Travel has become the new lifestyle among people of all age groups and demographics. It helps you see the world in a broader perspective, develop your thinking abilities, explore different opportunities and develop a deeper understanding of life. That’s not it! Several studies have shown that traveling has many mental and physical health benefits. In addition to this, travel influencers, blogs and easy online bookings have also nurtured this bloom in the travel industry. To support this upward trend in the travel industry, several Indian financial companies has come up with specific funding options. Today, you can easily avail a cash loan to finance your trip and manage all your travel expenses.
Whether it is a business trip or a luxury vacation, an instant personal loan can fit you right. You can check with a reputed loan app to provide you the necessary funding at the click of a few buttons. They are easy to avail and needs only a handful of criteria to be met. The document requirements are also minimal, which further makes your loan processing faster and approval quick. You can simply download the loan app and install it on your phone. Provide your details correctly and apply for the loan by submitting the digital copy of the requested documents. It’s that simple!
Read on to know how a travel loan can help you meet your travel expenses and why you should consider it.
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Top Features of a Travel Loan You Must Know
1. Easy application from home
You can apply for a travel loan with ease from the comfort of your home. Choose from a host of lending platforms, compare the different features and apply for a cash loan with the lender that best serves your needs. With personal loan apps applying for instant personal loans has become easier than ever. You can also rely on a cash loan while you are on the trip and the trip exceeded your expected budget.
2. Fast approval within 24 to 48 hours
A travel plan can hit your calendar suddenly. Whether it is an urgent business trip or a trip with your friends or family, you might face a dire need of cash to manage the sudden expenses. In such cases, an instant personal loan becomes your savior. If you meet the eligibility requirement and furnish your documents correctly, then you can expect your cash loan disbursal within 24 to 48 hours.
3. Repayment tenure flexibility
You can choose suitable tenure for the repayment of these personal loans. The flexibility to choose a repayment period as per your affordability helps you avail a loan for the desired amount and duration. You can also choose longer loan duration, if you wish to avail a larger loan. But remember that longer loan tenure would mean higher interest pay outs which can make your entire loan very expensive.
4. Attractive rates of interest
Lenders today also provide these cash loans for travel at attractive and nominal rates of interest. You simply need to hunt through and compare available lenders in the market to find the best rates. There are several factors that can affect the interest rate that lenders offer you. You can negotiate for a better interest rate if you have good credit score, high income and low debt.
5. Financing of high value
As types of instant personal loans, these cash advances come in decent financing value to pay for your travel expenses with ease. With the best lenders, you can hope to secure financing up to Rs.1.5 Lakh as a travel loan. Also, it is always a good idea to avail a personal loan than to exhaust your credit card limit. Credit cards are payment tools and not debt tools and the interest rates on credit cards are often much higher!
6. Easy EMIs
Repayment of these loans is made in easy EMIs that spread over a suitable tenure as per your convenience. This means you do not have to wait for months to plan your trip because of a cash crunch. If you have got the holidays then you can take that trip and pay for it in small instalments every month.
Essential Benefits of a Travel Loan
Some interesting benefits that you can look through for these advances when availing a cash loan for travel include the following.
1. Financing possible for emergency expenditures of the trip
When travelling, one can come across a host of emergency financing needs due to unfortunate or unplanned incidences. During such times, a personal loan for travel can come to the rescue.
2. Restriction-free end-use
A cash loan for travel does not come with any restrictions to end-use. Hence, you may utilise the financing for all or any funding need you may come across when travelling, right from booking travel tickets to paying for food, accommodation, activities etc.
3. Financing for all types of travelling
Whether you are taking the upcoming trip for your personal reasons or business reasons, a travel loan can serve just right. It is easy to avail and is readily available irrespective of your travelling objectives.
4. Burden of travel financing deferred
Usually, when planning a trip, individuals need to pay for their expenses upfront right from their pockets. Not with a cash loan for travel in place though as these loans allow you to defer your expenses to a suitable period in the future.
Finally, make sure to check if the cash loan you are availing to meet your travel expenses is affordable or not. To ensure affordability, consider assessing the EMIs payable, the total loan liability, and the total interest payable by the tenure’s end. Using a loan EMI calculator can help assess these values with ease to assist you with an informed borrowing decision.