The fuel prices have increased 26 per cent since March’22 because the oil marketing companies announced the surge in global crude oil prices during the Russia and Ukraine War. This rise in fuel costs has not affected the food industry but also the travel industry as the petrol and diesel prices also increased by about INR 9.2 per litre. As a result, this has led to a rise in travel costs that will hurt your pockets if you plan to travel to your dream destination. However, you need not worry because you can still travel to your dream destination without postponing it using a personal loan.
You can avail of a personal loan to meet your travel expenses smoothly using Buddy Loan. It is one of the largest loan aggregators in India, which helps in getting a personal loan without hassle. Since it is an unsecured loan, there is no requirement for you to submit any of your assets as collateral to get this loan. With the online process, you get this loan approved instantly, as the verification process is quick. With the instant approval feature, your loan amount will be disbursed to your bank account within 24 to 48 hours. However, it would be best if you also gave importance to your credit score, as it determines your credibility as a borrower. You must maintain a score above 750 to get instant loan approval.
Therefore, read this article further to know how you can get a personal loan to meet your travel expenses smoothly.
Why Taking A Personal Loan Is Beneficial For Travel?
Banks and other lending institutions provide personal loans for domestic and international trips. Here are a few reasons why taking a personal loan is beneficial to meet your travel expenses:
- You need not spend your savings on travel.
- You need not postpone your vacation due to a lack of funds.
- You can use a personal loan as an alternative to your Fixed Deposits.
Features Of A Personal Loan
- Multi-Purpose: It is a multi-purpose loan because you use it for various financial requirements such as vacation plans, wedding expenses, medical emergencies, business expansion, etc.
- Flexible Tenure: You can choose your repayment tenure, starting from 6 months to 60 months through monthly EMIs.
- Instant disbursal: With a completely digital process,your loan amount will get disbursed within 24 to 48 hours of approval.
- Zero collateral: Since it is an unsecured loan, you need not submit any collateral to apply.
- Minimum documentation: You must only submit minimum documents for KYC verification, such as Aadhar Card, PAN card, and bank statements.
|2||Age||21 to 60|
|3||Employment Status||Employed or Self-Employed|
|4||Minimum Income||INR 20,000 per month|
|5||Work Experience||Min 1 year completed|
|6||Credit Score||Above 750|
|Sl. No.||Particulars||Documents required|
|1||Proof of Identity||Aadhar Card, PAN Card, Driving License, Passport|
|2||Proof of Address||Electricity Bill, Water Bill, Passport|
|3||Proof of Income||Salaried: Bank statement for the past sixmonths|
|4||Work experience||Employment Certificate for a minimum of 1-year experience|
Factors to consider before applying for a Personal Loan
- Eligibility criteria: Before you apply for a Personal loan, first check if you meet all the eligibility requirements mentioned by the bank or lending institution.
- Credit Score: You must have a score of above 750 to get your loan application approved instantly. Also, you can quickly get your loan at a comparatively low-interest rate with a high credit score. Therefore, if you want to check your score, you can use Buddy Score and get a full credit report indicating your creditworthiness.
- Monthly Income: As personal loans are unsecured,lenders expect you to have a stable income to ensure you can repay the loan on time. Therefore, you must earn a minimum monthly payment of INR 20,000 to be eligible for a personal loan.
- Debt-to-Income Ratio: It shows the ability of the borrower to manage payments of both current and past debts. Thus, lenders expect you to have a Debt-to-Income ratio to be less than or equal to 50% to get your loan approved.
- Other charges: Before you apply for a personal loan, check if there are any additional charges included, like processing fees, prepayment, and late payment charges. Doing so will help you get a clear idea of your total expenditure.
Though travelling has become expensive due to the rise in fuel prices, a personal loan will always be beneficial to cover those financial needs smoothly. Moreover, you need not spend your savings or postpone your trip. By qualifying the eligibility criteria and submitting the required documents, you can easily get a personal loan to cater for your travel expenses.