A honeymoon is the first joint trip for many married couples, and it is undoubtedly a special time. However, going on your dream honeymoon can be quite expensive, especially after financing your dream wedding.
While you may consider postponing or compromising on a few places, availing a personal loan for travel can help you avoid that. From visiting your dream destinations to making a lifetime of memories, your honeymoon is also the time to unwind after the wedding festivities.
As such, it is best not to compromise or postpone your honeymoon. A personal loan for travel is easily available, and all you need to do is check your personal loan eligibility, choose a lender, and apply.
To know more reasons why a personal loan for travel is a great way to finance your honeymoon, read on.
No End-use Restrictions
A key feature of a personal loan for travel is that it comes with no restrictions on how you use the funds. This makes it a multipurpose loan, as you can use the funding for numerous purposes.
Some of the common ways you can use personal travel loan funds are:
- Booking travel tickets
- Paying for accommodation
- Trying activities and sightseeing
- Shopping and leisure activities
These are not the only ways you can use these funds. You can pay for any and all expenses that you may incur during your honeymoon. Just be sure to plan the costs to get the right loan amount so that you do not run short of funds during your trip.
Zero Collateral Requirements
You can avail two different types of loans – secured and unsecured. A secured loan is one where you pledge an asset as collateral to the lender. If you fail to repay the loan, the lender can seize this asset to recover the loan amount.
An unsecured loan, on the other hand, does not require any such collateral from you. Since a personal loan for travel is an unsecured instrument, you can get the finance you need without stressing about losing your assets.
Keep in mind that interest rates on unsecured loans are higher. However, you can find the best deal using an EMI and eligibility calculator. Simply input these three key parameters such as:
- The amount you wish to borrow
- Interest rate
- Duration of the loan
That’s all, and you can calculate your monthly installments quickly. More so, you can tweak these parameters to arrive at the right values that best suit your needs without overburdening your finances.
When you check personal loan eligibility and estimate your EMI beforehand, you can apply with a lender offering the best deal.
Lenders offer a personal loan for travel with flexibility in the repayment tenure. You can choose a period ranging from a few months to a few years. This allows you to pick a tenure that makes the EMI amount most comfortable and your repayment stress-free.
In addition, some lenders offer different repayment plans that enable you to clear your outstanding in a way that allows you to save as well. For example, some lenders provide flexi loans where you can use funds as you need, and the interest is levied only on the funds you use, not on the entire loan amount.
These offers make repayment easy by reducing your total borrowing costs and EMI amount. You can talk to the lender in advance about different plans available and choose the best offer keeping in mind your current and future finances.
Easy Application Process
With advancements in the financial landscape, more and more lenders now offer personal loans for travel with a quick, easy, and convenient application process. Moreover, a majority of the lenders have a digital application process enabling you to apply from anywhere and at any time.
The digital application also has only a few steps and requires minimal information from your end. As such, you can finish your application in just a few steps and a few minutes from the comfort of your home.
Once you check your personal loan eligibility, visit the lender’s website and fill out the application form to initiate the processing of your loan application.
Along with a quick and easy application, lenders have minimal document requirements. In some cases, you just have to submit your KYC documents, which include your ID and address proof, and your bank statements when availing a loan for travel.
Moreover, lenders allow you to upload these documents at the time of application. Given this, you do not have to visit the lender’s branch with heaps of documents. All this adds up to you completing the application without any hassles.
Given that the application process is quick and requires minimal documents, lenders can quickly process your application. This, in turn, leads to speedier approval giving you access to the funding at the earliest.
Moreover, the approval is even quicker if you apply through a pre-approved offer. Some lenders even give you access to your personal loan for travel on the same day, if not within a few hours.
In addition to all of these benefits, a personal loan for travel can help you build your credit score. A credit score is a numerical representation of your credit profile checked by lenders when you apply for a loan.
This means that you can establish your creditworthiness even while on the move. Building a good credit score is essential as it can help avail credit in future easily and affordably.
With these benefits of a personal loan for travel, you can also ensure that you go on your dream honeymoon without depleting all your savings. Check your personal loan eligibility with different lenders to choose a lender that offers the best deal.
Be sure to optimise your borrowings using an EMI calculator and assess your finances, as well as honeymoon costs, before applying. This will help you protect your future finances and make repayment a stress-free experience.