A lot of us dream about going on vacation at places, however, the lack of money ends up killing away all the wishes and dreams! Thus, if you are someone who lives with the aim of traveling the world, but keeps resisting the desires due to lack of money and budget availability, then it’s high time to start thinking about getting your upcoming trips funded. You can either choose personal loans or travel loan for fulfilling such needs and making your vacation a grand event!
Know about personal loans or travel loans for holidays
A travel loan is typically a specific type of personal loan that is majorly designed for financing your vacation needs. Just like every other form of personal loan, it is an amazing way through which you can easily meet your entire short termed financial needs, your holiday in this case!
When you are on a short budget planning a vacation, you usually have one option and that is your credit card. However, most of the times people don’t understand that the interest rates that are levied upon personal or travel loans, are much lesser than what you have to pay after using a credit card. A lot of non-banking financial companies (NBFCs) as well as financial institutions offer you with desired loans that can cover all your travel expenses.
Why is it recommended to choose a travel loan?
There are various reasons why financial experts often suggest people should opt for traveling loans, instead of adding on to their burden. Here are a few reasons that will definitely make you change your head in case you are still confused about what to do!
- Fewer interest rates-the approximate interest rate which is levied on personal loans nowadays ranges around 12% to 15%, and this rate is surely lesser than the monthly interest rate of 2.5% to 3% which is levied on your credit cards.
- Simple processing– the process of sanctioning the loan is very quick and simple to keep you away from all complexities.
- Flexible Repayment Tenures– when you choose to take any such loans, you get the full liberty of choosing the repayment period. You can choose anything between 12 to 60 months as per your wish.
- Collateral charges-when you opt for a personal loan, it keeps nothing at stake. That means you are not supposed to pledge any of your asset or collateral as a security with the loan providers.Pages: 1 2