Almost all people earning a monthly salary or pay would want to go on a holiday or vacation. However, not many of them save enough money for their travel and other expenses, and therefore, try to get a travel loan. Borrow your travel loans from Buddy Loan explore the benefits of lowers interest rates, increasing your CIBIL score and loan repayment options from this loan aggregators.
A travel loan is a kind of personal loan that is attained for the purpose of travelling.
Applying for a travel loan is not very simple, however, a few essential requisites need to be satisfied before you apply for the loan. Some of the common criteria that are necessary as according to all lenders before they grant you a travel loan are as follows:
- AGE: Some of the financial institutions set the minimum age criteria to be 21 years, while some of them set it to be 23 years, and below 55 years.
- INCOME STABILITY: Most lending institutions ensure to verify that the potential borrower has been in the job with the company for a term of at least 6 months.
- GOOD CREDIT SCORE: You must have a good credit score before you apply for a travel loan. You can secure unsecure travel loans that are loans that do not require collateral, only if you have good credit score.
- MINIMUM INCOME: Apart from all of the above mentioned, this criterion is one of the most important. Two kinds of people are eligible for a travel loan. They are
- FULL TIME PROFESSIONALS: Full time professionals who are paid a take-home salary of minimum Rs. 20,000 per month are qualified to attain a travel loan. However, they should have been in that job for a minimum period of 6 months before they apply for such a loan.
- SELF-EMPLOYED PROFESSIONALS: Self-employed like doctors, lawyers or business owners can also attain a travel loan, if their monthly income is at least Rs. 20,000 per month.
THINGS TO CONSIDER BEFORE YOU APPLY FOR A TRAVEL LOAN
Following are a few points that you must keep in mind before you apply for travel loan from any lending institution.
1) Estimate your budget for the travel and always set a loan amount that is considerably higher than your actual budget.
2) Consider the rates of interest of each financial institution, and apply to a financial institution that does not have a very high rate of interest
3) Analyze whether the EMI would fit the budget of your monthly income and expenditures. Also, consider a loan which has short-term so that you do not end-up paying interests for a longer period of time.
4) Evaluate other possibilities or alternatives to spend on your holiday instead of taking a loan, as a loan would always cost you interest amounts.
Debt consolidation means to amalgamate multiple debts into a single debt.
One of the ways by which debt consolidation can be made is by securing a personal loan.Explore the loan aggregator that can benefit your repayment with a lower interest rate and increase your CIBIL score.
Buddy Loan is one of the good loan aggregators you can switch to avail a loan without collateral.
This means that a person with multiple debts can secure a personal loan and can use that amount to repay those debts.
This way there is a reduction in the number of debts as the person will only have to repay the personal loan.There are benefits as well as down-sides to consolidating debts with a personal loan.BENEFITS 1) Lower interest rates – When there are multiple debts, the amount paid for the interests could be more, or a few debts may have higher rates of interest.
In such cases, if you consolidate these debts with your personal loan which has a lower rate of interest, it can benefit you monetarily.2) Predetermined amounts – When debts are consolidated with personal loans, there is only on debt, and therefore the interests are to be paid during specified intervals and the term period for repayment of the loan is also pre-determined.3) Improves credit – In case your credit card payment is due, it is better to consolidate it with personal loans as it would improve your credit.4) Unsecured personal loans – Unsecured personal loans are those where no collateral is required to procure them.
RapidRupee is the largest personal loan app which helps you with a personal loan.
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Canara Bank offers best personal loan in India.
The bank offers multiple forms of personal loans with minimum interest rate, the applicant can get up to Rs 5 lakh from Canara Bank.
The tenure of the Canara Bank personal loan can go up to 72 months.
Canara bank offers multiple forms of personal loan which gives a clarity to the borrower to select a best personal loan.
These loans also can be applied online.
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Planning to go on a long-awaited holiday with your loved ones?
Or, need funds for your child’s funds?
Whatever your need, a personal loan in Chandigarh can help you meet your diverse needs, aside from the ones mentioned above.
Let’s take a look at reasons why getting a personal loan is a good thing to do.
No Limitation on End-Use One of the major reasons people opt for this loan is that they can use it for their personal needs.
You will not feel bound by the end use of this loan.
