Travelling is always enticing; it adds spice to life. If you do not travel, you will miss a lot of things in life. However, travelling is an expensive affair, and not everyone can be a backpacker and travel on a low budget. There are certain conditions that everyone may not fathom.
Some people like to travel according to their choice and preference, which would include a lot of expenses. Also, while you are travelling, you may have to come across unplanned expenses, so you need to be ready for all these unplanned expenditures. So, how can you do so? Check out our Personal loan guide @MyLoanCare.
One can opt for personal loans when you lack finances for your expenses like:
Consolidating your debts:
Though personal loans have a higher rate of interest, they can be used to settle loans with a higher interest in case one needs money urgently to settle their debts.
You end up borrowing the required sum from a local financier or at one swipe of your credit card.
Home Renovation:
Renovating your home usually costs higher than you expect. If you lack funds to continue the renovation, you can opt for personal loans and get your work done until the time you planned to get it done.
Traveling your dream destinations:
Do not let lack of funds hinder your dreams of visiting a place you always dreamt of visiting. It is also not advised to use your savings for travel.
Get travel loans issued and visit your dream destination without worrying about your savings.
Wedding expenses:
Though one carefully plans marriage expenditures, there are chances that unforeseen financial requirements arise in marriage expenditures. So, one can opt for personal loans to meet their expenses.
Higher Education:
Education is quite a costly expenditure in the present world, so personal loans help one continue their studies without worrying about the required funds.
Medical emergencies:
Do not let lack of funds hinder you or your loved ones’ medical treatment and eat up all your savings. Just opt for personal loans to meet the required expenses.
Eligibility:
Personal loans are unsecured loans and are sanctioned when\ applicant submits documents and meets certain requirements like:
- Credit/CIBIL score or repaying capacity
- Loan eligibility
- Rate of interest
- Loan amount
The basic eligibility criteria for a self-employed person or a salaried employee are:
- They should be of age varying from 21-58 years.
- Salaried professionals must have experience of a minimum of two years and must be in the same job for six months.
- For a self-employed person, depending on the lending institution’s protocols, the minimum limit of work experience and the duration of business will be at least 2 or 3 years.
- The limit of minimum income is Rs. 20,000.
Travel Loans:
Travelling excites most of us; discovering new destinations, new customs, food, and people is the dream of many. It also helps us rejuvenate after battling the hustle and bustle of everyday life.
Sometimes, we also need to travel due to family or social functions or because of health issues for better treatment. No wonder travel loans are one of the most popular forms of personal loans.
Whatever be the reason for your travel, the biggest requirement is money, and what if one does not have the required sum at that point in time.
As mentioned earlier, spending your savings on travel is not at all advisable.
Here is where travel loans come into play which can be easily sanctioned to fulfil your dreams of travelling to your favourite locations.
Online personal loans are considered one of the smartest ways to raise funds for your travel. Presently, you can complete all the procedures for acquiring a personal loan with an instant click of a mouse, and there is no need for the physical submission of documents. The documents can be uploaded through online channels.
The loan is sanctioned within a few minutes, depending on your credit score, and the loan sanction approval is done within minutes based on your credit score.
This loan can be used to finance your travel expenses like hotel/motel bills, transportation costs, shopping and other needs without worrying about running out of money during your vacations.
You can also compare the rate of interest on travel loans across various financial institutions or through online websites.
Travel loans are quite easy to avail of as these loans are a type of unsecured personal loans. They do not require a guarantor or collateral unless the loan amount is high.
Conclusion:
Always go for the loan amount after having checked your repayment capability. It is better to opt for a personal loan for a holiday because even if you have savings and sufficient funds with you, let it be saved for emergencies.
Choosing travel loans is quite advantageous because you can easily repay the loans by counting on the simple Equated Monthly Installments (EMI).
Another significant benefit is that you have a total time of upto 5 years to repay the loans, depending on the principal sum, interest rate, and salary.