Personal loans are flexible and multi-utilitarian in nature. The borrower can use the loan amount for a wide variety of purposes. These loans often come handy when one needs funds to finance their wedding, medical expenses, home renovation projects, working capital, or for taking vacations. Yes, personal loans can be used for taking care of your splurges and luxuries like vacations within the country and abroad.
A travel loan is a personal loan which is used for financing one’s travel. One can use the loan amount for paying for air tickets, rail tickets, local transportation, accommodation, food, visas, entry fees and tickets etc.
Often it is seen that people in the mayhem of life forget to relax. Limited income and overhead expenses leave little or no space for savings. This often takes a toll on one’s physical and mental health. And a holiday amidst the regularity of life can be rejuvenating. But where to get the funds to finance this much needed holiday? The answer to this big question is PERSONAL LOAN. Many key banks and lenders now offer personal loan for travel at a competitive rate of interest and easy repayment schedule.
Instant personal loans are available at a click of a button nowadays. With technology taking over the lending sector, one can apply for the personal loan from the comfort of their home or office using their smartphones or computers at any given time of the day. There is no need to physically visiting the bank’s branch to formalise the loan. Almost all lenders are offering their digital platforms. One can visit the website of the lender and apply for the loan directly from their portal. Loan seeker may also approach Fintechs like LoansJagat which offers an excellent comparative platform for the borrowers to compare different lenders of their offerings in terms of rate of interest, loan amount, loan tenure, EMI, processing fees, prepayment charges etc and make a well informed and calculated decision.
The whole process of getting a personal loan entails the following key aspects:
1. Checking the eligibility criteria: Every lender has pre-defined eligibility criteria which the applicant must abide by to avoid getting their loan application getting rejected. It is thus very important to check for the eligibility criteria prior to applying for a loan.
2. Choosing the lender: Since the lending market is booming and there is immense competition among the lenders and their offerings, it is advisable to compare before making the final call. Check for the rate of interest on offer, prepayment charges, processing fees etc to know the exact cost of the loan.
3. Filling up the application form: The applicant is required to duly fill in the application form with the correct KYC and financial information. Application forms are available on the websites of the lenders or one can apply through LoansJagat portal as well.
4. Submitting the document: The application process is incomplete if the required documents are not submitted alongside the loan application form. One can scan and upload the documents online or visit the lender to submit the documents.
5. Loan Approval: Once the documents and application form is submitted, the lender checks and verifies it and based upon your income, and credit score decides upon the loan amount and whether to approve or reject the loan.
6. Loan Disbursal: If the loan is approved, the loan amount is directly transferred into your account.
The whole process of a loan application may take 4-5 working days. If you opt for instant personal loans, they are approved almost instantly and the loan amount disbursed in a day or two.
Personal loans are great for financing your vacation. But it must always be remembered that it is like any other loan which is required to be paid on time. Failing to pay back the loan in monthly instalments can result in significantly lowering your credit score. Thus, before you decide to get self a travel loan, ensure that your financial credentials are strong and that the post-vacation period doesn’t end up being stressful. It is advisable to opt for the loan amount which you actually want and chuck out some amount from your savings to make your vacation worth it.