Have you been planning to take a break from work to recharge your batteries? Almost everyone keep dreaming of a holiday but not everyone can pull it through given the budget constraints.
Indians seem to be letting loose their purse strings to go on vacations, shows figures from the travel industry. Indians spent Rs 6.5 lakh crore in 2018 to travel. This travel boom is partly funded by easily available personal loans.
Some of the personal loans come with a flexi facility that is beneficial for a prospective vacationer. Lenders like Bajaj Finserv offer personal loans without collateral. Let us have a look at such loans.
If you borrow from a financial services company such as Bajaj Finserv, you can withdraw as much as you want from the sanctioned Rs 25 lakh. For instance, you could withdraw Rs 5 lakh initially to book the flight. You could then withdraw Rs 2 lakh to book your hotel room. There is no cap on the number of withdrawal provided you do not exceed the sanctioned loan amount.
Timely availability of funds is not the only advantage of flexi personal loans. You can expect very little paperwork from the service companies. When you want to withdraw the loan amount, you do not have to give an application or any supporting documents every time you withdraw money. You can apply online. This flexibility offers you greater freedom and choice while you are travelling.
What’s more, the lender charges interest only on the amount you have actually withdrawn, not the amount sanctioned for you to borrow. If you have been sanctioned Rs 25 lakh but you availed of only Rs 4 lakh, you have to pay interest only on Rs 4 lakh. Your EMI will come down accordingly.
Flexi loans can be repaid over a long time. Some companies give you up to 60 months to repay loans. They come with provisions for partial repayment too. When you have dispensable income, you can repay a part of the loan. Or you could choose to pay interest first, saving a lot of money on accrued interest payment. This could help you stay stable even after an expensive holiday.
Taking into account all these factors, you have to choose a company wisely to avail of a personal loan to fund your holidays. Look for simple procedures and inexpensive loans. Bajaj Finserv offers personal loans up to Rs 25 lakh to people aged between 23 years and 55 years, who work in multinational corporations, private companies or public sector enterprises. They have to be Indian citizens living in places where Bajaj Finserv services are available.
You have to check the offer to simplify the application procedures and to be sure of money availability round the clock. You can make sure that all the permissions are in place and your holiday is hassle free.