Travelling to the world’s most famous and bucolic destinations is everyone’s dream. But, vacationing far or near can get expensive real quick. High-expense trips often push people to avoid or procrastinate exploring their favourite destinations. If this is a recurring incident then here’s an easy way out, get a travel loan.
Luxury travel with high figure bills can compel many to opt for instant and easy travel loans. These instant travel loans can be a saviour for travellers who do not wish to squander their well-saved cash while seeing the most exquisite destinations as well. If this popular choice sounds interesting, read more to explore more.
Strike off your dream destination from the bucket list with brilliant travel loans. Image Source: freepik.com
What are travel loans?
As the name suggests, travel loans are nothing but personal loans elected specifically for travelling. In today’s stressful world taking a vacation once or twice a year has become a must, many lenders are quick to lend travel loans for domestic as well as foreign travel plans to salaried professionals. This becomes a big advantage when money is the only constraint on a well-planned trip.
6 Surprising advantages of travel loans
- No worry of collateral: A personal loan is unsecured in nature, making travel loans also absolutely stress-free. Unsecured loans do not require the borrower to submit any collateral in exchange for the loan. This loan keeps your savings intact as well as your valuable assets.
- The convenience of online processing: The digital age has made it conducive to acquiring loans in the comfort of your home. Simply visit the lender’s online portal and apply online, instead of physically visiting banks or financial institutions. Who would have thought, travel loan would be just a click away.
- Hassle-free documentation: Travel loans, unlike car and home loans, require the most basic information to check if the eligibility criteria are met, making them very favourable. Documents like proof of identity, proof of residence, salary slips, and bank statements are primary when applying for this instant loan.
- Instantaneous disbursal: Personal travel loans are also known as instant loans. Once the documents are received and the loan is approved, watch the money transfer to your account almost immediately. This advantage makes travel loans perfect for spontaneous and luxurious trips.
- Flexible loan tenure: Every lender has varied options when it comes to choosing the repayment tenure. The option of systematic EMI relieves borrowers from the stress of immediate repayment and the comfort of collating money for monthly payments.
- Good interest rates: Differing from lender to lender, interest rates can have diverse ranges. It is always advised to do thorough research for a well-suited interest rate before applying and acquiring these travel loans
Explore the highest mountains, the deepest ocean, and the true benefits of travel loans. Image Source: freepik.com
If these advantages are propelling you to apply for a travel loan, these smart tips & tricks can make you great at it.
Pro tips to bear in mind while applying for a travel loan
- Credit scores can largely influence the interest rates applicable to travel loans. It is essential to maintain a good credit score to ensure quick approval of these instant loans.
- Most lenders have EMI calculators on their online portals. Use these online EMI calculators to immediately understand the EMI amount.
- Do thorough research of all the documents that must be kept handy before applying for the loan. This saves time and shifts your vacation plans to the next gear.
- Look at the most affordable train or aeroplane tickets along with the most comfortable and affordable stay to give a good idea of the amount that must be borrowed
- Remember a well-budgeted trip can also be enjoyable and help in repaying the amount with satisfaction.
- Finally, don’t forget to make a list of all the must-see spots and adventurous activities to reap the best out of the vacation.
Set out for the spontaneous vacation with the powerful advantages of travel loans that can make all your dreams travel plans come true.