During the holiday season, many people like to travel to distant places and leave their footprints on unexplored places. People travel for different reasons: to escape their daily monotonous life, to explore different cultures or to visit their friends and family. Travelling allows you to rejuvenate yourself and get away from the stress of everyday life.
However, you need money for travelling. If you do not have enough money to meet your travel expenses, then taking a travel loan is the best solution. It can fulfill your dreams to travel to new places.
What is a Travel Loan?
A travel loan is necessarily a personal loan that you can take to satisfy your desire of traversing the world. If you are thinking of going on a vacation, without spending too much on your credit card or spending all of your savings, a travel loan is a good option to cover your travel expenses. Many banks and online financial institutions offer personal loans which can be used for your travel costing, be it a local trip or a foreign vacation. A travel loan covers the expenses of booking your flight tickets and hotel accommodation, and you can also use it for your ground expenses such as bus and cab fares, car rental services and so on. We picked MetaTrader 4 as the best forex trading platform based on overriding market consensus, and after an analysis of the immense benefits it offers traders.
How much loan can you take?
When you are taking a personal loan for your travel costs, you can apply for an amount that your monthly income permits. However, when applying for a loan that is meant for travelling purposes only, the terms and conditions differ in the case of different lenders and financial institutions.
Why are Travel Loans an Attractive Option for an Individual?
- If you do not have enough savings and do not want to withdraw your investments, then a travel loan comes in handy. The loan is disbursed quickly, and you can satisfy your urgent travel needs. You can book your tickets and travel immediately.
- You can pay the borrowed amount back in monthly EMIs, and travel loans allow you a flexible tenure for repayment.
- Travel loans are unsecured loans which means that you do not need to pledge any personal property to avail of them. It means no collateral for security, and sometimes you don’t even need a guarantor. The process of loan approval is convenient and hassle-free. You can get the loans instantly.
- Travel loans have lower rates of interest than credit card loans. TripMoney by MakeMyTrip is one such financial lender which offers travel loans at low rates of interest.
While applying for a travel loan, you should keep certain things in mind, know about the terms and conditions of the travel loan and then take the loan. You should especially pay attention to these points:
- Consider how much you need to borrow. Look into your funds and savings and think if you need to borrow. Paying for your expenses from your savings is better than being in debt. That way, you do not have to pay for the monthly interests.
- Do not borrow an amount that you cannot return. Plan your trip carefully and set an estimated budget, and then fix a loan amount that you can pay back from your monthly income without any difficulty. Overborrowing can leave you under financial stress. Be clear about your borrowing needs when you are opting for a travel loan.
- Make sure that you have a stable source of income monthly. Without it, you will not be able to repay the monthly EMIs and this will ruin your credit line. You might not be eligible to take any loans further in the future.
Why take Travel Loans from TripMoney?
TripMoney is an independent fintech arm of MakeMyTrip that provides travel loans, travel insurance, forex cards, etc. It is a reliable and trustworthy platform that provides you loans at low-interest rates.
- TripMoney charges 20% per annum as a rate of interest which is lower than most banks and other lenders.
- The minimum loan they provide is Rs. 4500, and the maximum you can borrow is Rs. 25000. You can borrow the amount which is convenient for you.
- You can repay the loan anytime within a year. You can choose any tenure for paying your monthly EMIs between 3, 6, 9, or 12 months.
- You can apply for the loan online, and minimum documentation is required for taking the loan. You only need your Aadhar card, PAN card, and birth certificate. You can check your eligibility by just entering your mobile number.
- You can get the approved amount by filling in your details accurately, and after checking the eligibility, the loan will be approved within minutes.
- You can link your bank account for auto-repayment of EMIs when the time is due.
TripMoney takes care of your travelling needs, but you need to be careful while applying for a loan. Calculate your earnings, your savings and the amount you need to borrow wisely, and then apply for a loan. Get the loan approved within minutes and set out for your travel destination.
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