Go on a Vacation This Summer without Worrying About Money

A famous Mark Twain quote goes something like this – “Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did do.” This is especially true for travel. These days, taking a vacation that’s a little bit more luxurious than you think you can afford is not as taboo as it used to be. Whether you’re treating your loved ones to a well-deserved family vacation, or looking to satiate the wanderlust in you, opting for a personal loan for travel can be quite a good idea.

A personal loan is an unsecured loan, ideal for situations when you need funds & will be in a position to repay the money systematically over a fixed period of time. This period could range anywhere between 1-5 years. You can avail a personal loan even if you don’t have a property or security to serve as collateral. However, this often means that personal loan interest rates are higher than other secured loans. 

Salaried employees find it easier to get approvals but self-employed individuals can also avail of personal loans if they can provide proof of income from their business. Businessmen may need to provide the income tax returns for 3 years. 

If you decide to go ahead and apply for a personal loan, make sure you set aside a budget. Without a budget, there’s a chance that you may spend beyond your means and end up regretting your decision to take the trip altogether. Look for loans that come with flexible repayment schedules. For instance, if you’re going for an unsecured loan, look out for any penalties in case you decide to foreclose or extend your loan period. Choose the one with the best terms and conditions.