Holiday loans are a type of personal loan commonly issued by numerous financial institutions and NBFCs online. It comes with a fixed monthly EMI repayment over a set period of 12 - 60 months. A personal loan is a versatile loan that is taken to deal with many purposes such as wedding costs, debt consolidation, education expenditure, medical expenses etc. Holiday or travel is also one reason that calls for a personal loan.
In today’s hustle and bustle of metro cities, taking a holiday from your work routine undoubtedly rejuvenates and relaxes to a great extent. Some days spent on travel for fun, adventure and leisure time with your loved ones is a must.
Travelling or holidaying is no longer a distant dream or a restricted luxury. With instant personal loan apps online, borrowers can avail of a personal loan for holiday soon on the same day of application. So, borrowers can confidently say Yes! to holiday loans online due to the top 6 reasons:
Let's have a look at these 6 reasons, why individuals say YES to a holiday loan
Quick loan approval
Holiday loans are instantly approved after the verification process gets cleared in real-time. Most individuals prefer availing online holiday loan with the help of an instant loan app or an official website of the lender, whichever provides faster disbursal than the traditional way of a holiday loan.
Collateral free
A personal loan for holiday is an unsecured loan and does not require any security or guarantor against the loan. So, the risk of losing your asset is zero, unlike a home loan that needs your asset against the long-term loan.
Lower interest rate than credit card
Holiday loans offer a low-interest rate as compared to credit card interest rate, which is slightly higher than personal loans depending on your purchases. The lower the interest rate, the lesser will be the EMI.
Flexible repayment option
The best part of availing of a holiday loan is its flexibility that allows you to plan your repayment tenure, and monthly EMIs based on the rate of interest levied by the lender. This is possible using the loan EMI calculator present in the instant loan app. It helps to plan your EMIs so that you can save the remaining for the holiday budget.
Minimal documentation
A
personal loan or holiday day loan requires minimal and paperless documentation while done online. An offline holiday loan may demand a series of documents. But with the online loan process, is simple and requires basic documentation inclusive of KYC details to be submitted online.
Immediate disbursal
Availing holiday loans with the help of a loan app will quickly approve and disburse your loan amount within 24 hours or less, directly into your bank account. This quick transfer of funds can help you to do timely holiday bookings at the best price.
So, there are various reasons to confidently say YES! to holiday loans in India that can be availed easily using a smartphone and
instant loan apps.
