When your days revolve around planning your next travel adventure, ensure that you have the right source of finance at your disposal. This is because without proper funding, you may spend most of your time worrying about your finances rather than soaking in every moment of your much-needed holiday. One way to ensure that you have enough funds for every eventuality is to avail a travel loan. Also known as a personal loan for travel, this financing solution is tailor-made to meet the needs of travel enthusiasts like you.
Here’s how you can fund your dream vacation without any compromise by using a travel loan.
Step 1: Select Your Destination and Estimate Expenses
Whether you want to go on a solo trip or take your family on a vacation, start by listing out the destinations. Depending on the places you pick, estimate the expenses that you are likely to incur and draft a suitable budget.
At this stage, remember to account for expenses related to stay, travel, local transport, shopping, tourism taxes, etc., as well as unpredictable and emergency expenses. Once you know the approximate total cost, you can apply for an amount that suits your requirements.
Step 2: Evaluate Your Repayment Tenor
Repaying a loan on time helps you maintain a good credit score. Further, you can avoid hefty penal charges that add to your total credit cost. Therefore to ensure timely repayment, choose the right tenor on the basis of your affordability. While a shorter tenor helps with repaying a loan faster, it can burden your finances as you will have to pay hefty EMIs. Conversely, a longer tenor means that you have a greater duration to close your loan and smaller EMIs to pay. However, you will end up paying a higher amount as interest on the whole. Thus when taking a personal loan for travel, choose a tenor that lets you repay your loan conveniently, while also keeping the interest outgo to a minimum.
Step 3: Calculate Travel Loan EMIs
After you estimate the total cost of the trip and the tenor via which you can repay the travel loan comfortably, calculate your EMIs. For this purpose, you can use EMI calculator that’s available online on most lender websites. Calculating your EMIs in advance helps you be sure that your chosen loan amount and tenor tie in with what you can afford. Based on your calculations, you can increase or decrease your loan amount or choose a suitable tenor to keep your EMIs pocket-friendly.
Step 4: Compare Lenders to Choose the Best Travel Loan
Proceed to scan various lenders and their offerings in order to bag the best deal. Select reputed lenders like Bajaj Finserv to avail Personal Loans For Travel of up to Rs.25 lakh on cost-effective terms. With such a substantial sanction, you can travel to your favourite destination and enjoy every moment of your holiday without worrying about the cost. Further, Bajaj Finserv offers this sanction at a nominal travel loan interest rate, without collateral, keeping your credit cost to a minimum
What’s more, you can avail this loan on Flexi terms and withdraw from the sanction in parts, while paying interest only on the utilised amount. You can also save up to 45% on EMIs by paying interest-only EMIs throughout the tenor and repaying the principal at the end.
Step 5: Meet Eligibility Criteria and Gather Documents to Apply
Once you choose a lender, check the eligibility terms and documents required before submitting an application. Meeting all of your lender’s eligibility criteria will help you accelerate approval, as will submitting the required documents in one go. To qualify for a travel loan quickly, by meeting basic eligibility criteria, apply with Bajaj Finserv.
Once approved, you can access a Personal Loan for Travel of up to Rs.25 lakh in your bank account in just 24 hours! What’s more, you can choose a flexible repayment tenor of 12 to 60 months, as per your convenience. To accelerate access to finance further, check your pre-approved personal loan offer from Bajaj Finserv and apply using a customised deal.