30 January, 2025 | 11:00 IST
Summer vacations are the perfect time for family bonding since it allows children to get time off from school for a longer duration. Planning a summer vacation helps parents and their children to spend some quality moments together that they can cherish for years. It’s important to find time from your busy professional life and plan a family vacation with your loved ones to create memories and strengthen bonding.
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If you are on a tight budget or wondering how to take care of the summer vacation expenses an instant loan could be helpful. You can use the money for travel bookings, hotel stay and sightseeing expenses. As the personal loans come with the flexibility of selecting the amount and the repayment schedule as per your convenience, you can easily avail a loan to fund your vacation without disturbing your monthly budget. All you need is just a little planning.
Let’s take a look at how instant loans can cover all your ideal holiday expenses.
1. Planning the destination
The very first step is to decide the destination you wish to visit during the summer holidays. Here, most experts advise not to follow the herd. The best way to plan your travel is to discuss with your family about the perfect destination that caters to all your requirements. Usually, people prefer travelling to hill stations to take some time off from the high temperatures, but this often results in chaos at popular hill stations, as it’s the peak tourist season for such places. So, plan your travel destination wisely. You can plan a beach vacation or a lesser known tourist place instead of obvious hill stations that see a high footfall.
2. Budgeting
Start your budget estimates by listing out all the possible expenses such as travel, accommodation, food, activities and emergency funds. Allocate sufficient funds for each of these categories and then determine the total amount needed. Preparing a budget will help you understand how much amount you actually need for your summer vacation. Budgeting also helps to avoid unnecessary expenses, or overspending.
3. Exploring travel packages
Many travel apps, websites and tour operators offer heavy discounts on summer holiday packages. If you plan your vacation well in advance, you can get a good deal at an affordable price. Go through the itinerary of all the packages available online regarding your travel destination carefully and choose the one that suits your needs the best.
4. Exploring funding sources
Once you are ready with a budget and are very well aware about your vacation expenses, then you can make a wise decision about going for a travel loan that can help you in covering all your financial needs, without breaking the bank.
Whenever you apply for a loan, do your in-depth research properly. You must be very well aware about all the terms and conditions, repayment tenure, hidden charges, interest rates and most importantly the monthly EMIs you have to pay to the lender.
Before disbursing a loan amount, lenders check the credit score and income level. A high credit score and stable income can help you to easily avail a personal loan. It’s advisable to evaluate multiple loan offers and choose the most suitable one as per your needs.
You can explore personal loan offers up to Rs 15 lakhs from seven lenders through the Moneycontrol app. The loans start at an interest rate of 12% per annum and it’s entirely a digital process without the need of any physical submission of documents. You can just select the loan offer, complete the KYC and set up the EMI payment to get the amount in your bank account within hours.
Follow these steps to apply for loan:
1. Choose the lender: Do a thorough research about different lenders, opt the one that suits all your requirements and offers the best interest rate.
2. Keep your documents ready: While applying for a loan, you will be required to submit specific documents like income proof, bank statement, salary slip as well as KYC documents like Aadhaar Card and others.
3. Check eligibility criteria: Check carefully if you fulfil all the requirements to get an instant loan.
4. Decide a loan amount and tenure: Select the loan amount that is required as well as the tenure and then proceed with your application.
5. Apply for loan: Once you have uploaded all the required documents and checked in key details, then submit your loan application.
As digital lending platforms are offering personal loans to meet the needs of borrowers across all income categories, you can choose the most suitable loan for your summer vacation. You can even opt for a smaller amount to partially fund your family holiday trip without much financial burden. It’s advisable to plan it well in advance and make the booking a few weeks ahead of your trip.
ALSO READ: How To Manage Personal Loan? A Step-by-Step Guide
If you are looking forward to a personal loan Moneycontrol app could be helpful, where you can access multiple loan offers from seven lenders. You can borrow up to Rs 15 Lakhs in a 100% paperless process. The interest rates start at as low as 12% per annum.
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