Explained why you should take out a personal loan for travel
The travel industry has witnessed a big boom in the recent decades. Today, most people plan at least one or two exotic holidays in a year. This new trend of lifestyle has resulted in the need for customised financing tools that can help people fulfil their travel aspirations with ease. Today, you can avail a quick cash loan of up to Rs. 1.5 lakh through a personal loan app. All you have to do is download the app, check your eligibility, choose the required amount, and apply for the loan.
An instant personal loan comes with many attractive features. The online loan process needs minimal documentation. It involves no bank visits or collaterals. The processing time is much faster and the interest rates much affordable. But even with all these features, is opting for a travel loan a smart idea?
Read on to discover 6 reasons why availing a personal loan for travel is a good idea:
Here’s why Financing Your Travel with a Personal Loan is Reasonable
Get suitable funding in a few minutes
When planning a trip, there are a host of expenses that you need to cater to. Booking your tickets, hotels, paying for the food, shopping and other activities, you need to consider all these expenses. Depending on your choice of stay, food and activities, your travel budget would vary.
An instant personal loan offers you the flexibility to make the choices according to your preference without worrying about the budget. You can apply for any loan amount within your eligible range and avail suitable funding for your trip. A personal loan app stands as the best choice, if your requirement is less than Rs. 1.5 lakh.
Financing for all travel needs
As already mentioned, travelling involves a range of expenditures. Apart from the basic travel expenses, you may also need cash for the trip. A personal loan stands as the best option in all the situations.
An instant personal loan comes with zero end-use restrictions. And the loan amount is disbursed into your loan account. This means you can withdraw this loan amount from your account and use it in any way you deem fit. You do not have to submit estimates and budgets to your lender.
Repay in simple and easy EMIs
The best part about these instant personal loans is the repayment mode. You can repay the entire loan amount along with the interest in small affordable monthly EMIs. You can choose your loan amount, loan tenure and your EMI. Use a loan EMI calculator available on the personal loan app to find the right balance of your need and affordability.
You can opt for an auto-debit facility towards the EMI. This will prevent you from missing an EMI on the scheduled date. Also, if you opt for an online loan app, you will receive timely notifications, reminders and updates.
Tenure suitability as per your repayment capacity
Another good reason why financing your travel through a personal loan is that it comes with a flexible repayment tenure. You can choose a suitable loan tenure that will lead to an EMI schedule you can easily accommodate within your monthly income flow.
Ideally, when availing a personal loan for travel, you can choose to repay the advance over duration of 1 to 2 years. You can conveniently make the repayment in small EMIs.
Financing without any collateral
One of the biggest advantages of an instant cash loan is that it does not need any collateral. A personal loan is an unsecured loan and the lender offers you this loan based on your eligibility. You do not have to provide any collateral to avail this loan.
This not only keeps your assets protected, but it also enables those with no assets to avail the loan. This makes it an ideal debt tool for people who are newly employed or who did not invest in wealth creation. If you have a good credit score and a good and stable monthly income, then you can avail a quick cash loan without any hassle.
Quick loan availability for emergencies
Exploring new places comes with its set of challenges. You may find yourself in the midst of an unforeseen circumstance, misplace your luggage, or lose your valuables. In such situations, you an instant cash loan can come to your aid.
You can easily apply for a travel loan through a personal loan app. You can submit the application from anywhere at any time. If you meet the eligibility criteria then the loan amount would get credited into your account within 48 hours.
Conclusion
These instant personal loans also come with simple eligibility and document requirements. This makes these loans easily accessible to all. Meeting all eligibility criteria before applying for the loan increases your chances of fast loan approval. For quicker loan accessibility, you can choose to apply for the advance through a personal loan app.
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