Holidays are the key to refreshing yourself and getting away from the daily grind. Whether you choose to spend time in Bali or want to explore skiing in Switzerland, check out the beautiful Rohtang Pass in Manali or attend a spa retreat in Kerala, there are millions of places around the world that offer something different for all of us. When planning your holiday, the first thing that might occur to you could be the thought of how expensive everything is. Don’t worry because there are numerous financing options for your travel plans.

You can apply for a travel loan or Personal Loan for a Holiday. You could also apply for personal loans, which are so easy to apply to and so quick to get that they are called instant loans.

Things to be Considered before Applying for Holiday Financing

Before going ahead with any financing options it is important to plan carefully. This involves thinking about your requirements and gaining clarity on what you actually want.

  1. Consider how much you are willing to spend on a holiday.
  2. Visit a travel agency and get estimates of the actual costs and expenditure.
  3. Add about 20% to 30% to this figure to account for any emergencies.
  4. Keeping this figure in mind, research your financing options and narrow it down to the most convenient one.

Simple and Convenient Travel Financing Options

Once you have come to decision on the amount you seek for your holiday, see how much you can spend out of your monthly income or savings, and how much you intend to borrow. Then take a close look at financing options and make a final decision after seeing if they meet your requirements. Here are some easy means to fund your holiday:

Travel Loans:

These are loans offered specifically for people wishing to travel. The loan amounts range from Rs.1 to Rs.20 lakh. Travel loans usually have an interest up to 11% and more, and have tenors up to 7 years. These loans come under the category of personal loans and require simple documentation like identity proof, travel proof and income details. They are easy to apply to, get you instant approval and immediate fund transfer.

Credit Cards:

Swiping your credit card is very easy, and when it comes to travelling, you can convert your credit card dues into EMIs. When choosing this method of financing however, it is important that you make an estimate of your income and then take the decision as delaying your credit card repayment can incur a high interest.

Loan against FD:

A fixed deposit involves a sum of money invested with the aim of earning interest over a chosen tenor. For those of you who have invested wisely and have various high value FDs, there is another holiday financing option. Simply secure a loan with the FD as collateral. These loans are easy to get; however, it is important to ensure that you have alternative FDs that provide you regular income as a backup.

Loan against Credit Card:

For credit card users, there is also the option of securing a loan against the credit card. This option has an interest rate of 11.5% or more and a processing fee that is up to 2.5% of the loan amount.

Though there are numerous financing options available to finance your holiday, a personal loan often comes up top due to these reasons:

  1. It keeps your savings secure
  2. It is easy and quick to apply for online
  3. It ensures instant approvals
  4. It gets funds into your account in less than 72 hours
  5. It offers loans up to Rs.25 lakh
  6. It allows pre-payment and foreclosure
  7. It helps build your credit score and credit history

So what are you waiting for? Zoom off on your summer holiday by secure a convenient travel loan from Bajaj Finserv.

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