Should I Get a Personal Loan for Travelling?
“I’ m here to spread a message of hope. Follow your heart. Don’t follow what you are told you are supposed to do.” as by J. Cole
Life is beautiful, if you can experience different cultures, indulge in see sightseeing, explore the beauty of the world. Travelling is indispensable to add excitement to life. And you need funds to see the world around us. You can save money to fund the vacation or can seek help from a lender. Usually, it is quite difficult to afford a luxurious trip on your own savings. And if you can fund your vacation from a lender’s help, there is nothing wrong in that.
The banks and NBFCs fund personal loans according to the profile of the candidate. As the name suggests, personal loans can be availed for any personal reason. With personal loans, you can visit your dream destinations, taste the local culture and enjoy the way of life in a different way. So, let’s have a discussion on some more benefits of the personal loan so that one can leverage this in a better way.
1. Thanks to the new era of digitization. You can make an application online hassle-free and the turnaround time is less. IIFL Express Personal loan disbursal is possible just within 8 hours.
2. Through the digital customer portal, you can easily track the status of loan, repayment and other key information.
3. People prefer to go with a loan where there is less paperwork involved.
4. In a case of a home loan or gold loan, you keep the product collateral as a mortgage. However, no such thing is required to keep as a mortgage for the personal loan.
5. As compared to loan on credit card and gold loan, the interest rate on personal loans is low.
6. A personal loan can be repaid in 12-60 months as per your convenience. The EMI can be deducted from salary account as per NACH and ECS.
7. You can check for pre-approved offers of banks and NBFCs from time to time.
8. If you are going for the first time on a vacation spot and unsure of your expenses, you can borrow personal loans to have some emergency funds on your part.
9. You can keep the credit card but usually, the withdrawal limit is very less here. In a case of a personal loan, you can borrow a good amount of money. Again, the interest rate on a personal loan is low as compared to the loan on a credit card.
Do you want to know the tax benefits on Personal loans? Click here
So, if you want to live a life with personal loans, there’s nothing wrong with it. Just you need to maintain a good CIBIL Score as no collateral is mortgaged as security for this loan.
Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.
