With the trend of holidaying multiple times in a year taking a strong foothold in India, many lenders and travel companies have reported interesting findings on the subject. A huge surge, ranging from 50% to 60%, has been reported in number of personal loans taken for travel.
A personal loan for travel, also called a holiday loan, is slowly becoming the go-to travel finance solution for young and middle-age travellers thanks to easy availability of unsecured credit, competitive rates of interest, and a long and easy repayment tenor.
However, with the abundance of offerings in the market, identifying a loan that will suit your profile during the entire borrowing process can be a tricky task. Thankfully, with options such as the Bajaj Finserv Personal Loan , you enjoy added convenience when it comes to your sanction, repayment and even the initial application of the loan.
Take a look at the 5 ways in which a Flexi Personal Loan can help you fund your next vacation.
Get access to funds with ease, courtesy of relaxed eligibility criteria
Planning your vacation, which can be both exciting and tricky, is among the most important parts of the entire trip. This is because it helps you prepare a list of the expenses you will need to fund. Typical expenses include air travel, accommodation, entertainment, food, transportation at location and all other incidental spends. As you can imagine, these can amount to quite a sum and having an ample sanction can greatly aid your experience.
With a Flexi Personal Loan, your needs are met comfortably as you can get approved for up to Rs.25 lakh. What’s more, you can enjoy it without having to jump through hoops to qualify for it. All you have to do is:
- Be between the ages of 25 and 55 years
- Be a citizen residing in any of the 150 cities that Bajaj Finserv offers services
- Be employed at a reputable company or organisation
Meeting these criteria is a fairly simple task and in order to prove your eligibility, simply submit relevant KYC and financial documents.
Borrow freely from your sanction to meet unplanned holiday expenses
A major benefit of Flexi Personal Loan is that you can borrow from your sanction as and when you need the money. With this holiday loan, the sanction is assigned to your loan account and from there, you can borrow as per your need, multiple times. What’s more, you can do this without having to submit additional documentation each time.
When on vacation, there may be more than a few times when you need funding to tackle unforeseen costs. These can include special entertainment package charges, emergency expenses and others. Armed with this holiday loan, you can rest easy knowing you won’t ever find yourself without financial backup.
Pay for the amount you withdraw only and not for the entire sanction
Typically, when borrowing to fund a vacation, it is common to borrow more than your initial estimate demands in order to maintain a buffer for unplanned expenses. With a regular personal loan, you’re charged interest for the sanction, regardless of how much you utilise, but this isn’t the case with the Flexi Loan facility. Here, you get charged interest only on the amount you withdraw from the loan account. This works out beneficially when used to fund vacations as these trips are usually riddled with additional expenses that you may not have planned for.
Enjoy easier repayment terms thanks to interest-only EMIs
With a Flexi Personal Loan, you can choose to pay interest-only EMIs through the initial part of the tenor. With interest-only EMIs, you can have the trip of lifetime and repay it comfortably when you’re back. This feature also allows you reduce your monthly instalments by up to 45% and you can use the EMI calculator for a more detailed breakdown of your debt. This can be a great boon to finance your travel plans as opting for ideal repayment options is just as important as securing the necessary funding.
Part-prepay the loan at no additional charge to save on post-vacation payments
As part of the entire planning process, consider repayment options that help reduce your overall interest outgo. It is wise to opt for borrowing options that let you devote surplus funds toward reducing your dues in a favourable manner. This can save you a lot of money that you can use to address other obligations. Fortunately, with the Flexi Loan feature, you can part-prepay your loan at no additional charge and greatly reduce your overall interest outgo.
All of the abovementioned pointers are important to consider when planning a vacation financed with a holiday loan. While there are many low interest personal loans being offered online and offline, they may not offer the same financial flexibility as the Flexi Personal Loan does.
So, review the terms, processing fees and features, and you may find a Flexi Loan to be your ideal travel companion. To get your holiday planning underway, check your pre-approved offer online. Simply enter your personal details into the form to enjoy a customised loan offering from Bajaj Finserv and an expedited application process.
