Questions You Need to Ask Before Taking Personal Loan for Vacation

Going on vacations allows you to set out to find peace of mind and let loose. Whether you’re planning a week-long camping trip far away in the hills or a weekend at an exotic destination overseas, how you decide to unwind is completely up to you. However, while checking off a new destination from your bucket list feels great, holidays can also burn a hole in your pocket. To help with that, think about availing a personal loan for a vacation this year.

While you can use a personal loan to meet any goal, it is especially handy in easing the burden of big-ticket expenses such as a vacation. However, before you get started on the application for a personal loan, here are 4 questions you need to ask yourself for a stress-free experience.

How Much Should I Ask For a Personal Loan?

When deciding on the loan amount, you need to know exactly how much you’ll require and then based on that figure, use a Personal loan EMI calculator to calculate your interest payments. The amount you can borrow or should borrow is totally dependent on how much you can afford; however, how much you are offered depends on your CIBIL score and the lender.

 

A CIBIL score over 750 puts you in a great position and opens doors to better deals. Any less than that and you’re demanding power decreases. An important thing to keep in mind at this stage is to avoid borrowing more than you need. Knowing how to manage your EMIs comfortably is the key to enjoying the benefits of a personal loan and one of the ways to do this is by borrowing just the right amount.

What Should I Check Before Getting a Personal Loan?

Due to the fact that personal loans are unsecured in nature, getting approved for one on favourable terms is the key to a cost-effective solution. This is why it is vital to first check the eligibility criteria for a personal loan as soon as you have selected a lender based on personal loan interest rates.

Lenders tend to be thorough with applicants and any mismatch in information will lead you to be ineligible. Generally, you’re required to be a self-employed or salaried individual and a residing citizen of India. You need to be between 23 and 55 years of age and must meet a minimum annual salary requirement depending on the city you reside in.

Is a Personal Loan The Best Option For Me?

If you’re thinking about comfortably funding your vacation and don’t want to dip into your savings or cash in your investments, then a personal loan is your best bet. With a substantial loan amount you can pay for your travel, accommodation, shopping, insurance, and VISA needs with ease. As you don’t need to pledge any collateral, you can enjoy the possibility of instant approval, effectively reducing the effort you need to make to get your loan.

Additionally, when you opt for personal loan for travel from Bajaj Finserv, you also get the full loan amount disbursed into your bank account within just 24 hours of approval, so that you can plan your last-minute trips with ease! You also have the option to choose a flexi personal loan. This personal loan variant is especially suitable for travel as it allows you to withdraw as much as you need from the total sanction and when you need it. By offering you the freedom of multiple withdrawals, you have the funds to meet travel expenses, while paying interest only on what you actually withdraw. This helps you save more and meet unpredictable costs conveniently. Additionally, you can choose to pay interest-only EMIs and reduce your EMIs by up to 45%. You can then repay the principal at the end of the tenor and even make part-prepayments at no charge.

 

How Do I Ask For a Loan?

When you’re ready to take a loan for your vacation, you can apply for one online or offline. You will also need to gather all the documents required for bajaj finance personal and submit them alongside your application. Top lenders like Bajaj Finserv offer doorstep documentation pickup for your convenience once you fill out a concise application form.

 

Now that you understand how a vacation loan can work for you, get started on planning the ideal getaway. To make sure funds are never the cause of compromise or delay in your holiday, check your pre-approved offer for a customised deal and instant approval.

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