The coronavirus scare has compelled everyone to confine themselves to their respective homes and stay away from all travel plans for the last year. The stay-at-home mandate has undoubtedly helped us stay healthy, but the urge to travel and explore new lands is now returning as the Covid situation eases post-vaccinations.
Where many are still paranoid about the multiple transitional variants of the virus, the travel bugs among us are hoping to hit new destinations, explore the culture and cuisines of different countries across the world, and get out of the sheltered confines of their homes as quickly as possible.
Amidst this thirst to wander and hit new lands, people struggle to balance all finances. Here, a travel loan can act as a savior and make you plan your holiday with ease, without subjecting you to use up your savings and add on to your burdens. This can be made possible by availing of a personal travel loan.
What Is A Personal Loan?
A personal loan is a non-secure loan where no securities or collateral is required for taking the loan. The loan is extended based on the credit score, past repayment history, and the borrower’s current income.
Since it is an unsecured loan, personal loan interest amounts are a little higher than other secured loan forms. Some of its salient features include:
- There is no restriction regarding the purpose for which a personal loan should be put to use. You can use it for your children’s education, vocation, marriage, buying other assets or electronic goods, or refurbishing an existing home.
- Personal loans can be applied online instantly through various online personal apps.
- They have a lower holding life, extending up to a few months. Lenders can pay monthly, on an EMI basis to get rid of the loan.
- Personal loans can be availed by even the low-income segment, provided they have a permanent source of monthly income.
Who Can Choose A Personal Loan?
To avail of a personal loan, a candidate must be:
- a citizen of India
- must be above 18 years of age
- can be salaried or self-employed
- Decent credit score
- Fixed monthly income
- should be able to provide the required necessary documents, like address proof, salary proof, etc.
The best feature about personal loans is that the lender is happy to sanction it provided you have a good credit score, all your paperwork is in place, and all personal information, provided by you, is true. This answers the question that a personal loan can be comfortably used for planning a vacation or a holiday with your family.
After a long phase of being stuck within the confines of your home, a holiday is a much-needed resort to get things rolling and back to normal. Having said so, and keeping in mind the big blow that the pandemic has brought to people in business and the salaried sector alike, getting your finances in place is of utmost importance.
Hence, getting yourself a travel loan by paying personal loan interest is the simplest way of relaxing and rejuvenating your senses. So get going, apply for a personal loan on any reliable instant loan apps, and set sail for a memorable holiday with your loved ones.