Are you holding back your travel plans due to a lack of finances?
Does the idea of availing a personal loan sounds exciting for you to take ahead of your travel plans?
Well not anymore.
A travel loan is a personal loan that is available for consumers seeking funds to travel. It is an unsecured loan that can be availed without putting up any security. The travel loan can be availed via online or offline options.
Here are the benefits of a travel loan:
- Visit the place without worrying about funds – Travel loan will help you make smart choices for your travel by getting funds for you. You can avail funds without digging on your savings and make your dream travel memorable.
- Flexible repayment terms – You can repay the amount as per your convenience. The tenure for repayment ranges from 1 year to 5 years. As per the comfort and budget, the repayment tenure can be chosen.
- Affordable interest rates – The interest rates offered for travel loans are affordable and help you manage your travel expenses without any hassle. The funds availed through travel loans can be utilized for arranging airfares, hotel booking, dining out, and related costs.
- Easy application and disbursal – The process for filing loan application is simple and hassle-free. A borrower will not have to stand in long hours to get the approval done and get funds in their account.
Eligibility and Documents – A travel loan can be applied by both salaried and self-employed individuals. However, the approval of the loan depends on the eligibility of the applicant. There is a minimum requirement of documents that include ID proof, address proof, bank statements, photographs, and employment details.
Availing personal loan for travel with Finserv platforms
If you want to make your loan process hassle-free and quick, apply for the loan from Fiserv portals. All your travel expenses like travel tickets, accommodation, hotel bookings, and more can be managed with funds availed from travel loans.
- Simple process – You will not have to work hard for getting your application approved and for the funds in your account. Applying for a loan from a finserv platform makes the process hassle-free.
- Zero collateral – As travel loans are unsecured loans, there is no need to pledge for the security. Also, there is no requirement of the guarantor to avail a travel loan.
- Instant approval – With the advancement in technology, the loan can be approved without much delay, and disbursement of the amount is done fast. Unlike applying for traditional loans there is no need for tons of paperwork and long days of delay in filing the application process.
- High-value loan amount – There is no need to wait for your savings and dig them up to plan your travel. You can avail funds at affordable interest rates travel the destination of your choice without putting a dent in your pocket.
- Pre-approved offers – You can get benefitted from a range of offers that are pre-approved for the best deals. Keep a track of your repayment schedule and other personal loan details through the online customer portal.
- Lower interest rate than a credit card – A travel loan is an unsecured loan which is cheaper than credit cards. Availing funds from credit cards come at a higher rate of interest.
- There is no restriction on the usage of funds – The funds availed by the personal loan is not limited to the usage of any specific thing. It can be utilized in ways you feel.
Personal Loan for Travel Vs Credit Card
You may have this question of availing loans or arranging funds by swiping a credit card. A credit card too can solve the purpose of arranging for funds in EMIs as chosen.
But here you will have to decide to choose to get funds at an affordable interest rate or from a credit card which offers funds at double the rate of interest than what personal loan offers. The interest rate at which funds can be availed from credit cards ranges from 24% to 36%, whereas the interest rate for personal loans can be availed at starting from 10% per annum.
This implies that if you need funds for making your travel plans an enjoyable experience, availing a personal loan will be a good choice which can be repaid in easy EMIs without disturbing your monthly budget.
With technological advancements these days, availing a personal loan is no more tedious. All the filing can be done online by visiting the portal of the lender. There is no need for tons of documents to be submitted like those in earlier days. Only a few minimal documents are required to be uploaded online. It has gone 100% online and the loan amount can be disbursed within hours of filing loan application, and if it meets the eligibility criteria.
Repayment Capacity –
You should plan for your travel expenses way ahead before you get your hands on finalizing the deal. You should thoroughly compare lenders keeping in mind your preferences. Consider your repayment capacity in selecting your tenure for repayment.
Keep the tenure short as much as possible to repay the loan amount. In this way, the EMI burden will be minimal. This depends on your financial plans and goals.
With travel loans, the available tenure ranges from 12 to 60 months. You can decide your suitable term keeping in mind your budget.
Personal loans for travel can help you with your travel plans and manage your finances within a tight budget. All you need to do is apply for the loan with your chosen lender and set out to explore the world. It will help you save time and live your dreams. A personal loan can cover your expenses of
- Flight fares
- Other fares of traveling
- Emergency needs
With all the needs sorted out with personal loans, there is no reason to delay your travel plans. You along with your family members can have a gala time and rejuvenate yourself. It will be a complete destresser, giving you a mood lift.