Finance Your Gateway With a personal loan for Travel
Travel plans can range from extremely pre-planned to being quite spontaneous. But something like travelling is supposed to be a stress-buster rather than a cause of stress. Social media and travel destination marketing have always ignited the desire to travel. Further festive season increases the propensity to travel. But the underlying question is about finances.
Understanding the needs
The decision of financing only comes up when we have our needs worked out, such as:
- Duration: What will be the duration of the trip? Is it a weekend trip or a long summer break trip? The longer the duration, the greater would be the costs.
- Destination: Are we planning for some unknown land in search of our nirvana? Or are we looking for some well known bustling places? The decision on this would help us in making conscious financing decisions.
- Mode of Travel: Is this a road trip, or are we planning on reaching the destination via air travel? Road trips, in most cases, would increase one’s costs. A calculated decision would ensure the fun of travel is reduced to the stress of funds.
- Reasons for travelling: Are we going to a wedding, or is it a spontaneous vacation trip? A wedding will certainly cost you more due to the concerns related to packing more stuff, including gifts and special attire. At the same time, a short vacation ensures less baggage.
- The individual must be above 21 years and below 55 years.
- Minimum salary of Rs. 22,000, and Rs. 20,000 for metro and non-metro cities respectively.
- Must be a resident of India.
- Low Interest Rates: Personal loans have to be paid with lesser interest rates than credit cards. This will help the individual in making more significant savings rather than looking for ways to repay your creditors every second moment.
- Convenience: Personal loans are available online. The documentation process is minimal, easy, and hassle-free. Further, the loan amount is generally disbursed within 24 hours. Customers enjoy a seamless journey.
- Free benefits: This would ensure that you are busy enjoying your travel without worrying about repayment. Further, this comes without any collateral in case of a travel loan and fewer formalities.
- Other factors: Where are we planning to stay? How are we thinking of getting our share of nutrients? What is the route of the journey? How many people are joining us? What kind of formalities might we have to go through like tolls and border passes? Several such questions would help in creating a framework for understanding the needs of our travel plans.Why take a personal loan?The foremost question which might come into one’s mind while considering financing their travel plans is why take a personal loan? Why not just pay for our journey through other means like mortgage or credit cards? Here are some of the reasons why one should choose a personal loan:
Personal loan for travel
A travel loan is the gateway to your weekend getaway, or even longer pursuits. While personal loans for travel typically require lots of documentation for both salaried and self-employed individuals. Such as:
- Recent passport size photograph
- PAN Card
- Address proof
- Bank statements
- Form 16 (I-T Returns) and pay-slips for salaried individuals
- Proof of business, its financials, and certified I-T returns in case of self-employed individuals
With travel loans from EarlySalary, the process is much simpler.
EarlySalary taken several more balanced, and relevant aspects into consideration while evaluating borrowers for a personal loan for travel purposes. The only eligibility criteria for availing its facilities are:
EarlySalary also provides integration by combining their schemes with third-party travel sites during checkout with their partners like MakeMyTrip. The repayment can be made in 3-6 EMIs at nominal charges. The borrowing limits are as high as Rs. 5,00,000 while the interest rates are as low as Rs. 9 per day. All of this, with no prepayment charges.
There is a joy in travelling, with or without a purpose. The experiences are enthralling. From making sudden plans to charting out the whole itinerary in advance, everything is worth it. There are tons of items to be considered, which majorly includes the financials. But with a personal loan for travel, you can go ahead and de-stress!