The best destinations in the world are, more often than not, expensive. Unless you have a huge pile of travel points, you would need to pay extremely highly for lodging and airfare. Even after that, there are plenty of extra costs like food, activities, transport, and so much more!
However, with the constant work stress, taking a vacation once in a while is all that one craves but can’t afford. This is where travel loans in India have made a mark! They have gained a lot of popularity in today’s day and age. In this article, let’s talk about them!
So, what are travel loans exactly?
Basically, travel loans are mostly used to provide finance to people who are seeking funds for traveling – whether for personal or professional reasons. Many NBFCs in India provide travel loans for a normal person to take care of there travel needs.
Just like personal loans, holiday loans are mostly unsecured in nature. This means that they don’t require any collateral or guarantee in the form of a house, property, or asset from the borrower. This is one of the biggest advantages of availing these loans.
Some banks and NBFCs can even go ahead and ask for security. However, this is only the case when the loan amount is considerably high. These loans have surely emerged as a great financial aid to many travel lovers who would otherwise not be able to go to their preferred destinations.
Here are the 6 smart tips to keep in mind while applying for a travel loan:
- Travel loans have fixed interest rates – meaning the equated monthly installments (EMI) will remain the same, making it easier to manage different budgets and get a true picture of the repayment plan.
- Once approved, the travel loan is typically deposited in the borrower’s account within 5 days. It will be even faster with NBFCs like Clix Capital as they take less than 3 days to deposit money.
- Travel finance allows you to spread out the finances of your holiday over the life of the loan.
- There are modern-day NBFCs like Clix Capital that are also providing travel loans for students. If you’re a student, you should check it out!
- There are two kinds of travel loans: Foreign travel loans, as the name suggests, are usually available for a higher loan amount required for traveling. It covers all the travel-related expenses like airfare, accommodation, sightseeing, tours, and activities. Domestic travel loans, on the other hand, have a lower loan amount than foreign travel loans and can also be available for individuals and their families.
When you avail feasible travel loans from new age lenders like Clix Capital, you get access to quick approvals, minimal documentation, fast processes, and flexible repayment plans – customized for you. Don’t let expenses hold you back from taking your dream holiday!