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Benefits of Taking a Personal Loan for Your Honeymoon

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There’s no doubt that Indian weddings are exciting and full of happiness, but at the same time, they can be really stressful and heavy on your pockets. The honeymoon is the period the newly married couple takes to rejuvenate for a while. So along with the wedding, the honeymoon plan must be made well in advance. And planning your honeymoon is not just about the location, where to stay, and booking tickets. You need to decide your budget and how you will finance your honeymoon if you have not already saved up a lot for it well in advance.

Well, there’s no need to worry when you can also get a personal loan for your honeymoon. As always, personal loans are a saviour when it comes to emergency cash requirements. This article will cover some benefits you can get by taking out a personal loan for your honeymoon.

Must Read: Plan Your International Vacation With a Personal Loan

Factors to remember when taking out a personal loan for your honeymoon

Assess your financial situation

Assessing and understanding your financial health before taking out a loan is very important. Check how much of your trip can be financed with your savings, and then get a personal loan to cover up the remaining. Ensure to check your eligibility as well before availing of the personal loan. 

Make an estimate of the trip budget

Estimating the trip budget will give you a clear idea about how much the total expenditure of your trip will be, and accordingly, you can chalk out the loan amount. Always make the highest daily spending estimate while estimating. The places where you will most likely spend your money may be helpful to consider. Although you can reserve hotels and flights in advance, you also need money for daily expenses. You can underestimate the amount since you believe you would reduce your everyday spending. However, it is quite natural to lose control while enjoying an exotic vacation.

Must Read: Carpe Diem! Travel Now, Pay Later With Instant Loans with Paysense

Repayment terms

A few options will be available to you when it comes to repaying your loan in terms of interest rate and tenure of payment. Discuss it with your spouse so that you don’t stress out after returning from your vacation. Personal loans are an excellent choice for funding your honeymoon expenses but paying back the loan amount on time is equally important, or else you might have to pay the consequences of being a loan defaulter. And defaulting on a loan directly affects your credit score, which might be an issue when securing loans in the future during some emergencies. So ensure that you understand the repayment terms well in advance before taking out the personal loan.

Dream Vacations and The Power Of Personal Loans to Make Them A Reality

Benefits of taking a personal loan for your honeymoon

 Quickly access funds

The advancement of technology and the development of online loan apps have eased the process of getting instant personal loans. Your loan amount is approved and deposited into your bank account within a few hours of your application. This helps handle emergencies more efficiently.

Collateral free loan

The most fortunate and stress-free part about getting a personal loan from an online loan app is that you don’t have to use any collateral against your loan amount. It is an unsecured loan.

Minimal Documentation

Unlike the traditional system of getting loans, you don’t need to complete a lot of paperwork to secure personal loans on an online loan app. However, some of the documents you require for completing the verification process are your pan card, aadhar card, picture, 3 months salary slip, etc.

Chance to improve your credit score

Getting a personal loan can help you improve your credit score only if you ensure not to miss out on any of the monthly payments. Higher credit scores allow you to secure loans even faster in the future without having to worry about rejection.

Must Read: Top 9 Luxury Resorts for a Romantic Honeymoon in Switzerland

Eligibility criteria for a personal loan

  • You must be a resident of India
  • You must be between 18 years to 60 years
  • You should either be salaried or self-employed
  • For salaried employees, the minimum monthly income should be Rs.18,000
  • For self-employed professionals, the minimum monthly income should be Rs.20,000

Conclusion

Therefore, we can conclude that personal loans are a great option only if you don’t default on any of the payments, or else you might have to bear the consequences. However, individuals also take out debt consolidation loans to clear the loan amount payments. So, it is suggested that you chalk everything out before getting a personal loan to avoid any issues.

Travel Far, Travel Well: Use a Personal Loan for Your Holiday

Plan Your International Vacation With a Personal Loan

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Who does not dream of travelling the world? Almost everyone does. There’s also a famous saying – “To travel is to live”, and there’s nothing more true than this. For some people travelling is for love for beaches or finding peace at mountaintops. For a few others, it’s about discovering the history and visiting ancient structures, and for some, it’s about trying local cuisines at different places. And for busy working professionals, sometimes travelling just means taking a break from work and the monotonous life. All these small dreams are what keep us going, and it’s satisfying to fulfil them.

But apart from being all exciting and fun, travelling can be heavy on your pockets, especially international vacations. So, is money the reason behind not being able to go on that international trip to your dream country? Worry no more. With a personal loan available at your fingertips, you can now do that with a personal loan with one of the best personal loan apps in India, PaySense.

Personal loans are a saviour and angel in disguise when there are wishes you want to fulfil but don’t have the required funds available for it at the moment. So avail that personal loan to keep that wanderlust in you alive, and plan your international vacation with a personal loan today! Personal loans for travel can be used to arrange for travel, lodging, personal expenses, and other costs. They may also include buying goods like food and drink and souvenirs.

Must Read: Carpe Diem! Travel Now, Pay Later With Instant Loans with Paysense

Let’s discuss everything you need to know about getting a personal loan for travelling.

How does the personal loan work for travel purposes?
Personal loans for travel purposes are unsecured loans. Through the websites of online lending providers, you can submit an online loan application. Before applying, ensure you meet the requirements to prevent being turned down. Utilize the EMI calculator on the lender’s website to determine the anticipated cost of your loan. You can apply for a loan between $50,000 and $Rs.500,000. However, the loan amount granted to you will depend on your ability to repay it, including your age, salary, and job security. In addition, your credit score plays an important role in determining your approval for a loan as it shows your repayment ability. So, you must maintain a healthy credit report.

Benefits of taking a personal loan to travel
● Quick loan approval
● Fast disbursal of the loan amount
● Flexible repayment plan
● No collateral is required
● Minimum documentation
● Fixed instalments that are decided considering your principal amount, interest rate, and tenure of repayment.

Dream Vacations and The Power Of Personal Loans to Make Them A Reality

Process of applying for a personal loan using an online loan application?
PaySense, one of India’s best personal loan apps, has made getting a personal loan very convenient. Following are the steps you need to take to get a personal loan online:

● Install a personal loan app and register yourself
● Check your eligibility
● Upload all the required documents such as Pan Card, picture, 3 months salary slips, Aadhar card, etc.
● In the next step, you must sign the NACH mandate and the loan agreement
● It’ll take 2 working hours for loan approval
● After approval, you will receive your loan amount in your bank account

Must Read: Travel Far, Travel Well: Use a Personal Loan for Your Holiday

Conclusion
You see! This is how simple getting a personal loan is these days. All credits go to the advancement of technology and rapid growth of Fintech companies. They have made getting loans simple and quicker compared to traditional bank loans, which require an immense amount of paperwork to be done. So, get your personal loan approved and take that well-deserved break from work to relax for a while.

Travel Far, Travel Well: Use a Personal Loan for Your Holiday

Travel Far, Travel Well: Use a Personal Loan for Your Holiday

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Though the threat of the novel Coronavirus still exists, domestic and travel restrictions have been lifted by most countries including India. This means that those who have not been able to travel for essential or leisure purposes are now traveling with a vengeance! You wish to do so, too – but you worry about paying for a foreign holiday while you are grappling with low personal reserves.

If you’re reading this article, chances are you are looking for a good funding solution for your travel dream for 2022. We have a good one to suggest: a travel loan or a personal loan for travel.

Educational but expensive – how to fund your holiday?
Travel is an important part of one’s education through life. Whether a short trip to a scenic hill station in India or a longer holiday in Europe, travel is the elixir that lightens the soul. It heals one by imparting wisdom and knowledge in unexpected ways, and it is a great leveller. Whether one travels solo or with a group, it is always a pleasant experience to be able to eat food of another culture, meet new people, learn about local customs, navigate new cities, etc.

But travel is also quite expensive. Over the years, though there are multiple options in accommodation and flights in terms of budget, overall it is quite expensive to travel anywhere in India or around the world. International trips are obviously more expensive than domestic ones, since expenses multiply exponentially and you have to account for foreign exchange as well. But does all this mean that you will not travel in 2022? Why not take a travel loan from an instant loan app and make your wish come true without worrying about how to fund the trip?

A travel loan: Make your trip happen in 2022
If you have never borrowed money to travel or buy expensive things, you might baulk at the idea of taking a loan to do so. But the concept is not new, and what’s more, it is quite popular. Instead of dipping into your savings or maxing your credit card, a personal loan from the best instant loan app in India can meet your needs admirably. This is why:

• The loan is approved and disbursed quickly over the loan app. , especially if you apply using a reputed loan app. Use the money to start planning your trip right away
• You can get up to Rs 5 lakh as a loan based on your eligibility. This amount can fund a month-long foreign trip to a destination of your choice, provided you spend sensibly
• The loan pays for everything trip-related, from flight tickets to visas and shopping. Keep your savings and credit card intact
• The personal loan is not a protracted burden on your income. Once taken, you can finish repaying it in a matter of a few months
• If you are going abroad, the Consulate will like to see your financial statements when you apply for the visa. Having the large infusion of cash in your account is good for you: the visa has a higher chance of being approved if your financials are clear

How to get the personal loan for travel
Start by downloading the best instant loan app in India and set it up as directed. Creating your profile on the app registers you as a potential customer and the app starts the process of checking your credit score and other financial particulars. When you apply for the loan, the app asks you to submit documents (find the list on the app) so that the application can be processed.

• Check the list of documents and make copies for self-attestation. Take photos of the same and upload the documents on the app as directed.
• The app, meanwhile, checks your credit score, eligibility and other parameters. You are informed of how much money you can get, so you can plan your expenses accordingly.
• Once the loan application is approved, the money is disbursed to your account. You can withdraw it and start buying tickets, booking hotels, applying for the visa, etc.
• Repay the loan in simple EMIs as per the tenure.

Must Read: Top 17 Buy Now Pay Later Apps in India

Personal Loan for Travel Plans in Jeopardy Because Of Fund Crunch?

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Do you have plans to travel during vacations but are stressed about funds? Are you planning to postpone your travel plans due to a paucity of funds? You don’t have to take such an extreme step of postponing your vacations because of the fund crunch. Today, personal loan for travel is an ideal choice for people who are struggling to secure money to meet the expenses.

What Is a Travel Loan?
Travel loans are a kind of personal loan for travel that covers all the expenses of an applicant during his/her holiday trip. These are unsecured loans and are paid back in instalments over a specified timeline. Whether it is a planned holiday trip or last-minute travel plans with friends or family, travel loans help meet all the fund requirements. A travel loan can be used for:

 Food and beverages expenses
 Travel tickets(airfare/railfare)
 Accommodation at any hotel/resort
 Sightseeing costs
 Shopping
 Miscellaneous expenses

What Are the Options to Finance Travel Loans?
An applicant can avail different options to arrange travel loans that include:

 Personal loans
All financial institutions, including banks, NBFCs, and digital companies, offer personal loans to eligible customers. These loans are unsecured, and the interest rate charged vary between 11% to 20%, depending upon the lenders. The processing fees are usually between 1% to 3%. The interest rates levied on personal loans are typically low in comparison to credit card loans.

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 Credit card
A traveller can use his/her credit card to pay for travel expenses. Any outstanding amount can be converted to a Credit card loan(EMI). However, the interest charged on credit card loans is higher than the personal loans for travel. The repayment tenure for a credit card loan is usually three months to 12 months, and the interest rate is between 24% to 36%.
What are the things to be wary of before taking a travel loan?

 Do not overspend
In your excitement to travel with loved ones, do not take more loans than necessary. The loans, along with interest, are to be paid back and must not wreak havoc on your financial planning. Try to use the money in hand and only required funds to be taken on loan.

 Destination selection
Before embarking on your journey, do thorough research of your destination and, if possible, book your tickets in advance. Last-minute bookings may be costly.

 Make a rough estimate.
Try to get a rough estimate of your daily expenses during the trip. It must include all necessary activities like food, sightseeing, etc. Keep 20% more money from your final estimate as miscellaneous costs can happen.

Also Read: Traveling Alone: Practical Tips for Your Trip

Benefits of Availing Travel Loan From Fintech Companies
Unlike banks, the fintech companies are new to the credit finance business. These companies use the digital medium to cater to customers. Some of the benefits to avail of travel loans from digital platforms are:
 An applicant can receive funds instantly without hassle. The loan amount can be between Rs.5000 to Rs.5 lakh.
 Prompt loan approval by companies and subsequent money transfer to the applicant’s account is another positive.
 The documents required for verification(KYC) can be directly uploaded, so no need for physical submission.
 Affordable EMI plans to suit the financial viability of the borrower. The auto-reminder facility ensures no delay in instalment submission.
 Even applicant’s with zero credit history or low credit score can avail the loan.

Also Read: Top 11 Tips Must Read If You Are Travelling to India

Documents Required to Avail of a Travel Loan
 Identity proof – Aadhar card, Voter ID, Ration card, Passport, PAN card
 Address proof – Ration card, Utility bills, Aadhar card
 Photos – two passport size photos
 Income proof – Bank statements for the last three months

Exploring the unexplored and making fond memories for life is what travelling is all about. It is a great way to make family bonds stronger. But what if you don’t have the necessary funds to undertake a vacation? Personal loans for travel is just the right way to get the funds and travel to exotic locations without worry.

Must Read: Can You Live Without Travelling?