Can you plan your annual family vacation with the help of a personal loan?

Now, if your family is pushing for an exotic destination, you might be a bit concerned about the budget for this trip. Let this concern not come in the way of your long-awaited vacation, especially with so many finance solutions available. You can always apply for a personal loan to get the funds required for your travel expenses and then easily pay off the loan’s EMIs with favourable loan terms.

Can you fund your travel with a personal loan?

Financing a family vacation through a personal loan may seem unconventional at first, but it can be a viable option if you require a getaway but are apprehensive about using your hard-earned savings. Personal loans provide a lump sum amount that you can use for various purposes including your travel expenses. Being collateral-free and offering high amounts, personal loans can easily be obtained online within hours and at affordable rates.

But what if you are not sure about the amount you need? IDFC FIRST Bank offers FIRSTmoney, a smart personal loan that proves to be an ideal solution in such cases.

How can IDFC FIRST Bank’s FIRSTmoney be suitable for your next adventure?

1. Open a flexible line of credit

One of the most common problems travellers face is not knowing the exact expenses that they would incur on a trip. Now, if you apply for a specific loan amount, you would have to repay the entire amount irrespective of whether you use the loan amount for your expenses or not. With FIRSTmoney, you can get an instant loan of up to Rs. 10 lakh and repay only the amount that you borrow. This flexibility makes sure that you do not have to simply apply for a high loan amount that you would not use.

’2. Repay the loan with a competitive interest rate

Before applying for a personal loan, it is essential to find a lender that offers a decent interest rate. An affordable rate can ensure that you do not face any financial difficulties in repaying the loan once you come back from your trip. With FIRSTmoney, you can enjoy attractive interest rates on the loan amount you use and clear off the dues with ease.

3. Make multiple withdrawals whenever needed

It is quite possible that you suddenly require more funds while traveling from one place to the other. Now if you ever need more funds than you have borrowed via FIRSTmoney, you can always make multiple withdrawals at your convenience.

3. Get a quick loan disbursal

A lot of travellers wonder whether they could get a loan for their expenses if they decide to take a spontaneous trip. IDFC FIRST Bank offers FIRSTmoney which makes this possible with a swift disbursal process in place. With a quick and paperless application process, you can get funds directly to your bank account in no time.

4. Rely on flexible loan repayment options

Choosing a repayment tenure that aligns with your financial situation is essential for paying off the loan’s monthly instalments without causing any stress on your budget. With FIRSTmoney, you can choose from customisable loan repayment options starting from two months going all the way up to 60 months.

5. Enjoy better foreign currency markup rates

With FIRSTmoney, you can now enjoy better foreign currency markup rates as compared to the rates offered by credit cards for your international travels. You can get immediate access to funds anytime you need.

Things to consider when getting your personal loan for travel

Before you set sail with your travel loan, it is essential to consider the following aspects:

1. Loan terms and conditions

Carefully review the terms and conditions of the personal loan, including the interest rate, repayment period, and any associated fees. Understanding these details ensures that you make an informed decision and choose a loan that aligns with your financial goals.

2. Budgeting for repayments

Create a realistic budget that incorporates the monthly loan repayments. Assess your current financial situation and ensure that you can comfortably manage the repayments without compromising your day-to-day expenses and savings goals.

3. Emergency fund

While a personal loan can fund your dream vacation, it's crucial to have an emergency fund in place. Unexpected expenses can arise while you travel, and having a financial safety net ensures that you can handle any unforeseen challenges without derailing your overall financial stability.

Conclusion

Now, if you are not sure about the loan amount that you would require, IDFC FIRST Bank introduces the FIRSTmoney smart personal loan that offers the ultimate financial flexibility and convenience. This loan is tailor-made for a select few who have exceptional credit scores of over 750, where the borrower can get an instant line of credit up to Rs 10 lakh. You can only use the loan amount required and simply repay the borrowed amount at a competitive interest rate instead of the whole loan limit. You also enjoy zero foreclosure charges and unlimited withdrawals for your requirements!
 

(This article is part of IndiaDotCom Pvt Ltd’s Consumer Connect Initiative, a paid publication programme. IDPL claims no editorial involvement and assumes no responsibility, liability or claims for any errors or omissions in the content of the article. The IDPL Editorial team is not responsible for this content.)