Young Indians and millennials are going on frequent vacations by taking travel loans from banks, financial institutions and online financial lenders. To quench their thirst for travelling, a growing number of Indians are taking travel loans. Travel was considered a luxury back in the day, and people did not take travel loans for funding their expenses. But the scenario has changed now and people are prioritizing travel to take a break from their hectic schedules. Moreover, the number of people getting a handsome salary every month has considerably increased, and they are taking loans that they can easily pay back in monthly EMIs.
A travel loan is an added advantage for individuals, and they can have a luxurious experience while they are on a trip. It enhances the charm of travelling, and you can travel stress-free without thinking about dwindling finances. Before applying for a travel loan, you should plan your trip and estimate a detailed budget, and then calculate your expenses to see how much you are willing to pay and how much loan you want to take. You should be careful not to overborrow and fail to pay the monthly installments later.
You can take a proper travel loan from a lender, or you can take personal loans for covering your travel expenses. Some banks do not have a separate segment for travel loans and provide personal loans, which you can use for travelling purposes, the rate of interest being the same for both. You can apply for loans online from the comfort of your home. You can also get all the relevant information online with no need for travelling. You do not need to break your investments and spend your savings if you avail of a travel loan.
Reasons Why Should Take a Travel Loan
You should know the advantages of taking a travel loan so that you can clear any doubts you have regarding vacation loans. Here are a few reasons why you should not think twice before taking a travel loan.
Use it according to your convenience
You can use travel loans for a variety of purposes. You can use it to book your flights and hotel accommodation. You can also use it to pay your bus and car fares. You can also use it to pay for your food and snacks and for the things you shop for. Travel loans provide funds for a variety of purposes associated with your travel. You can also pay for your sightseeing expenses and sports activities that you participate in using a vacation loan.
For expenses related to emergencies, you can use travel insurance if you have one. Or else, you can use the funds from your travel loan.
TripMoney allows you to take loans ranging from Rs. 4500 to Rs. 25000. You can use the loan for booking flights and hotels and also provide for ground expenses such as transportation fares.
Low-Interest Rates and Easy EMIs for Repaying the Loan
You can repay the loan in easy monthly installments. You can use a personal loan EMI calculator to have a rough estimate of how much EMI you will have to pay against a particular amount of loan. You do not have to feel any burden on your expenses and can earn and pay your EMIs. The monthly installments you have to pay every month depends upon the loan tenure, amount, and rate of interest. If you do not want to continue your EMIs, you can prepay your remaining loan amount prior to the repayment tenure. The interest rate is also low when compared to credit card loans.
TripMoney charges 20% as a yearly rate of interest.
Choose the repayment tenure to your Convenience
Travel loans have a flexible repayment tenure. You have the freedom to choose the repayment tenure according to your capability. You should choose the tenure carefully. The monthly EMIs will decrease if you have applied for a longer tenure, but you will have to pay a higher interest, on the other hand, shorter tenures will increase the EMIs. You should create a balance between the EMIs and tenure. See how much you can afford to pay each month from your monthly income.
TripMoney allows you to choose between repayment tenures of 3, 6, 9, and 12 months.
No Collaterals required
Personal loans and vacation loans do not require any collateral or security. You do not have to pledge any assets for taking the loans. Neither do you have to make any down payments for obtaining the loans. If you meet the eligibility criteria and apply for the loan online, your loan will be approved within minutes.
You can easily get a loan with zero trouble and minimum documentation. The process is paperless, and the eligibility criteria are also not stringent. You need to fulfil certain criteria like being an Indian citizen, having a minimum age limit and income limits.
For TripMoney, you need to fill in the application form and submit your Aadhar card, Pan Card, and birth certificate. Your loan will get disbursed within minutes.
A travel loan seems just the right choice if you do not have enough funds for travelling. TripMoney provides amazing benefits in a vacation loan, and you can avail of convenient tenures, low-interest rates and flexible repayment procedures.