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Can I Take a Personal Loan for Travel?

By Finserv MARKETS - Dec 25,2019
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personal loan for travel

With the new year coming around, it’s time to go back to the old habit of making resolutions for 2020. Some people may choose to focus more on their eating habits, while others may resolve to get financially smarter. Another popular New Year’s resolution is to follow through on your long-held travel dreams. If this seems like something you’d like to try in 2020, then you’ll find that one of the first things you need to do to get your travel plans on the road is to take care of the funding.

If you already have a travel fund saved up, you can dip into those savings to take the trip of your dreams. However, if your savings are locked up in long-term investments, or if you’d rather not use the funds saved up, there’s another easy option at your disposal.

You can take a personal loan for travel

Also known as a travel loan, this kind of borrowing is essentially a personal loan that you can avail exclusively for the purpose of funding your trips. You can use the funds borrowed for just about anything related to your vacation, right from purchasing the flight or train tickets to reserving a place accommodation or buying travel gear.

Most banks and financial institutions offer the option of availing a personal loan for travel. On Finserv MARKETS, you can easily obtain a personal loan irrespective of whether you’re a salaried professional or a self-employed applicant. Salaried employees can avail a personal loan for travel up to Rs. 25 lakhs on Finserv MARKETS.

Applying for a travel loan on Finserv MARKETS is an extremely simple and straightforward process. All you need to do is fill in the required details online, select the principal amount and repayment schedule, and submit your application. Your loan can be approved in as little time as 3 minutes, and you can receive the funds in your bank account within 24 hours.

personal loan for travel

Source: timesofindia.indiatimes.com

How does a personal loan for travel work?

Like all personal loans, a travel loan is also an unsecured borrowing that requires no collateral. You simply need to submit your application to the lender, following which your request is taken up for approval. Once approved, the funds are disbursed to your account, and you can use them to pay for the expenses related to your travel, whether it’s a vacation or a business trip. Depending on the tenure of repayment chosen by you, your EMI is determined. You’ll need to repay the loan along with the interest component on a monthly basis.

What are the benefits of availing a personal loan to fund your travel plans?

Availing a personal loan for travel comes with a host of benefits for the borrower. Here are the most compelling reasons in favor of a travel loan.

They’re unsecured borrowings

Personal loans for travel are unsecured borrowings. So, even if you have no assets to offer up as a collateral security, you’ll still be considered eligible to apply and borrow funds if you meet other eligibility criteria.

The rate of interest is more affordable

Paying for your travel expenses with a credit card may seem to be the easier option. However, by availing a travel loan, you get to borrow funds at a more attractive rate of interest. Credit card charges can add up to be much higher in the long run.

They can help boost your credit score

If you adhere to your repayment schedule and pay your EMIs on time, personal loans for travel can also help improve your credit profile. By promptly paying back the principal and the interest component of your loan, your credit score gets a boost, making future borrowings easier.

The process involved is hassle-free

Applying for an unsecured borrowing like a travel loan is often a simple affair that requires minimal paperwork. Most banks and financial institutions also pay out the loan quickly, so you can enjoy near-instant disbursal, making it easier to fund last-minute travel plans without any setbacks.

The takeaway

Obtaining a personal loan for travel can make your holiday stress-free and easy on your wallet. So, the next time you plan a vacation or a business trip, remember that a travel loan can help you deal with any shortage of funds. On Finserv MARKETS, you’ll find that availing a personal loan for travel comes with many customer-centric benefits such as zero third-party involvement, flexible repayment tenures ranging from 12 to 60 months, minimal paperwork, and custom-made borrowing plans.

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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