Need Funds For Travel? Here’s Why A Travel Loan Is Better Than A Credit Card

Summer holidays are around the corner, but is a cash crunch keeping you from planning a family vacation? Here’s how a travel loan can help you finance your holiday without putting a dent in your savings.

Travel loans are soon becoming a preferred financing option for families and couples. Personal Loans meant for funding your travel expenses, these loans are easy to apply for and repay in convenient EMIs (monthly instalments). The Personal Loan interest rate for these varies from lender to lender and range between 11.5% to 24% p.a. So, it is advisable to inquire with multiple lenders to get the loan at the best rates.

What Are The Benefits Of Taking A Personal Loan For Travel?

Travel loans are available instantly and are approved within 5 minutes of the submission of the loan application. Once the loan application is approved, the money is disbursed within 72 hours to your bank account. Hence, you do not have to wait too long for the money to get credited to you.

The best thing about Personal Loans for travel is that they do not require any collateral to be pledged against the loan amount. You can repay the loan in easy instalments via EMIs, which include your principal amount as well as the interest. Since the instalment that you need to pay each month is fixed, you can plan your monthly budget without any stress or hassle.

Why Is Using A Credit Card For Travel More Expensive?

Some people are used to swiping their credit cards for their travel expenses. Even though credit cards offer interest-free periods for a certain number of days, in case you are unable to pay within that period, credit card companies charge a very high rate of interest on the amount due. Some credit card companies charge as high as 2.99% per month, which can soon become expensive and unaffordable. Also, you cannot use your credit card for paying hefty travel expenses for the whole family, unless you have a very good credit limit.

Hence, Personal Loans are a better and cheaper option when you are looking at financing your vacation.

What To Keep In Mind When Taking A Travel Loan?

When you take a Personal Loan for travel, keep in mind the extra charges and processing fees for your loan, if any. Also make sure your Personal Loan interest rates suit your pocket. Calculate your EMIs and choose a tenure that you are comfortable with in order to be able to repay the loan conveniently. Also choose a lender who offers you hassle-free online applications and allows for flexibility when it comes to repayment, prepayment and foreclosure of your loan. This ensures that if you can pay back your loan earlier than the chosen tenure if and when you get access to additional funds, via a bonus at work or additional income, without charging you excessive penalties for foreclosure. Lastly keep your eligibility criteria in mind when it comes to taking a travel loan and check if you check all the boxes before you apply. This ensures that your loan application has fewer chances of being rejected, and your credit score doesn’t take a hit.

Last Word

A family summer holiday is an important break for you and your family, which allows you to not only get rejuvenated, but also spend quality time together. For your convenience, Bajaj Finserv offers easy and affordable Personal Loans for travel. Enjoy the best Personal Loan interest rates with easy approvals, online application, quick disbursal of funds and loans up to Rs.25 lakhs.

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Extravagantly Exclusive Gifts For Newlywed Couples

A wedding in India is always a grand affair. Right from the pre-wedding ceremonies to the marriage itself, there’s nothing subtle about the Indian wedding. Perhaps the most exciting part about these occasions are the wedding gifts. If you shop around, you can easily get all kinds of expensive wedding gifts, but most of them are objects that you’ll find inside almost every gift box that the newly-married couple gets.

The hunt for a unique wedding gift becomes harder when you consider that you’ll probably have to select one wedding gift for the bride and a different wedding gift for the groom. And if you’re a part of either of the two families, you’ll even have to choose a wedding gift for the guests. But let’s not forget that marriage signifies the union of two people and there’s nothing more important than the ‘couple.’

Let’s take a look at some luxury wedding gifts for couples which stand out from the rest of the clichéd presents that every newlywed couple receives.Most of these ideas would require you to take a chunk out of your savings. If you don’t have enough to back your choice, you can always opt to apply for a Personal Loan to buy luxurious gift. See what various institutions offer before making your choice. For example, if you look at Bajaj Finserv, you will see that their Lifestyle Finance features benefits like instant online approval for up to INR 3 lakhs, part-prepayment facilities, and also some great pre-approved offers for existing customers.

Fire it Up

It’s about time that people stop gifting boring old dinner sets which rarely ever find their way to the table. Instead, buy them a nice grill and let them take the party outside. The Weber Summit Grill Centre with social area is the epitome of the outdoor barbeque experience.

This stunning stainless steel grill comes with an extra-large serving area and an integrated ice bin which can be used to serve the perfect cocktails, while people wait for the delicious food being cooked on the grill. With a toughened steel frame that Weber claims to be ‘virtually indestructible’, this is a gift that’s truly hard to forget.

Keys to the Elite Club

Buying a supercar in India can’t really be called a smart choice. But what if you could give someone the supercar experience without them having to deal with its upkeep and repair? A Club Torque membership lets members use any of their 5 different models of supercars whenever they want. Just book a date in advance and you have your very own mean machine for a day.

And the benefits don’t end there. Membership also includes perks like priority bookings in all the F-Bars across the country, an all-expense paid trip to the Glenmorangie distillery in Scotland, a box of assorted cigars by Armenteros, and a many of the other finer things in life.

Quadbike + Jet Ski = Awesome

Most couples have to make the difficult choice of picking between land and water for their honeymoon vacation. With Gibbs’ Quadskis, you’ll never have to do that. These amphibious vehicles transform from an ATV to a high powered jetski at the touch of a button.

With a top speed of 72 km/h on land and on water, these vehicles are not to be treated like toys. While on land, the 4-wheel independent suspension lets you navigate your way through any sort of terrain. And on water, the patented Gibbs Jet Drive cranks out a whopping 140 hp of wave-breaking potential. The Gibbs Quadski is literally built to give its user the best of both worlds.

A Wild Idea!

Clichés are so passé. The next time one of your friends gets hitched, think out of the box and get them something they can have a little fun with. The Outback Deluxe tent from Lotus Belle is the perfect option for a romantic getaway amidst nature.

With a height of 16ft, the newlyweds will have enough space to freely move around and unwind over a long weekend. The second door on the rear-end can be used to add a rear deck or a connected kitchen tent and the Velcro flaps joining the wall to the groundsheet keep away everything from tiny flies to wild animals. Plus, it’s got extra-large roof vents, and zippable mesh windows and doors that make disassembly that much easier.

These were just some of the wedding gift ideas that you could consider while making your choice. So, if you really want to buy one of these as a gift for someone’s wedding and your finances are holding you back, approach financial institutions like Bajaj Finserv and apply for one of their consumer-driven finance programs to help you out.

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How to get affordable financing for your summer holiday this season!

How To Get Affordable Financing For Your Summer Holiday This Season!

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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Maximise your returns despite the falling FD rates

Maximise Your Returns Despite The Falling FD Rates

Banks have revised their interest rates for short-term investments because of the liquidity of funds in such investments. Short-terms investments that would fetch investors an interest rate of 7.5% or 8% in most institutions will only get them as little as 6% in certain private banks for investments with a lock-in period of less than 3 years for deposits up to Rs.1 crore and less. Not only has this been put to effect immediately, but according to industry experts, it is also unlikely to stabilize or change anytime soon. The FD rates revision is not great news, but it does not have to necessarily be bad news either. There are a lot of ways in which you can still invest your savings to gain a sizeable additional income and not be affected by the change in interest rates.

Tenor is Key

While banks have cut down on the interest rates for FDs on a short term tenor, what investors may have failed to notice is that the interest rates have also been raised for long term deposits. While this is a strategic move on the part of banking institutions that no longer want to encourage investors from making small investments over a shorter period, this is also a favourable move for investors.

While a longer lock-in period may make a few investors sceptical, it is always a wise move to pledge a large sum in one long-term investment, especially one that is not subject to market risk. So enjoy a steady additional income over a long period of time than keep looking for schemes that may or may not offer a certain rate in some months.

A Maturity Basket That Works For You

A lot of young investors may not have the savings to invest a lump sum amount at once or lock-in their income for a very long period due to lack of any other source of steady income. It is important to then choose what your priority is: a larger income and interest rate or to be able to access your income over a period of 6 months to 1 year?

Choosing a maturity basket is more important that making an uninformed decision in haste to avail of a higher interest rate on FD. In such a situation, a bank may then not be the best institution to invest in an FD. Financing companies that are not subject to these interest rates can still offer an interest rate as high as 8% and above on smaller tenors and maturity periods.

Look For Alternate Investments

While a lot of the popular banks and big names in the business have already revised their rates since the State Bank of India announced cuts on interest rates, it is advisable that investors utilize this opportunity to look at other companies like non banking financial institutions. Bajaj Finance, for example, is not only one of the most trustworthy names in the market, but is also known to offer one of the highest interest rates to investors todays. Log on to their website and go through a simple online process to sign up for an FD and avail lucrative interest irrespective of the cuts affecting banking institutions.

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Check Your EMI in 3 Simple Steps by Using Personal Loan EMI Calculator

Check Your Emi In 3 Simple Steps By Using Personal Loan Emi Calculator

Before taking a Personal Loan, you have the ability to speculate and forecast the EMI payments using a Personal Loan EMI calculator to help you plan your monthly finances more effectively.

EMI means Equated Monthly Installments, and comprises the principal and interest amount which is repaid to the lender. EMIs are calculated to collectively match the amount of money borrowed, and help spread the dues over a particular tenure to make repayment easier and more convenient. EMI payments are the most popular method of repayment of loans, and the before borrowing a loan a Personal Loan EMI Calculator helps the borrower to speculate his or her EMI payments. This helps in not only planning monthly finances, but also helps in adjusting the loan amount, tenure and choosing a lender with a low interest rate. Various loan EMI calculators have made the calculation simple over time, and here’s how you can benefit from the same.

Steps to Calculate EMI

EMI payments are the most convenient form of payment for all kinds of borrowers, be it students, salaried employees, self-employed individuals, business owners and even retired individuals. These payments have grown considerably in popularity over the past few years since it enables individuals to pay small amounts that are due each month rather than a lump sum repayment.

Loan EMI calculators simplify the task of helping you calculate your monthly EMI on a Personal Loan. These EMI loan calculators are readily available on the website of your lender and can be used in the steps mentioned below:

  1. Visit the Website: It is best to access the EMI calculator on your lender’s website. Once you open the website, study the tabs present and click on the one related to ‘EMI Calculator’. A page will open where you can enter all your loan details and calculate your EMI conveniently.
  2. Fill in the Details: Once you see the calculator, you can fill in the details of your loan amount, interest and tenure. For every change in value, the EMI calculator will show you accurate results depending on the numbers you have entered.
  3. Understanding the Formula: If you are wondering how the EMI Calculator works or want to also manually calculate your monthly EMI, use this formula: EMI = [P x I x (1+I)^N]/[(1+I)^N-1]. P stands for your loan principal, I for interest, N for the number of months. All you need is a calculator and comfortable desk!

 

Benefits of EMI Calculators

In today’s fast paced world, we need instant results and calculations. EMI calculators are fast and flawless. They provide your results within seconds of entering the information and will immediately adjust the results with any change in the numbers. Eg., If you think your EMI result is high, you can either increase the tenure or decrease the interest or the loan amount to see what is most suitable to you. These EMI calculators have a smooth and easy to use interface to help you input your information and see the results. Not only are they ideal for calculating the EMI on existing loans, but even let you estimate the EMI for hypothetical situations. Hence they give you a clear idea of the finances after taking a Personal Loan.

Looking for a Personal Loan to support you in your time of need? Choose Bajaj Finserv’s Personal Loans, which come with affordable interest, easy and flexible repayment options and fast processing.

 

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What Is EMI And How To Calculate EMI On Your Personal Loan?

EMI payments have grown more popular over the past few years since they are the most convenient form of payment, be it for students, salaried employees, self-employed individuals and even retired individuals. Here’s all you need to know about EMI calculators for Personal Loans.

EMI stands for Equated Monthly Instalments of cash that you make over a period of time to a particular lender or provider of goods or services. EMI payments are made until your monthly instalments collectively match the amount of money borrowed or the monetary price of the products or services purchased.

EMI payments have grown considerably in popularity since they are the most convenient form of payment, enabling consumers to purchase something they need outright, without needing to collect sufficient funds for an outright purchase. EMI payments have also emerged as the preferred way to repay loans, especially Personal Loans. Before borrowing a loan, the borrower has the ability to speculate and forecast the EMI payment using an EMI loan calculator. Various EMI calculators have made this calculation and simple over time.

Benefits and Implications of EMI Calculators

The internet has made the calculations of payable EMI seamlessly fast and convenient. EMI calculators for Personal Loans give you a clear picture of your monthly payments once you input the principal loan amount, rate of interest and the total time period of the loan. A Personal Loan EMI calculator is the best way of being prepared regarding your instalments and your monthly expenditure.

  • It helps you make sure that you will be able to undertake the responsibility of EMI repayment without any stress on your monthly budget.
  • In case the EMI amount is too high, an EMI calculator will also help you either decide to reduce your loan principal amount or choose another lender who offers a lower rate of interest.
  • You may also decide to increase your tenure thus making it easier to repay a smaller amount over a longer period of time.

In the absence of a Personal Loan EMI calculators, which was common especially over a decade ago, you can always calculate your EMI manually. Borrowers have long used excel formulae and other mathematical formulae to calculate EMI. Here is a look calculating EMI online:

Online Loan EMI calculator

Most lenders have websites that feature convenient Personal Loan EMI calculators. These calculators perform all the mathematical calculations and show you the EMI depending on principal, interest rates and tenure, all of which may be adjusted according to your needs. The EMI calculator works on the primary formula of EMI = [P x I x (1+I)^N]/[(1+I)^N-1], where P is the Principal, I is the monthly rate of interest and N is the number of instalments.

If you’re not a fan of mathematics, you can ignore the formula and simply use the online EMI calculator using these steps:

  1. Enter your chosen loan amount in lakhs; this is your principal
  2. Next, enter your tenure; this is the period in which you plan on repaying your Personal Loan
  3. Lastly, enter your interest rate
  4. You will immediately see your EMI amount, which contains both your principal amount and your interest amount divided across the tenure

Likely Reasons for Fluctuations in EMI

Certain lenders offer a provision of progressing EMI payments. This means that the EMI payment increases over the years, to reduce the tenure, hence causing fluctuation in the EMI payments over time. Premature repayment of the loan amount amidst the tenure will cause the principal to change and hence the newer EMI will be based on the new interest rate constructed by the prepaid principal. The causes for fluctuations and changes in EMI payments can be closely affected by the interest rate. For instance, floating interest rate or new interest rates by the lender will result in a change in your EMIs. Select a loan with a fixed interest rate or a floating interest rate that suits your needs and of course, make sure your interest is the lowest possible. It is also important to pick a lender based on trust and services offered.

Are you on a lookout for a convenient Personal Loan to fund an immediate need? Be it a medical emergency, a wedding in the family, home renovation or even travel needs, a Personal Loan with easy EMI repayment can give you access to funds quickly and conveniently. Apply for a Personal Loan online at Bajaj Finserv, and enjoy instant loan approval, funds in your account in 72 hours or less and loans up to Rs.25 lakh.

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Travel Far And Wide With A Personal Loan By Your Side

Holidays are an important part of your life, offering you respite from your rigorous routine. But holidays also require the correct financial planning and the optimal sum of money. With a travel Personal Loan, that is not a worry anymore.

A Personal Loan for travel is the best way to raise the finances required for a vacation. It is not only fast in terms of processing, but also easy to apply for and ideal for urgent funding.

How a Holiday Loan Works?

Applying for a Personal Loan for travel is a smooth and seamless task in today’s digital world. All you have to do is fill a form online, attach all the essential eligibility documents required, pay a processing fee and you are done. Whether you are looking for a travel loan in Bangalore, Delhi, Mumbai, Hyderabad, Chennai or any other place, you can get one easily online to fund all your travels, no matter how close or far away. A travel Personal Loan doesn’t require any kind of security or collateral. The interest rates for holiday loans range from 10.99% to 17%, and given below is a list of steps you can follow to apply for a Personal Loan for travel:

  1. Collect All Your Documents: Before applying and filling a form, it is important to collect all eligibility documents like your bank statements, identification proof, salary slips, employee ID card and address proof. This is the most important part of the procedure and failing to produce any of these documents can cause immediate rejection of the loan application. This is because these documents help the bank gain authenticity of the borrower and give them clear picture about the borrower’s financial ability to repay the loan. It also provides the bank better security of the borrower’s identity and financial security, which is important as a travel loan doesn’t ask for any collateral. However, successfully submitting all these documents improves the chances of your travel Personal Loan application getting approved.
  2. Filling The Travel Loan Application Form The application forms for these loans are available on your lender’s website in a soft copy format or can be collected from your lender’s branch in its printed format. These forms involve filling all your data including name, marital status, income bracket, address details and more. It also involves signing and accepting the terms of applying for the loan. Once signed, the form entitles and binds the borrower to the terms governing the travel loan application.

Also Read : Need Funds For Travel? Here’s Why A Travel Loan Is Better Than A Credit Card

Benefits of Personal Loans for Travel

Personal Loans are the most readily and easily accessible source of finance. These loans are often dispatched to the borrower very quickly and require less documentation, which eliminates the hassle of collecting and managing large files for documentation. Your credit rating is a major factor that getting your travel loan approved, so ensure that your credit or CIBIL score is good. A good score also ensures that your Personal Loan interest rate is low. On the whole Personal Loans are ideal for those looking for finances for travel, whether yours is last-minute plan or one that has been made in advance.

Do you want to explore and discover the world? Are you already an avid travellers looking for more adventure? Whatever your reason for travel, Bajaj Finserv offers Personal Loans for travel at low interest rates. With easy online application, instant approval and funds on your account in 72 hours, Bajaj Finserv’s Personal Loans may be your #1 resource for travel.

Apply for Personal Loan Online     Check your Personal Loan Eligibility

Learn How A Debt Consolidation Loan Can Reduce Your Payments

Explore the nature of debt consolidation and, more importantly, all the ways it could potentially help you save significantly on your monthly loan repayments.

It goes without saying that having a large amount of existing debt is a financial burden in every sense. You may be shouldering this burden due to your circumstances and unforeseen needs; however, there are options available to you to help manage this debt and ease the burden. One such option is that of taking a debt consolidation loan, which on face value may just sound like taking a new loan to pay off existing ones, but does come with a range of particularly helpful benefits to help you with your excessive borrowings. You will find unclear and mixed information when it comes to debt consolidation during your research, so we have put together a handy guide on a debt consolidation loan to help you see how it can come to your aid.

What is Debt Consolidation?

As the title suggests, a debt consolidation loan allows you to group all your existing loans together into one single consolidated loan. This would be a new loan entirely with a whole new set of terms and conditions to your previous set of borrowings and may even be from a new lender altogether.

The clear advantages here are that of simplicity and a lack of hassle on payment and administrative aspects. Buy clubbing your loans together, you only have to pay a single EMI instead of multiple repayments. What’s more, with a debt consolidation loan you just have to deal with one single lender, which can be a real bonus to those bogged down by constantly managing multiple loans with different lenders in terms of communication and paperwork.

More than the benefit of having efficiently organised finances, opting for a new loan could well reduce your monthly payments overall through a lower interest rate—and this is the biggest advantage of a debt consolidation loan. For example, if you had three credit cards with outstanding balances to be paid, each with interest rates of 12%, 18% and 32%, you could well consolidate these into a single loan with an interest rate of 10%-15%, which would save you money.

Having said that, consumers should note that this is not a one size fits all solution and may not be applicable for all depending on your circumstances.

When is Debt Consolidation Advisable?

Consolidation would make sense for those in these situations above all else:

  • For those who are constantly paying late fees on multiple loans. They will most likely benefit greatly from the opportunity to be more organised with their payments by dealing with just one lender.
  • Those with multiple loans of high interest rates could benefit greatly from consolidation to a lower rate.
  • Those who just can’t afford all their monthly payments on the existing loans. It would certainly be in their interest to find out if they are eligible for a consolidation loans and more importantly how much money they could save using this route.

Debt consolidation loans could be a saving grace for you. It could be a sizeable help for those struggling to keep up with multiple loan payments, looking for an easier and more convenient solution and lowering your interest. It is thus in your own benefit to find out exactly how a debt consolidation loan could help you with your repayments. As you do your research, look into convenient Personal Loans offered at low interest rates from Bajaj Finserv. With loans up to Rs.25 lakh, instant approval and funds in your account in 72 hours.

Apply for Personal Loan Online     Check your Personal Loan Eligibility

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