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Vacation Financing: Want to Borrow to Travel? Here’s All You Need to Know

December 22, 2023 • 939 views

A dream vacation can be expensive with constantly increasing inflation. It requires you to spend funds on travel, accommodation, food, exploring new adventures, etc. For this, vacation financing emerges as one of the best solutions to provide you with the required funds for your trip. Whether you need financial support to fund your vacation in India or abroad, vacation financing is an ideal solution. Several lending institutions provide multi-purpose Personal Loans to enable you to fulfil such purposes – including funding your trip. Read on to know how you can afford your desired trip upfront without spending your savings with the help of vacation financing.

What is Vacation Financing?

Vacation Financing means securing financial assistance to fund your vacation and travelling expenses. Whether it’s for booking tickets, accommodation, or covering any travel related expenses, vacation financing can enable you to experience new travelling adventures without worrying about funds. For this purpose, a Personal Loan or an Instant Personal Loan are often considered a good choice.

Can a Personal Loan be Used for Vacation Financing?

A Personal Loan can be used for vacation financing. A Personal Loan provides you with the flexibility to use it for multiple purposes and travelling is one of them. You can secure a Personal Loan for transportation, food, accommodation, baggage fees, lodging fees, rental car, and so on.

Furthermore, you can experience several adventurous activities, such as hiking, skiing, paragliding, bungee jumping, and many more, which require funds to be spent. This collateral-free loan helps you to secure the required funds to enrich your travelling experience with all such adventures without the need to pledge any asset.

Requirements to Fulfil (Eligibility Criteria and Documents)

To secure a Personal Loan for travelling, you need to fulfil the basic eligibility criteria that vary from one lender to another. The following are common eligibility criteria set by lending institutions:

  • Age: To apply for a Personal Loan, your age must not be less than 25 years and more than 55 years.
  • Citizenship: You must be an Indian citizen.
  • Annual Income: Your minimum annual income must be between Rs. 3 Lakh to Rs. 4 Lakh.
  • Credit Score: You must have a credit or CIBIL score of 750 and above.

Note: The eligibility criteria can differ from one lending institution to another.

Why You Should Choose a Personal Loan for Vacation Financing?

Vacation financing through a Personal Loan has numerous benefits, some of which are mentioned below:

  • Higher Loan Amount: You can secure higher loan amounts for your vacation financing. You can take a Personal Loan of up to several lakhs to cover all your travelling expenses.
  • Freedom of Usage: You can use a Personal Loan to fulfil your different travelling needs like booking tickets, accommodation, or covering any travel-related expenses.
  • Competitive Interest Rates: Several lending institutions offer Personal Loan with competitive interest rates, which help you to minimize the overall borrowing cost.
  • Flexible Repayment Tenure: An extended repayment tenure enables you to manage your monthly repayment easily. Many lending institutions allow you to secure a Personal Loan for an extended repayment tenure of 2 to 3 years, so that you can repay the loan according to your financial comfort.
  • Minimal Documentation: Securing a Personal Loan has become more convenient as several lending institutions require minimal paperwork for the same. For a Personal Loan, you just need to provide your KYC documents and current address proof.
  • No Hidden Charges: You can explore various lending institutions with no-hidden charges and experience transparency throughout the loan application process.

How Can You Apply for a Personal Loan for Vacation Financing?

You can easily apply for a Personal Loan for vacation financing by following the steps mentioned below:

  • Step 1: Click on the ‘Apply Now’ button.
  • Step 2: Fill in the required details on the loan application form.
  • Step 3: Upload necessary documents.

On successful verification, the loan amount will be transferred to your bank account.

Also Read - Facts You Should Know About Travel Loan in India

To Conclude

Financing your dream vacation through a Personal Loan without compromising your financial well-being can be an ideal choice. With a Personal Loan, you can cover numerous travel expenses, be it booking tickets, getting accommodation, paying for adventurous activities, etc. Explore several lending institutions to secure the required financial assistance to fund your vacation on favorable terms and conditions.

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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