Last year, you had promised your family that you will take them to Singapore for a holiday this year. You were saving and had decided to save up Rs 3 lacs for the trip. But in the end, you could only save Rs 1.5 lac. So now, you are short of funds.
What can you do now? Should you cancel your trip and disappoint your family? Or you should find a way out?
There is no doubt that going abroad is a costly affair. And no matter how much you plan in advance and save money, it’s possible that flight tickets go up just at the time of booking.
So no you don’t need to disappoint your family. You can apply for a personal loan to help you save your holiday. There are no restrictions on the end use of money taken as personal loan. So you can easily borrow to use it to pay for part or full holiday expenses.
Lenders are ready to give personal loans at rates ranging between 14% and 22%. Just remember that lower the rate, better it is for you as your EMIs as well as total interest paid during the tenor would be low. Also don’t take a loan for very loan tenor if you can pay comparatively higher EMIs. Its because longer tenor means higher interest costs.
Some people frown at the concept of taking loans to travel. These people save for years to finally go abroad when they are old. Problem with that approach is that when you are old, you cannot enjoy your trips as much as you could have if you were young. Taking the personal loan can help you prepone your dreams at a small costs – which is not a bad option at all.
So if you are slightly short on funds when you are looking to go abroad, then do consider taking persona loans as travel loans to help you realize your dream holiday.