An international trip allows you to experience a whole new culture, environment and cuisine and promises unforgettable memories. According to the United Nations World Tourism Organization, it is estimated that over 50 million Indians will go abroad in 2019.
And while traveling abroad can require a substantial amount of money, you can strengthen your finances by obtaining travel finance from a third party. Vacation loans are a great way to fund your expenses as they are free of collateral and you can use the loan amount however you want. In fact, according to a recent study, travel is one of the top two reasons people apply for a personal loan.
Here’s a look at why a Vacation credit is fast becoming a popular way to fund your trip.
You can get sufficient sanction to explore well known travel destinations
When you take out a vacation loan, you get a heavy penalty that covers all of your travel expenses, whether you are visiting the US, Europe or Southeast Asia. Leading financial institutions like Bajaj Finserv offer Personal loans for travel of up to Rs.25 lakh so you can manage all of the huge expenses that come your way. Depending on the travel destination, the sanction should be sufficient for round-trip tickets, hotel accommodation, travel packages, meals and other ancillary costs.
You can easily repay the loan over a flexible term
Personal loans offer a flexible term so that you can spread the cost of your vacation over several months. Bajaj Finserv, for example, offers terms of up to 5 years and you can choose a term that suits your budget. When choosing the term, keep in mind that a longer term will reduce your monthly payments, while a shorter term will result in higher EMIs. However, the former increases the total interest payable. If your budget allows you to pay high EMIs, close out the loan quickly by choosing a shorter term. You can have an online EMI calculator for personal loans to decide on the term and other loan data.
You can finance your dream vacation on simple funding terms
Easy-to-meet selection criteria set by personal lenders make a vacation loan accessible. For example, you can receive a grant from Bajaj Finserv as long as you are between 23 and 55 years old, have a stable source of income and meet minimum wage requirements. If you have a CIBIL score of 750 or more, you can always use it to get large, low-interest personal loans when you need funding. In addition, since a travel loan is a security-free loan, the documentation requirements are minimal. As a rule, KYC documents, pay slips, an employee ID and bank statements from your payroll account are sufficient.
With the Flexi loan you can manage your expenses on the go
To help you manage unforeseen travel expenses, Bajaj Finserv offers the Flexi Loan feature. This gives you more flexibility to borrow and repay the funds. Thanks to this option, you can withdraw your sanction multiple times without having to submit new applications. Interest is only paid on the amount withdrawn and not the entire penalty. You can also partially repay the loan early with no additional fees if you have excess funds. In addition, for an initial portion of the term, you can choose to service EMIs with interest only to repay the loan without burdening your budget.
These characteristics show why a personal travel loan is an attractive way to finance your next vacation abroad. If you choose Bajaj Finserv, you can even get approval within 5 minutes, followed by a withdrawal within 24 hours. So when a vacation is coming, don’t hesitate to Review your pre-approved offer by Bajaj Finserv. In this way, you can finance your trip without delay, as you can activate an individual instant financing offer.
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