How to Finance Your Vacation?
Vacations have become an essential part of our lives. Traveling offers a chance for you to explore a new place, understand new cultures, unwind and rejuvenate your body, mind, and soul. Be it a student, a homemaker, or a manager of an organization, vacations are necessary for everyone. It offers a much-needed break from the hectic hustle-bustle of life.
There have been studies done which show that people who travel and take regular vacations have lower stress. It offers a different outlook in life. It also helps people to find the motivation to achieve their goals.
However, to travel and plan a vacation, you need funds. Without travel finance, planning a vacation can be tedious and difficult.
How to Pay for a Trip?
If you are short on funds, how would you plan your travel finance?
- Use your Savings: Once you have decided to go on a vacation and travel to a new place, start with your budget. Understand what kind of holiday you would like to go for? Are you planning a luxury vacation or a budget holiday? This will help in understanding the costs involved.
Once a budget has been created and set, you will need to understand how to finance your vacation. One way to do so is to use your savings. If you have set aside some money as a financial nest, you can use the same to plan your travel and vacation.
- Use a travel card: If using your savings for your travel finance is not on the cards for you, alternatively, you can use a travel card. A travel card is a type of credit card that has been made specifically for travellers. Travel cards are known to offer high benefits and aid in earning reward points that can be used to get paybacks at hotels, restaurants, and airlines.
- Travel Loan: If you are averse to using your savings and using a travel card, a travel loan is one of the ways how to finance your vacation. You can avail of a vacation loan from a bank or an NBFC at attractive interest rates and easy repayment tenure.
What is A Travel Loan and How Does it Work?
A loan for travel can be a financially viable way for your travel finance. So, what exactly is a travel loan?
A vacation loan falls under the personal loan umbrella. Travel loans work exactly like personal loans. They are also classified as unsecured loans as the applicant does not need to pledge any security or asset against the loan amount.
The funds from the vacation loan can be used to purchase tickets, reserve accommodation, buy travel gear and pay visa fees if you plan to travel internationally.
Advantages of Travel Loan
- Get loans quickly: Applicants no longer need to wait months to get the funds from their travel loan. Financial institutions like Finnable disburse the funds from a travel loan within 6 hours of document verification.
- Flexible EMIs: Travel loan repayments are done through EMIs. Availing of a travel loan gives you a flexi-repayment option where you can either have a standard repayment plan or opt for a step-up flexi-repayment plan.
- High Loan Amount: If you are planning an international trip or a luxury holiday, you may require a larger amount. Travel loans offer high loan amounts so that applicants do not need to cut corners while planning a vacation. You can avail of a loan for travel of up to Rs 10 lakhs from Finnable.
- Personal loan Assistant: A first-time loan applicant will have his own set of questions, queries, and doubts. If you are availing of a travel loan from Finnable you can get all your doubts cleared through a personal loan assistant.
- Simple documentation: Did you know you can avail of a vacation loan with just 4 basic documents? All you need is your PAN Card, Aadhar Card, salary slip for 3 months, and bank statement at the time of application.
How to Apply for a Travel Loan in India?
Understanding the advantages of a travel loan gives you an insight as to how to plan your travel finance. Now that you have a clear idea about travel loans how would you apply for a travel loan in India?
Applicants can apply for a loan online or through the personal loan app. To avail of a loan for travel through the personal loan app, applicants would need to download the app from the Play store.
Next, register and enter your personal and professional details. Upload the required documents and the funds for your loan will be credited into the bank account within hours of document verification.
Apply for an Online Loan with Finnable
With the funds from a travel loan, you can plan a solo trip or a family vacation without any fund constraints.
You can avail yourself of a travel loan from an NBFC like Finnable in 3 easy steps. Finnable disburses vacation loans of up to Rs 10 lakhs. They ensure that the funds are credited in a short time so that you do not compromise on your holiday plans.
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