Want to travel after a hellish year? Take a personal loan

The horrors of the ongoing Coronavirus pandemic continue to isolate us and tether us to our homes. The stay-at-home edict has been especially hard on those who led outgoing lives full of activity and foreign travel. In fact, foreign travel was amongst the first to be shut down as countries sealed their borders against the spreading virus. Even today, though several countries have cautiously opened their borders to fully vaccinated tourists, most people are circumspect about planning trips.

But the travel bug has got you again, and you yearn for the bracing winds of a foreign land and to experience the food and culture of a different region. You’ve started doing your research about which countries and cities you would like to visit. But then you take a look at your bank balance and come up short – you cannot finance the trip at this juncture using just your savings. Tickets and accommodation costs have gone up and you cannot possibly pay for the tickets and hotels, and still have money left over to spend on the holiday.

Not unless you borrow an instant personal loan from a reputed lending app.

What is a personal loan?

A personal loan is a sum of money that the lending institution offers you against your credit score, past repayment history and current income. There is no collateral or physical security furnished against the loan, thus making it an unsecured product.

Being an unsecured loan, it attracts a higher rate of interest than secured loans such as house purchase loans. Consider the following important points to note about this category of loan:

• While most traditional lenders like banks and NBFCs and even some lending apps offer these loans only to salaried individuals, some leading apps offer them to self-employed persons, too. However, the applicant must have a certain minimum yearly turnover, have filed their IT returns for two years, before applying for the personal loan for self-employed. These apps also offer loans to those who have zero credit history and are new to the loan universe.
   
• Leading apps offer instant loans to people earning relatively lower salaries. This includes almost everybody in the loan ambit without excluding low net worth individuals.
   
• The rate of interest may be increased in case of applicants with a less than ideal repayment history, or recorded loan defaults. In most such cases, however, lenders choose not to offer the loan at all.
   
• The tenure of the instant loan is lower than other loans, normally up to a few months. You can repay the loan from your monthly income in simple EMIs that the app works out for you. Thus, you can get out of the loan cycle faster with regular repayment.
   
• Repaying the loan on time builds a good credit score for future borrowing. Most people who have never borrowed a loan choose to take instant loans that can be easily repaid and which help build credit.

Who can get the loan?

Any Indian resident over 18 years of age with an income to show from a salaried job or a self-employed profession, may apply for the instant loan. Leading loan app in India offer instant loans against the applicant’s high credit score and correct set of documents, from Rs 5,000 to Rs 5,00,000 with easy repayment terms.

You can apply for the loan using a leading app and keeping your documents ready for submission. The app sends an official to your doorstep to collect your documents, so you don’t need to go anywhere to submit them. After receiving the documents, the app checks them and your credit score, and confirms approval speedily. Thereafter, the loan money is disbursed to your account and you can use it to plan your foreign holiday.

Can I use the loan money for my holiday?

The biggest advantage of taking this loan is that the lending institution does not concern itself with why you require the loan. If your credit score is good, your documents are correct and every information you furnish is above board, the lender will have no qualms in approving the loan for you. Similarly, you are not obligated to explain your reasons for borrowing the money. Hence, when the loan money is disbursed to you, you can use it to plan your upcoming foreign holiday, from buying flight tickets to paying for visas.

So what are you waiting for? Apply for the loan and get is quickly – you can now scout for the best ticket and hotel deals, and plan inter-city travel tours and shopping expeditions. Bon voyage!

(Disclaimer- Brand Desk Content)