Here’s Why You Should Opt For A Private Personal Loan If You Wish To Travel

Ah, travel! The word stokes a gush of bustling emotion that is simply too intense and breath-taking to describe. There are countless destinations that inspire absolute awe, tempting and enchanting, calling and awaiting – at least for the travel enthusiasts.

It has always been considered wise to save money to accomplish travel expeditions and visit destinations that we’ve always dreamt of going to. That thought today, however, has lost traction as far as being relevant in current times is concerned. Millennials don’t necessarily vouch for the idea of saving up just to travel. Things are much easier these days. Why waste savings of several years to travel? Yes, it does seem appropriate from one angle. But why does it when you can just take an affordable private personal loan and repay it in easy instalments?

This is precisely the style of thought prevalent amongst today’s millennials. To exhaust several years of savings in one shot isn’t the best idea, is it? Well, definitely not! Opting for personal loan finance is the best idea!

Personal Finance for travel

A private finance loan is undoubtedly a brilliant way to make your travel experience complete! However, if you wish to make the most of your travel experience by getting the amount disbursed in quick time, choosing the right lender becomes absolutely necessary.

Personal Loan Finance – Choosing the right lender

If you’ve decided to opt for unsecured credit to further your travel plans, the best thing perhaps is that there are several private loan finance companies that let you avail loans at affordable rates of interest. It certainly, is however, important to pick the right lender.

If you’re thinking of what a right lender can bring to the table, here goes:

Same day loan disbursals

It all boils down to the lender you choose. There are certain lenders out there that offer same day loans and they don’t quite figure amongst traditional lenders (banks) – because they go by the name of Fintechs. These companies offer personal loans with very low turnaround times, with applicants getting instant approval (based on their credit profile) within minutes, and amounts reaching bank accounts in less than 24 hours. Fintechs usually have tie-ups with NBFCs or banks, but have improved their processes to allow for faster processing and disbursals.

Low Interest Rates

Interest rates ideally start from about 11% p.a., and can go up to 24% p.a. The interest rate offered on personal loans fundamentally depends on an applicant’s credit score and credit history. While it is often assumed that top private banks offer the best interest rates on personal finance, the interest rate ultimately depends on the applicant’s credit score and not so much on the lender in question.

Digital Processing

A big advantage of picking the right lender is the aspect of digital loan processing. Private finance loans from Fintech companies come with a host of advantages, one of which is the complete digital processing of applications. Starting from the application phase till the end stages of disbursal and subsequent repayments, the entire process with Fintechs is digital and can be completed online.

Flexible tenure choices

When you opt for personal loan finance with a lender, you can choose from tenure options ranging from 6 months to 60 months. You can also pre-close your loan at a nominal charge. Clearly, taking out a private loan is a brilliant idea as you can make repayments over a tenure of your choice. Longer tenures attract higher payments towards interest but lower instalment amounts, while shorter tenures attract higher instalment amounts but lesser payments towards interest.

A wide choice of loan amounts

Another very interesting aspect of choosing personal finance for travel is that you can choose the exact amount that you need. So depending on your travel calculations, the places you wish to visit, so and so forth, you can pick the ideal loan amount.

As we’ve already mentioned, Fintechs are evidently the “ideal” lenders in the market today, as they satisfy all the above attributes, making them more sought after than finance options from traditional baking and financial institutions.

Qbera is a leading personal loan finance company that offers instant travel loans to individuals who are salaried. Qbera is mostly focused on serving deserving customers in the medium-income bracket, with decent credit profiles and those employed with conventionally unlisted companies, to get access to affordable personal finance.