For many of us travelling is more than just a way to spend vacations. It is a matter of great curiosity and adventure for a travel enthusiast to keep exploring new places. However, the finances required for a trip or a journey may come off as a hindrance irrespective of the fact that you travel alone or in a company. To eliminate this problem, a personal loan can be a great option. A personal loan is a form of unsecured loan which can mitigate your immediate financial problems. You will be required to pay the credit back through personal loan EMI for travel loan. Also, with the help of personal loan EMI calculator, you can get a quick estimate of how much EMI you will need to load off your personal loan.
Why Personal Loan For Travel ?
A personal loan for travel keeps in consideration the fact that a travel enthusiast should not in any way be dissuaded in his plans – for financial reasons at least. Keeping this in mind, there are numerous reasons why availing a personal loan for travel can turn out to be a great option.
Quick Disbursal
One of the best things about a personal loan for travel is that it can be disbursed quickly. This allows the possibility of making a plan for travel anytime. If your credit score is decent enough, the lender will not much hesitate in providing you with the loan.
Unsecured Loan
As already mentioned, a personal loan is a form of unsecured loan. This implies that one would need neither a collateral asset nor a guarantor to avail this loan. As it turns out, personal loan for travel (or for any other reason, which you do not need to specify to the lender) falls under the category of the unsecured loan. It will not put you in the risk of losing your assets.
Tenure and EMI
Upon getting the loan sanctioned, you will be required to pay off the loan in a short or long tenure. In the long tenure, the time allotted apparently would be more. However, you will be required to pay more through the way of fixed interests. A shorter tenure would imply more EMI(Equated Monthly Installment). The principal amount borrowed is paid in monthly instalments through the EMI method. Since the tenure would be short, one would need to pay more EMI but less interest. So, depending on your financial status, you can opt for a short tenure, and if not you can relax the burden by stretching amortization period to a longer span. Use a personal loan EMI calculator to see what would be the best option for you.
Hassle-Free Process
The process of applying for a personal loan for travel is absolutely hassle-free. The option for applying for it is also available online. This makes the approval process all the more convenient. All you will be required to do is fill up the basic information asked for the loan approval and the amount and tenure you want. If all goes well, you will get the loan for your travel sooner rather than later.
Documentation Convenience
The documents required for approval of a personal loan is minimal. In fact, one can even get the loan sanctioned with the availability of an existing credit card. Most of the lenders will just check the credit card and the financial statement of the cardholder to decide if he should or should not approve of a personal loan.
Cheaper Than Credit Cards
One of the thing that makes a personal loan for travel a preferable option over any other including that of an existing credit card is that it is cheaper. The interest rate in personal loans is lesser than what comes along with the credit cards. So if you are planning to go forward with credit for travel, better opt for a personal loan over a credit card.
Points To Keep In Mind
Given the convenience of getting a personal loan for travel approved, people may be quick to get it at once. But to do well in managing credit, keep in mind the following points before proceeding with the loan.
● Make sure you have a regular source of income to pay off the credit balance duly without being a defaulter. Match the ratio of your earning with the EMI to be paid with the help of a personal loan EMI calculator.
● Choose a personal loan plan depending on your needs. Try keeping your financial need as feasible and less burdensome as possible.
● Keep your credit score and credit history as clean as possible. They play a crucial part in getting your loan approved. Also, with a well-maintained credit score, you will also qualify for exciting offers from your lenders.
A personal loan can turn out to be a great option for you if you are a travel enthusiast. With the loan’s assistance, you can fulfil your dreams of travelling your favourite destinations without having any fear of financial insecurity.
