Are you looking for a Personal Loan for travel to fund the vacation that you always wanted to go on with your family but worried about the massive monthly pay-outs? There’s some good news for you. If an easier and more affordable way of repayment tops your list of loan features, a personal line of credit is a good bet. If your personal line of credit application is approved, you are eligible to receive a loan for a pre-decided lump sum amount for a fixed tenure. During the tenure, you are free to withdraw as much as you require from your personal line of credit account to fund your travel costs and pay interest only on the sum withdrawn every month. Once your needs are met with, you will have to pay back the loan when your loan period expires.

  1. How does the personal line of credit work?

Let us assume that you borrow a sum of Rs.5 lakh over 12 months. If you withdraw Rs.2 lakh in the first month, you pay interest only on Rs.2 lakh every month. Five months later, if you withdraw Rs.2.5 lakh, you pay the interest for Rs.4.5 lakh every month hereon. At the end of the 12th month, you pay back the sum borrowed by you, which amounts to a total of Rs.4.5 lakh.

  1. Five features that make personal line of credit a popular financing option today
  • Your convenience first: At a time where people struggle to pay the steep Personal Loan interest rates, a personal line of credit facility puts your needs first. It is one of the most convenient and hassle-free ways you can opt for to get a Personal Loan to funds your travel plans.
  • No unwanted financial burdens: As you end up paying a Personal Loan interest rate only on the portion of funds you borrow, the EMIs are low. This helps you manage your funds better.
  • A simple and speedy process: A simple and easy online process means that you no longer have to make multiple visits to the bank or other lender to get your documents in order. You can apply for a personal line of credit online at the click of a button.
  • Stay financially secure:By only withdrawing what you need and paying interest on what you use, a personal line of credit lets you manage your funds in a smooth and resourceful manner.
  • Pay as you go: You can prepay your loan amount before the full and final payment is due, without paying any penalty charges.
  1. Why a personal line of credit is a lifesaver:
  • Solve your cash-flow woes: If you own a business and have a cash-flow problem, the personal line of credit is your friend. When you apply for a personal line of credit, you no longer have to worry about making last-minute investments to keep your business steady and profitable.
  • Medical needs:Medical emergencies crop up when you least expect them to. A personal line of credit can help you pay for such expenses, whether you need the funds right before or after a serious medical procedure, without the hassle of any back and forth processing or additional documentation.
  • Emergencies: If you owe money to someone or are in a financial crunch, a personal line of credit can get you out of it right in time. It is cheaper than a credit card cash advance and easier to avail of than a Personal Loan with collateral requirements.
  1. The many benefits of availing a personal line of credit:
  • Interest rates are lower: Unlike a Personal Loan where you pay interest on the principal amount irrespective of usage, in a personal line of credit, you only have to pay the interest on the amount you withdraw which is significantly low.
  • Smaller monthly installments:Since you don’t start paying interest charges until you use the loan amount, the installments are a much smaller amount based only on the usage.
  • Flexibility:You are the decision maker when it comes to a personal line of credit. You have the right to decide the amount you would like to withdraw and when you want to do it.
  • No collateral:A personal line of credit is one of the very few loan options out there that requires no proof of your assets and no collateral against the borrowed amount!
  • No limits and no hidden costs:You don’t have to pay any fees for the withdrawals you make during the duration of your personal line of credit. There are no limits on the numbers of times you can make withdrawals.

Instant online access: Lenders such as Bajaj Finserv give you the flexibility to access an instant online facility to part prepay and withdraw (drawdown) your personal line of credit.

  1. How to apply for a personal line of credit?

To avail of a personal line of credit from Bajaj Finserv, you just have to fill up a basic form online with your personal and demographic details. Below are the four steps you must know about:

Step 1: Fill-in all details and submit the form online

Step 2: Get an instant approval. Select your required loan amount and tenure

Step 3: A representative will get in touch for document collection

Step 4: Money will be credited to your account!

Want to apply for a personal line of credit offline? You can do so either by calling on the toll free number 18002660635, sending an SMS with the word “SOL” to 9773633633 or by giving a missed call on 9211175555.

  1. Your checklist of mandatory documents

The primary Personal Loan eligibility criteria for a personal line of credit is that you should be a salaried professional between 25 and 58 years of age.

Following are the documents required for a personal line of credit are:

  • Salary slips of the past two months
  • Salary bank account statement of the last three months
  • Employment proof (such as your employee ID card)
  • Identity proof
  • Address proof
  1. Find out if you are you eligible for a personal line of credit

You can find out whether you are eligible for a personal line of credit by filling in a basic form using Bajaj Finserv’s Personal Loan Eligibility Calculator. It can help you effectively plan the amount you want to apply for using this calculator.

It’s very easy to use the Personal Loan eligibility calculator. All you need to do is enter few details such as your date of birth, your current city of residence, your business /employer name, monthly income, details regarding any existing loans and EMIs. Once you do this, click on the ‘Check your eligibility’ button. The Personal Loan eligibility calculator will use the information provided by you to run them against Bajaj Finserv’s Personal Loan eligibility criteria and inform you of the loan amount that you are eligible for.

You can fill up the form to check Personal Loan Eligibility here

  1. How to apply for a personal line of credit?

To avail of a personal line of credit from Bajaj Finserv, you just have to fill up a basic form online with your personal and demographic details. Below are the four steps you must know about:

Step 1: Fill-in all details and submit the form online

Step 2: Get an instant approval. Select your required loan amount and tenure

Step 3: A representative will get in touch for document collection

Step 4: Money will be credited to your account!

Want to apply for a personal line of credit offline? You can do so either by calling on the toll free number 18002660635, sending an SMS with the word “SOL” to 9773633633 or by giving a missed call on 9211175555.

  1. Your checklist of mandatory documents

The primary Personal Loan eligibility criteria for a personal line of credit is that you should be a salaried professional between 25 and 58 years of age.

Following are the documents required for a personal line of credit are:

  • Salary slips of the past two months
  • Salary bank account statement of the last three months
  • Employment proof (such as your employee ID card)
  • Identity proof
  • Address proof
  1. Find out if you are you eligible for a personal line of credit

You can find out whether you are eligible for a personal line of credit by filling in a basic form using Bajaj Finserv’s Personal Loan Eligibility Calculator. It can help you effectively plan the amount you want to apply for using this calculator.

It’s very easy to use the Personal Loan eligibility calculator. All you need to do is enter few details such as your date of birth, your current city of residence, your business /employer name, monthly income, details regarding any existing loans and EMIs. Once you do this, click on the ‘Check your eligibility’ button. The Personal Loan eligibility calculator will use the information provided by you to run them against Bajaj Finserv’s Personal Loan eligibility criteria and inform you of the loan amount that you are eligible for.

You can fill up the form to check Personal Loan Eligibility here

  1. In conclusion

Whether you are short on funds to buy your dream home or want finance to fund your next vacation, you can avail a personal line of credit for all your needs. No need to fret over high interests and steep charges on EMIs! Simply opt for a personal line of credit that works according to your convenience and does not damage your savings.

Lenders like Bajaj Finserv offer attractive financial benefits on their personal line of credit facility, such as no withdrawal charges, part-prepayment option and flexibility to convert to a term loan.

Check out Bajaj Finserv’s personal line of credit facility today! Click here.

Apply for Personal Loan Online     Check your Personal Loan Eligibility