4 Reasons Why Personal Loans for Holidays are Ideal Solutions

Updated on: 25 May 2023

Whether it is a solo trip or a holiday with friends or family, taking a vacation is essential to feeling recharged and refreshed. Rising costs of travel and stays, however, can delay your trip or result in a dip in savings. Loans for holidays offer a simple solution to avoid this and enable you to take a trip anytime you like.

With a loan for vacation spending, you can finance a group of travel-related costs affordably and leave your savings intact for a rainy day.
Read on to know more about how personal loans for holidays can be ideal financing solutions.

Why avail of a personal loan for a vacation?

Personal loans have numerous benefits that make them an excellent option for various needs, including vacation planning. A key benefit of availing of personal loans for holidays is that you can get money in your account without any obligations on how you use it.

Be it airline or train bookings, accommodation, transportation costs, adventure and sightseeing activities, or more – you have the freedom to use the funds in any way you like.

Here are some more reasons why an online personal loan for a trip can be a good idea:

Ample funds to meet your holiday needs

From a few thousand to a few lacs, lenders offer personal loans in all ranges and without any collateral. This allows you to go to whichever destination you would like to without any financial stress.

Attractive interest rates for easy repayment

Lenders levy competitive interest rates on personal loans for holidays. This makes borrowing easy on the pocket. Make sure you meet the eligibility terms set by the lenders or financial institutions to get the most nominal interest rate.

Online application for faster and easier access

Digital advancements have made it possible for lenders to offer credit digitally, without physical meetings or paperwork. To get a loan for vacation, simply fill in an online loan application form and submit a few documents. You can apply from anywhere and anytime, even if you are on the go!

Quick disbursement for planned and spontaneous trips

Based on your lender, you can get the cash in your bank account as quickly as a day. This makes planning trips easy, fun and fast.

How to get the best personal loan for a trip?

Here are a few tips to ensure that you get the best deal on your loan for a trip:

Assess your finances

Check your income and expenses to understand your borrowing capacity. Finding an ideal loan amount that fits both helps ensure you don’t overburden your finances when you repay.

Check your eligibility

Before applying, check if you qualify for this loan to increase your chances of getting fast approval and reduce your borrowing costs.

Research and compare

Check if there are any hidden charges that your shortlisted lenders’ levy, as they can drive up your cost. Then, compare offers using an EMI calculator to choose the most affordable option.

Now that you know why taking a personal loan for a vacation is a smart option, be sure to use the tips above to get the best deal. At Fibe, you can apply for instant personal loans for holidays or any other purpose and enjoy attractive interest rates and flexible repayment tenures.

What’s more, you only need to meet our simple eligibility terms to get up to ₹5 lacs. Download our instant loan app or log in to our website for a seamless digital process and plan your vacation today!

FAQs on loans for holidays

What documents are required to get approval on a personal loan for travel?

To get a personal loan to finance a holiday, you need to submit your PAN card, address proof and income proof with your application. Do remember that the lender may ask for additional information depending on your application and credit profile.

Is it a good idea to opt for a personal loan for a vacation or a holiday?

Personal loans are quick to avail and have no restrictions on end use. These features allow you to go on your dream trip without waiting for long or depleting your savings. Moreover, personal loans come with a longer repayment tenure and lower interest rates as compared to credit cards. By taking a personal loan, you can also build your credit score.

How does a personal loan for travel work?

A personal loan for a trip works like a regular personal loan. Once you check your eligibility and assess your finances, apply with a lender of your choice. The lender will assess your application and disburse the loan amount to your bank account upon approval. You can use the money freely and repay it in EMIs within your chosen tenure. At Fibe, you can get a loan of up to ₹5 lacs and repay within 3 to 24 months.