The horrors of the ongoing coronavirus pandemic continue to isolate us and tie us to our homes. The edict to stay at home has been particularly harsh on those who led an extroverted life full of activities and trips abroad. In fact, overseas travel was among the first to be closed as countries sealed their borders against the spread of the virus. Even today, although several countries have cautiously opened their borders to fully immunized tourists, most people are wary about planning their trips.
But the travel bug has caught you again, and you yearn for the life-giving winds of a foreign land and to experience the food and culture of a different region. You have started to do your research on the countries and cities you would like to visit. But then you take a look at your bank balance and find yourself running out – you can’t fund the trip at this point using just your savings. Tickets and accommodation costs have gone up and you can’t afford tickets and hotels, and you still have money to spend on vacations.
No, unless you borrow a instant personal loan from a reputable loan application.
What is a personal loan?
A personal loan is a sum of money that the lending institution offers you based on your credit score, repayment history, and current income. There is no collateral or physical collateral provided against the loan, making it an unsecured product.
Being an unsecured loan, it attracts a higher rate of interest than secured loans such as home purchase loans. Consider the following important points to note about this loan category:
- While most traditional lenders like banks and NBFCs and even some loan apps only offer these loans to salaried people, some top apps also offer them to self-employed people. However, the applicant must have a certain minimum annual turnover, have filed their computer declarations for two years, before applying for the personal loan for self-employed. These apps also offer loans to those with no credit history who are new to the world of lending.
- The main applications offer instant loans to people earning relatively lower wages. This includes almost everyone as part of the loan without excluding people with low net worth.
- The interest rate may be increased for applicants with less than ideal repayment history or recorded defaults. In most cases, however, the lenders choose not to offer the loan at all.
- The duration of the instant loan is shorter than that of other loans, normally up to a few months. You can repay the loan from your monthly income in simple IMEs that the app works out for you. So you can get out of the loan cycle faster with regular repayment.
- Paying off the loan on time creates a good credit rating for future borrowing. Most people who have never borrowed a loan choose instant loans that can be easily repaid and help build credit.
Who can get the loan?
Any Indian resident over the age of 18 with demonstrable income from paid employment or self-employment can apply for the instant loan. First loan application in India offer instant loans against applicant’s high credit score and correct set of documents from Rs 5,000 to 5,000,000 with easy repayment terms.
You can apply for the loan by using a leading application and keeping your documents ready for submission. The app sends a manager to your door to pick up your documents, so you don’t have to go anywhere to submit them. After receiving the documents, the app checks them, along with your credit score, and confirms the approval quickly. Afterwards, the loan money goes into your account and you can use it to plan your vacation abroad.
Can I use the loan money for my vacation?
The biggest advantage of this loan is that the lending institution does not care about the reasons why you need the loan. If your credit score is good, your documents are correct, and all the information you provide is flawless, the lender will have no qualms about approving the loan for you. Likewise, you don’t have to explain your reasons for borrowing money. Therefore, when the loan money is paid to you, you can use it to plan your next vacation abroad, from purchasing airline tickets to paying for visas.
So what are you waiting for? Apply for a loan and get it fast – now you can search for the best deals on tickets and hotels, and plan long-distance trips and shopping expeditions. Have a good trip!
(Disclaimer – Brand office content)