6 Options to get Personal Loan for Holiday/Vacation
Travel season has arrived and many people must have planned or are in the planning stage for a vacation either in India or abroad. Afterall everyone wants peace due to stressful life. When your trip is in some foreign location then arranging funds becomes a challenge especially when the budget crosses the estimate. In such scenario the options for arranging money are:
You can also apply for loan at following prominent banks in India.
- Using personal savings
- Asking acquaintances
- Banks: Public, Private, Co-operative
- Peer to peer lending companies i.e. loan marketplace
- Private money lenders i.e. any local financier
- Get loan against LIC policy, property, vehicle etc.
- Prematurely withdrawing money from investments such as equities, fixed deposit, etc.
|Name of Bank||Interest Rate|
|Bank of India||1 year MCLR + 4.5%|
- HDFC Bank
- Axis Bank
- State Bank of India
- YES Bank
- Canara Bank
- Punjab National Bank & many others
Personal loan from peer to peer lenders:Also called as P2P lending, these are online marketplaces for loan exchange. Borrower i.e. loan applicant can choose from various lenders (typically individuals) and can mutually decide on interest rate. The benefit over banks is that borrower has access to multiple lenders at any given point of time and can bargain on interest rate. In addition to this, loan disbursal process is speedy compared to banks. List of leading peer to peer lending platforms in India are:
- Rupaiya Exchange
How to use loan amount wisely?So now you got the money from the bank. Now it’s time make efficient use of the borrowed money responsibly. Here are the tips to make the most out of the loan:
- Create budget: The first thing to do is plan budget. It should include every little thing that you will spend money. Air tickets, hotel booking, transport, food, and shopping, etc.
- Get cost of flight tickets. Select the cheapest option. At the same time look for offers available on Paytm, travel aggregator’s websites, credit card etc.
- Compare and choose hotel room which matches to your requirement. Do a thorough research before finalizing. You can get better deal if flight and hotel booking is done from the same platform (e.g. aggregator’s website).
- Repayment plan: Although it is too early to think about repayments even before your holiday starts. But some wise planning from initial phase can ease your burden of repayment later as money saved is money earned.
Hi, I am Nikesh Mehta owner and writer of this site.
I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business.