Connect with us

Lifestyle

Planning a Trip Somewhere? Take a Travel Loan to Pay for It

Shiv Nanda

Published

on

There was a time when travelling was considered an expensive, annual event. Not anymore. People are increasingly going on trips, both domestically and internationally, and you can too. If financial constraints are putting a stop on your travel dreams, consider taking a travel loan.

Here are 6 reasons why you should take a travel loan if a trip is on your cards.

  • Fast Processing

A personal loan for travel gets processed very quickly. It can be processed and disbursed within a day. If you need money to book your hotels or flights in advance, you can apply for a travel loan. You will get the money on time and you can book the necessary tickets or hotels.

  • Minimum Documentation

A travel loan is an unsecured loan. So, you don’t need to present a ton of documents to get the loan.

You don’t have to provide any collateral and there are very simple documentation requirements. Once produced, the loan will be processed in a matter of minutes.

  • Low EMIs

Generally, travel loans are short-term loans that are available at affordable EMIs. For instance, if you take a travel loan of Rs. 1,00,000 for a tenure period of 2 years, your EMI amount would be Rs. 4,661 at an interest rate of 11%. This is a manageable amount and you can clear off the loan quickly.

  • Short Tenure Period

Since travel loans are unsecured, they are given for a shorter period of time. This will be stress-free as repaying a short term loan would not feel like a burden.

  • Collateral-Free

You can avail travel loans without pledging any collateral or security against it. There is no need to mortgage any legal asset.

  • Boost your Credit Score

Is it possible to boost your credit score by traveling on a personal loan? Well, yes. If you take a travel loan and pay the EMIs on time, it will boost your credit score.

Even if your CIBIL score is low, you can take a travel loan. Use it for paying the bills or booking a hotel. Make timely payments against those bills. It will boost your CIBIL score and improve your creditworthiness for future borrowings.

Which Expenses Can a Travel Loan Bear for your Vacation?

  • Visa expenses – Use travel loan for visa applications, which can cost quite a bit.
  • Flight tickets – If you are short on cash, use the travel loan to book flight tickets in advance.
  • Accommodation – Accommodation is the biggest travel expense. Use the loan amount to book the accommodation in all the places that you are planning to visit.
  • Shopping – No travel trip is complete without buying souvenirs or shopping. Don’t let lack of money be the reason why you couldn’t shop.
  • Medical Emergency – Unfortunately, medical emergencies can be a reality in any vacation. A travel loan can help you pay the hefty medical bills.

Next time you find yourself short on cash but your feet are itching to travel, take a travel loan.

Continue Reading
Advertisement
Comments

Trending Posts

Pin It on Pinterest

Share This