Travelling has become an essential part of our lifestyle. Whether it is a short weekend getaway or a long vacation, we all need a travel break from time to time. But one of the major concerns in planning a trip is the budget constraints. It is very difficult to accommodate yourtravel expenses in the monthly budget, especially if it is a last moment decision.In such cases, a quick loan can come to your aid.
You can apply for a quick loan through a money loan app.These online loan appshelp you avail instant cashwith minimal documentation andfast disbursals. If you meet the eligibility criteria and submit all the documents correctly, then you can get the loan amount credited in your account within 24 to 48 hours.
But it is a smart financial decision to avail a personal loan to cover your travel expenses?
What is a travel loan?
A travel loan is an unsecured personal loan that you can availto meet your travel expenses with ease. Since, it is an unsecured loan it requires no collateral or guarantee and you can use the loan amount to accommodate any kind of expenses. Thus, a travel loan is a very helpful debt instrument designed to meet your travel aspirations.
But is it worth taking a travel loan? This entirely depends on your repayment capability. Availing a small-ticket travel loan that you can easily accommodate in your monthly income is a better decision that liquidating your investments. But if you want to avail a high-ticket personal loan that would jeopardize your monthly budget then it’s a risky borrowing decision.
You should also check the interest rate levied on the personal loan and the total interest pay out on the loan. If the interest rate is high say 15 to 16 per cent then you would be paying a lot more interest on the borrowed amount. But if the interest rate is affordable and you are getting great deals on discounts because of the festive season then it is a smart decision to avail a loan.
Thirdly, you should be able to keep your loan tenure as short as possible. Longer loan tenure also means high interest pay outs. In addition to this, it decreases your loan eligibility for future borrowing.
Reasons to take a travel loan
A quick loan can come handy when you are stuck with a stringent budget while planning your trip. The best option is to avail small-ticket loans through amoney loan app. This not only helps you plan a luxurious weekend trip but also helps you build a strong credit profile for larger loans like home loan or a car loan.
Here are some of the reasons that make availing a travel loan a smart decision –
1. Simpler on the wallet
Availing an instant loanthrough a money loan appmakes it much simpler on the wallet to manage your finances. You don’t need to liquidate your investments or break your fixed deposits to plan a trip. With simple repayment terms, you can repay the loan in easy EMIs.
2. Reasonable rates of interest
Different interest rates are offered by different lenders. You must check out the interest rates offered by them on a money loan app and find the lender offering you the best deal. This lowers the overall sum that must be repaid to the lender.
3. Simple application process
If you apply for the quick loan through a money loan app, then youcan complete the entire process through the app.You can do this from the comfort of your home. You simply need to enter your information, such as your residence, mobile number, salary, EMI, and other details.
4. Easy EMI payments
You can repay your quick loan to the lender very easily with manageable Equated Monthly Installments (EMIs). A relatively reasonable EMI is charged by some lending institutions. Your loan amount and loan term will have a significant impact on your EMI.
5. Flexible loan tenure
A travel loan offers you flexibility of repayment in terms of choosing your convenient loan tenure. You can also choose an EMI due date as per your convenience. This makes repayment much easier for the borrower.
6. Customized loans depending on the destination
Depending on your destination your budget would vary.You can apply for a personal loan ranging from Rs. 10,000 to lakhs depending on your loan amount eligibility. But before applying for a high ticket personal loan, check your loan EMI affordability.
7. Paperless processing
There is no paper involved in the entire loan application and disbursal procedure, which is completed online. We have a straightforward process where you may check your credit score to make sure you qualify for a loan. Once you’ve determined that you’re qualified, just give your personal information, bank information, and the reason why you need the loan.
You can now fulfil all your travel aspirations with easy quick loans. You can apply for these instant finances through a money loan app. Borrowing money from a reputed lender to fulfil your travel aspirations is not a bad financial decision, given you have the capacity to repay the borrowed amount with ease.
Thus, before applying for the travel loan you must assess your budget and loan requirements. Understand your financial liability by using an online loan calculator. Check the loan interest and the loan tenure to determine the affordability of such a loan. Finally, layout a smart repayment plan that can help you close the loan account at the earliest without straining your budget.