Is it a good idea to get a personal loan for a vacation/holiday?
Yes, certainly, taking a personal loan for holidaying is worth it. People think a loan is preferable only during adverse times, but that’s not true. A personal loan is about raising the required finance to meet different needs at personal levels. Travel and vacations are also a significant part of our lives. Travelling to exotic destinations in India and abroad requires a good amount of money, that not all can afford. So, how long will you save to take a break from your monotonous life?
Instead, plan a holiday soon with a safe finance option that comes in the form of a personal loan or a holiday loan. A personal loan for holiday can take care of different expenses involved in the trip, inclusive of ticket bookings, accommodation, transport, food, shopping etc. It won’t come as a burden while you are enjoying the holiday. Holiday loans can be repaid easily in EMIs in a stipulated tenure.
Using an instant loan app to avail a holiday loan is a good idea. When there are great holiday offers going on, make the most of them and apply for personal loans on time. Instant loan apps enable loan approval on the same day of application. The loan application, verification, approval and disbursal everything is done in 24 hours and the holiday loan is approved instantly.
So here are some advantages why a holiday personal loan is advisable:
Quick disbursal of the loan - Taking a personal loan through an online loan app approves loans faster and the loan amount is disbursed within 24 hours directly into your account.
Paperless documentation - The online process involves verification of KYC details. So, the documentation is minimal in a paperless format.
Reasonable interest rate - Personal loan has a fixed rate of interest, as a result, there is no chance of fluctuating interest rate. The interest rate offered on holiday loans is affordable for one simple reason that the borrower can repay it easily.
Customization of EMIs - When the installments to be paid every month is known in advance, the rest of the budget planning becomes easy. Borrowers can use EMI calculators to flexibly set the three variables as per their will – loan amount, tenure and interest rate. This enables customizing the EMI figures as required.
No collateral - Personal loan is an unsecured loan and does not need collateral and can be availed by any person who is in urgent need of funds.
To determine the amount of travel loan you should apply for, it is important to create a travel budget. If you are planning your vacation through a travel and tourism company, the itinerary is already presented, so finalising the loan amount is easy. But, if you wish to plan your vacation on your own, it is good to consider the top holiday destinations, current flight rates, best accommodation options and other expenses as a whole. This will give you an approximate idea of your holiday expenditure on a daily basis and accordingly the holiday loan amount can be applied.