Personal loan for summer vacation

How Personal Loan Will Help To Plan Your Summer Vacation

March 23, 2022 • 5081 views

Summer is the best time to relax. This is a wonderful time to holiday as schools and colleges also take a long break. So, families are on the go during summer! Honeymooners, couples, friends, and families can enjoy their summer vacation at numerous locations around the world. Travel and tourism companies bring summer holiday packages at reduced prices, so why not take full advantage, and enjoy the summer fun and soak in the summer sun!

Having ready funds, especially for holidays and tourism, may not be possible for everyone. In particular, the financial crisis after the COVID pandemic has shaken the finances of many households. Therefore, many people choose to travel to nearby destinations on a budget trip. Many financial companies in India have introduced a personal holiday loan that includes booking tickets, accommodation expenses, transportation, etc.

Like any other personal loan, a personal loan for travel can be applied online and can be repaid gradually in monthly installments (EMIs).

A personal loan for travel can be repaid in two ways: one is a standard fixed EMI, and the other is a Step-Up Flexi EMI Plan that allows you to repay the loan with any additional loans you may have in the future.

Many websites also offer useful tools. The personal loan EMI calculator helps you calculate the exact amount you will need to pay each month. A prepayment calculator helps you understand the amount being paid if you choose to repay the loan in advance. It also shows you the steps to transfer a personal loan to another lender if you choose to do so.

A personal loan to plan a vacation makes sense if you can repay the loan amount consistently.

Nowadays, leisure travel is on everyone’s “must-do” list, given our otherwise hectic lives. Vacation and travel are the only way we can escape from our daily lives. When you spend those long hours at work trying to make a living, the thought of” I need to take this trip” comes to mind!

Taking a vacation is always very appealing. Travelling refreshes us and gives us that little break from our busy schedules. However, going for that dream vacation involves many costs. It may not be wise to break your savings or stop your investments for funding your vacation.

In such cases, a personal loan for travel can be a solution where you do not have to risk your budget and still be able to take a dream vacation.

Let's understand more about how a personal loan for vacation works and how all expenses can be paid with the help of a travel loan.

Features and Benefits of a Personal Loan for Travel

Taking a personal loan for travel is a good idea to support your summer trip to amazing places like hill stations, cold ski resorts, holiday destinations, tourist destinations, etc. It is better to go for a personal unsecured loan than to take out a secured loan and pledge your assets. Therefore, it is recommended that you obtain clarification on the features and benefits of a Personal loan to take full advantage of this loan facility:

  • Easy eligibility criteria: Anyone earning a salary or self-employed with a stable income can get a Personal loan.
     
  • No assets as collateral: Since a Personal Loan is unsecured, no assets are required to be pledged.
     
  • Online application: The application process for a Personal Loan is relatively quick and easy.
     
  • Flexible Repayment Period: A personal loan offers a minimum of one year tenure, extending up to 5 years or even more. Loans are also divided into manageable monthly payments or EMIs.
     
  • EMI Calculator: Most personal loan lenders have an EMI calculation feature on their website that provides precise EMI value in advance. Accurate EMIs can be calculated within seconds, by just entering the required loan amount, interest rate, and duration. You can change these variables to get the EMI and finalize the loan amount and tenure that matches your repayment capacity.

A List of Things to Keep in Mind

Finalize Your Destination

The first thing you should do is choose a destination for your summer holidays. Most people go to hill stations to escape the heat, but you can also visit a wildlife or nature reserve, recreation camp, beaches for a unique and memorable experience.

Create a Budget

While a personal loan for travel can help you pay for any travel-related expenses, it is best to set a budget and try to stay within it. Consider the cost of travel to your destination, accommodation, food and drink, activities, and entertainment, as well as sightseeing and shopping.

Check Out Travel Packages

Many travel companies, travel agents, airlines, hotels, and travel websites offer great deals and discounts when booking a holiday package. Look for options that include areas you would like to explore and activities that your family and children can enjoy.

Use Personal Loans

Financing holiday expenses with a travel loan or credit line makes sense so that your savings can remain untouched.

Simple Application Process

When planning a personal loan for a vacation, the last thing you want is to go through the hectic process of applying for a loan. A Personal loan from a good lender saves you a lot of effort spent on the application process. Simply check your loan eligibility and apply for an online loan in just a few minutes. The lender takes care of the whole process, from document collection to authentication. Once approved, the amount of the loan is credited directly to your account.

Flexibility in Making Payments

You can check EMI for personal loans before applying. The personal loan EMI calculator can help you get an idea of the monthly installments you have to pay to clear the loan. You can also get to choose a payment term.

Retain Your Savings

The holiday includes quite a few expenses such as accommodation, transfers, tickets, rental car or taxis, and various other expenses. A personal loan can help you repay these costs without having to dip into your savings. This keeps your savings intact to be used for other purposes.

Top 5 Reasons to Choose Personal Loan for Vacation

You can check your eligibility and apply for a personal loan on the Poonawalla Fincorp website in just a few minutes

You can get a higher loan amount (based on your eligibility)

Poonawalla Fincorp offers competitive interest rates on Personal Loans

You can choose to repay the loan as per the tenure of your convenience (up to 60 months)

To Conclude

Summer holidays are a great time for family outings when the kids are out of school, and everyone is happy to spend time together. It is a great opportunity to take a break from work and your daily routine and plan a fun vacation that you will all enjoy.

Apply now as Poonawalla Fincorp helps you access a personal loan for vacation if you feel that your finances are not enough. With the right planning, you can take that dream vacation!

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Personal Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply

poonawalla fincorp team

Poonawalla Fincorp Team

Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.

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