Published on Aug 9, 2019Updated on Sept 14, 2023
Planning a family holiday to your dream destination but not sure what’s the best way to finance it? There are numerous ways in which you can fund your dream holiday. You could start with saving up for a while but for which you may need to make some basic lifestyle changes in your everyday. This is, however, also a slightly risky proposition. Spending a lot of your savings on a single plan could prove to be a poor financial decision, especially if you face an emergency at some point.
Another option is to get a cash advance on your credit card. However, if you do not repay it quickly, it could prove to be a very costly affair. Interest rates on credit card cash withdrawals could be as high as 40% depending on the type of card you have. Also, your interest would start from the minute you withdraw cash - there is no interest-free period in this option. An additional transaction charge is also levied for cash withdrawal from credit card.
A simple and convenient choice to fund your dream holiday is to get a Personal Loan. It is an excellent financing option for rising expenses. It also doesn’t require your collaterals or assets to be put on the line. Personal loans for travel are offered by many financial partners and don’t need extensive documentation. Some institutions also offer online applications for personal loans.
Such holiday loans are not restricted by any underlying purchase so you can avail any amount subject to your eligibility. The loan tenure is also flexible - you can choose a timeline between 12-48 months. You can also get a favourable interest rate on a personal loan if you have a good credit score and your current debts are within a manageable range.
A travel loan could be the gateway to realise your dream holiday. You can easily get an instant approval for your personal loan online. Both, salaried as well as self-employed individuals, can apply for this product. All you need to do is fill out an online application from the comfort of your home. Keep the following documents for Personal Loan handy while filling out the application:
Depending on your income and other parameters, your eligible amount for a personal loan can be calculated in moments. A salaried individual could avail a Personal Loan of up to `25 lakhs while a self-employed businessman can get up to `10 lakhs. Based on the granted loan amount, interest rate and tenure, an equated monthly instalment (EMI) will be calculated. You can choose to pay with EMIs as it is a convenient monthly amount that consists of the principal and interest. You also have the facility to close your personal loan after a stipulated period if you have the sufficient funds beforehand.
If you are planning to go for your dream holiday and decide take a Personal Loan, look to partner with a financial institution with a good network, products and support. A good loan provider will completely customise a travel loan to suit your needs, while offering unique features and a host of benefits.
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*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.