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How do i avail a personal loan to go for a dream holiday

Planning a family holiday to your dream destination but not sure what’s the best way to finance it? There are numerous ways in which you can fund your dream holiday. You could save up for a while and enjoy your dream holiday. This is, however, a risky proposition. Spending all your savings on a single plan could prove to be a poor financial decision, especially if faced with a sudden financial need. You could also avail for a cash advance on your credit card. However, if you do not repay quickly, it could prove to be a very costly affair. Interest rates on credit card cash withdrawals could be as high as 40% depending on the type of card used. Also, you would be charged interest from the minute you withdraw cash; there is no interest-free period. An additional transaction charge is also levied for cash withdrawal from credit card. A prudent choice to fund your dream holiday is to obtain a loan. While there are different kinds of loans you will be offered with; a Personal Loan would be the best option in this situation.

A Personal Loan is an excellent financing option for rising expenses. It doesn’t need any collateral or assets to hypothecated. Personal loans are offered by many providers and don’t need much documentation. Some institutions also offer online applications for personal loans. Personal loans are not restricted by any underlying purchase, you can avail of any amount subject to your eligibility. The loan tenure is also flexible; you can opt for a tenure of 12-48 months. You can also get a favorable interest rate on a personal loan by ensuring that you have a decent credit score and keeping your current debts within a manageable range.

A Personal Loan could be the gateway to realizing your dream holiday. You can easily get an instant eApproval for your personal loan. Both, salaried as well as self-employed individuals, can apply for a personal loan. All you need to do is fill out an online application from the comfort of your home. Keep the following documents handy while filling out the application:

  • Recent photograph
  • Identity proof
  • Proof of address
  • Proof of age
  • Bank statements
  • Form 16, Income Tax returns and pay-slips in case of salaried applicants
  • Proof of business existence, Company’s financials and Duly certified income tax returns (business and individual) in case of self-employed applicants

Depending on the income and other parameters, the eligible amount of a personal loan is arrived at. A salaried individual could avail a personal loan of up to Rs 20 lakhs and a self-employed businessman up to Rs 30 lakhs. Based on the loan amount granted, interest rate and tenure, an equated monthly instalment (EMI) will be calculated. An EMI is a convenient monthly amount that consists of the principal and interest for payback of the loan availed. You can always pre-close the personal loan after a stipulated period if you have the sufficient funds.

If you are wanting to go for your dream holiday and decide to raise a personal loan, opt for a financial institution with good standing that is widespread throughout the country and has a significant network of branches. A good loan provider will completely customise a Personal Loan to suit your needs, replete with unique features and a host of benefits.

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