local transportation medium for exploring your destination. Also, there are some costs involved in sightseeing, such as tickets for entry to museums/palaces and other historical places, fun activities (you might want to enjoy snorkelling, scuba diving, paragliding or other sport), and so on. A personal loan for vacation covers all these expenses too.
  • Shopping: Shopping can be fun in a new place. You will find many things that are not easily available in your homeland and you wouldn’t be able to stop your shopping urge at that time. With a travel loan, you can shop till you drop.
  • Emergency Expenses: While travelling can be real fun, there can be some unexpected emergencies that you might have to deal with, such as an accident, missing your flight, unexpected travel ban (that happened to many people during this COVID-19 pandemic), and so on. It is advisable to be prepared for such circumstances. Always avail of a personal loan amount that can cover all expenses and leave you with some balance too.

Benefits of getting a personal loan for travel

  • Quick Processing: Today, the entire process of a loan happens online, which leads to instant personal loan processing. In many cases, your loan can be processed as well as disbursed within 24 hours. This fast disbursal makes the personal loan a popular credit facility during the time of need. You can start booking flights and hotels instantly once you get a personal loan.
  • Short Tenure: Personal loans come with a shorter period, which can range between 12 to 60 months. If you are taking a personal loan for travel purposes, you may want to finish it as quickly as possible to release yourself from the financial burden soon. A personal loan makes a great choice for such scenarios.
  • Low EMIs: Travel loans are available at affordable interest rates starting from as low as 10.75% p.a., reducing your EMI amount. Even if you take a travel personal loan of Rs. 2 lakhs for a tenure of 3 years, the maximum EMI payable would be Rs. 6,524.
  • No Collateral/Security Required: Being unsecured in nature, you do not require any security or collateral for personal loans. Lenders only check your income, age, CIBIL score and repayment capacity to assess your personal loan eligibility.
  • Builds & Improves Credit Score: Taking a personal loan for travel can help you build a strong credit score if you repay your loan diligently. Having a good score can help you get a loan at better terms in the future.

Things to consider before applying for a travel loan

  • Research and finalize the destination of travel.
  • Make a detailed budget, including all your expected expenses.
  • Search for the right lender by comparing various offers, schemes, interest rates, processing charges, prepayment terms, and other features.
  • Borrow the loan amount as per your requirement.
  • Start booking once you get the amount.