As per the survey by Booking.com, 88% Indians travel for pleasure and not business and 75% Indians prefer to experience new places or locations.
Finances are obvious requirements for such travels. A Flexi Personal Loan from Bajaj Finserv can be the most suitable financial tool to meet such financial requirements.
A substantial growth of around 55% is reported on personal loans for traveling in the past few years. Individuals are spending on their lifestyle with planned and easy financial borrowings.
What is a Flexi Personal Loan?
The Flexi Personal Loan is a form of financing that allows you to make multiple withdrawals from a pre-sanctioned loan amount. Also, interest is charged only on the amount withdrawn.
With interest only applicable on the amount you withdraw, you can easily save a substantial amount on the payable interest. It thus makes financing affordable and convenient while keeping it within your repayment capacity.
Reasons to avail a Flexi Personal Loan for travel
Financial institutions like NBFCs provide personal loans on meeting basic eligibility criteria and providing certain specific documentation. One can avail instant personal loans if they maintain a healthy credit score around or above 750. Typically, these loans may be disbursed in or around 24 hours, making them perfect to go ahead with a sudden travel itinerary.
- Basic eligibility criteria
The eligibility criteria to avail a travel loan are easy to meet.
- Age – 23-55 years.
- Employment – Salaried, employed with an MNC, private or public organisations.
- Salary – As per the city of residence.
- Credit score – Around or above 750.
Also, the applicant must be an Indian resident. Such basic eligibility criteria make this loan accessible to a larger number of individuals.
- Easy documentation
The documentation process is also hassle-free. Individuals must submit KYC documents like Aadhaar, Voter ID card, PAN card, Driving License, etc. to successfully apply for the loan.
Here are the lists of documents need to be submitted –
- For salaried individual
1. Employee ID card.
2. Bank account statement for the last 3 months.
3. Salary slips of the last 2 months.
- Substantial loan amount
Loan amounts of up to Rs.25 lakh can suffice to cover travel expenses for domestic as well as certain abroad destinations as well. With the Flexi Personal Loan, you can utilise the funds you need on the trip, enjoy it to the fullest, and repay the withdrawn amount along with interest only applicable on it.
6. Calculate EMIs
It is important to calculate future expenditures before applying for a loan. A personal loan EMI calculator can help calculate the applicable EMIs as per the loan amount, interest rates, and the loan tenor.
7. Low-interest rate
Personal loans come with attractive interest rates. Borrowers with a high credit score can negotiate the personal loan interest rates with the lending institution.
8. Multiple tenors
Personal loans come with multiple tenor options of up to 60 months. Moreover, longer tenor comes with lower EMI but in the end, it accumulates a higher payable amount. Individuals can repay the loan amount as per the affordability and financial stability.
With Flexi Personal Loan, the interest is not charged on the loan amount you do not utilise. Thus you have the flexibility to use only what you need and pay interest for the same instead of paying interest on the whole loan amount in other loans.
10. Pre-approved offer
NBFCs like Bajaj Finserv bring you pre-approved offers that enable you to enjoy quick and easy loan approval. Pre-approved offers are available not only on personal loans but also on home loans, business loans, and numerous other financial products services. You can check your pre-approved offer by providing only your name and phone number.
In conclusion, travelling comes with expenses. And a Flexi Personal Loan from Bajaj Finserv makes traveling easy and affordable. If you are an eligible individual, maintain a healthy CIBIL score and keep the required documents handy to successfully apply for the loan.