How A Good Cibil Score Can Finance Your Summer Vacation!
It’s high time to plan that summer vacation, and if you, like most of us, are planning your holiday last minute, here’s one big clue: your CIBIL (credit) score can help you gather the funds for your holiday in a jiffy! How? Read on.
Planning a summer holiday is not only exciting, but also time consuming. But if you’re doing all that planning last minute, this means dealing with unplanned expenditure. Don’t sweat, as you can apply for a Personal Loan for travel which will help you and your family get away from the sun’s glare and enjoy some time together. Getting a Personal Loan for travel becomes easy with a good CIBIL Score. How?
Here’s How A Good CIBIL Score Can Help:
A CIBIL score is a numeric rating of your credit history. The score is a three digit number which is maintained by a CIBIL [Credit Information Bureau (India) Limited]. The score itself is derived by your credit history as detailed in the CIR (Credit Information Report), which tracks your repayments and debt, including your past record of payments made on credit cards, other Personal Loans and EMIs, as well as payments to other credit institutions.
The CIBIL score is the first thing that lenders check when you apply for Personal Loan. A high CIBIL score of above 750 will prove to be advantageous for your loan application. After all, a Personal Loan is an unsecured credit that the lender provides and can be used for a host of purposes including your summer vacation. A high CIBIL score provides the lender with a high degree of surety that you will repay the Personal Loan based on your repayment behaviour in the past and may also help to reduce your Personal Loan interest rate.
There are other ways to fund your summer vacation, whether planned or unplanned; however, it is most beneficial to apply for a Personal Loan for travel rather than use other sources of finances.
Credit cards, while seeming like the easiest way to pay for the flight tickets and the hotel bookings, can later become more expensive with high interest rates applied if you are unable to repay on time. Credit cards also provide you with a maximum of one month to pay back the amount spent on all the purchases made during the course of your holiday without high interest charges. Late payments attract additional fees and the interest on unpaid amounts can be as high as 40%.
You can always borrow money from friends and family but it may be a little embarrassing to figure out whether you will pay interest and how much interest is fair. Further, how long you will take to return the money is another sticky issue.
Avoid unnecessary hassles of high interest rates and favours from family and friends and apply for a Personal Loan for travel. A Personal Loan comes with the following advantages:
- Easy Documentation: Personal Loans require basic documents, which are easy to provide and a hassle-free online application process that brings you convenience at your doorstep.
- Instant Approvals: When compared to other forms of credit, a Personal Loan come with quick approvals; some lenders take just 5 minutes to approve your application.
- Reduced Interest Rates: Personal Loan interest rates are lower than other forms of credit and with a good CIBIL score you can get further reductions in interest rates.
- Quick Transfer of Funds: A Personal Loan ensures that you get the funds transferred quickly into your account to enable you to fly off to your holiday destination in a jiffy.
- High Loan Amount: With disbursement amounts as high as Rs.25 lakh for Personal Loan for travel, a larger number of holiday destinations become available to you.
- Online Access to Loan Account: Some lenders provide you with online access to the Personal Loan account so you have all the information like schedule of repayments, etc. on the loan account available to you digitally for easy transfer of EMIs.
- Low Fees: Personal Loans come with few and low charges and fees so you are able to use almost all the funds to plan your dream holiday.
While there are many lenders who offer Personal Loans, it is imperative that you pick a reputed lender who offers the lowest interest and flexible repayment options. Try Bajaj Finserv’s Personal Loans for Travel, as they offer an easy online application process, instant approval and ensure that the money is transferred into your account within 72 hours.