The meaning of holidays is different for everyone. While for some it means a breakaway from the normal routine and spend time with family and friends, for others it is the opportunity to explore the unexplored. Irrespective of whether you are planning a domestic or an international trip, finances hold the key to make your holiday even more satisfying.
In the country like India, more and more Indians are embracing the idea to take holidays at least once in a year, financial institutions including non-banking financial companies (NBFCs) are offering customized travel loans online at competitive interest rates. Here’s how these travel loans can make your holidays more fun.
- Instant Money to Fund your Holidays
While earlier you needed to plan in advance and save money to fund your holidays, with an online Personal Loan for travel you get instant money to address various holiday-related expenses. For instance, Bajaj Finserv Personal Loan for Travel offers instant approval in just 5 minutes, with money being disbursed to your account within 24 hours.
So, no more worries about saving money 4-5 months in advance. Just decide when you want to travel, apply for a travel loan, and use the money to book plane/train tickets and hotels. All you need to do is to fill an online application form and upload the relevant documents.
Quick and hassle-free, the instant approval and disbursal of money allow you to take advantage of any discounts being offered on tickets or hotel bookings.
- A Substantial Loan Amount
NBFCs offer a Personal Loan for travel as high as Rs.25 lakh. The amount is adequate to take care of the expenses you would incur during your travel. Note, that to build a corpus of an equivalent value, not only you need time but also require investing in multiple financial instruments such as mutual funds (short and ultra-short-term funds), fixed deposits, etc.
However, with Personal Loans for travel offering a high loan amount, you can utilize investments in the above instruments to build wealth for other critical financial goals such as your child’s higher education.
- Flexi Loan Facility to Address Unexpected Needs
New-age loans for travel come with a flexible loan facility which allows you to withdraw funds as and when required from your approved loan limit. A sudden rise in airfare or prices of hotels can significantly add to your expenses. However, with flexi loans you get the funds to meet these sudden, unexpected needs before and during travel.
- Flexi Loans to Reduce EMIs
The Flexi loan facility not only helps in meeting sudden, unexpected needs but also reduces the monthly EMIs that act as big savings for you. You can make multiple withdrawals without any additional documents and with interest being charged only on the amount utilised and not the entire limit, it may bring down your monthly EMIs by 45%.
The reduced EMIs have multiple advantages:
- It helps you to repay the loan on time
- Reduces chances of default
- Ensures your other critical financial goals are on track
Most lenders provide an online EMI calculator that helps you figure out the monthly EMIs that you need to pay. Using various permutations and combinations, you can choose the EMI that best suits your needs.
- Minimal Documentation to Further make the Loan Process Seamless
What makes availing a Personal Loan for travel even more seamless is the fact that it requires minimal documentation. At the most, you may require KYC documents, salary slips of a last couple of months, and bank account statements.
All these documents, which are easily available, need to be uploaded with the loan application form and your application is processed within minutes with funds being disbursed in under a few hours.
The Final Word
While taking holidays is on the wish list of most individuals, most of us go on the backfoot or taper our expectations because of lack of finances. However, with the easy availability of Personal Loan for travel from financial institutions, especially NBFCs going on a holiday is even more fun.
A substantial amount coupled with quick and fast disbursal along with minimal documentation and flexi loan facility ensure you have the time of your life. Happy holidays!