Branded content: Get a personal loan to fund an epic road trip

All the details on applying for and using a personal loan to pay for your dream road trip.

Published On Apr 15, 2019 05:30:00 PM

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Road trips are all about taking your car out, exploring the outdoors, playing your favorite music, stopping at food joints, having tea, and meeting new people. Many of us go on a road trip to break the monotony of our daily routine. And there are very few people who can resist the call of the road. One of the best and easiest ways to finance your road trip is to take a personal loan.

How a Personal Loan Can Help You Fund Your Road Trips

Known to be a multi-purpose loan, a personal loan can be used to deal with the expenses of any nature, including a road trip. This collateral-free loan can be availed online by visiting the website of the preferred bank or NBFC, where you can check your personal loan eligibility easily. The loan process is usually faster and the amount is disbursed into your account within a few hours or a few days. After some mandatory background checks and credit checks, an interest rate is offered by bank on the loan amount and you can easily repay the loan within the tenure that you choose as per your repayment ability. You can calculate your monthly EMI using a personal loan EMI calculator and choose the best tenure for a stress-free repayment process.

Facts You Should Know About Taking a Personal Loan for Road Trips in India

• All expenses covered: If you opt for a personal loan to deal with the expenses of your road trip, you will have everything covered. From fuel to food to accommodation to sightseeing to car and travel accessories, a personal loan will take care of each and every expense.
• Minimum documentation: Banks and NBFCs have digitalised the personal loan application process, which has eventually reduced the documentation work. A personal loan can be availed online by submitting just a few and basic documents like address proof, ID proof, salary slips and bank statements.
• Hassle- free process: You don’t need to visit the bank to apply for a personal loan as it can be availed from the comfort of your home without any inconvenience.
• Instant loan approval and disbursal: As compared to the traditional methods of opting for a personal loan, the new digitised process is fast and easy. You can embark on your road trip within a few days of planning, as the personal loan usually gets approved instantly (after a few credit checks and submission of relevant documents) and the amount gets disbursed quickly.
• Flexible loan amount and duration: The loan amount for a personal loan may vary from Rs. 10,000 to Rs 25 lakh and the repayment tenure can go up to 60 months. If you meet the eligibility criteria set by the lender, you can borrow the desired loan amount and repay it easily within the tenure you decide, as per your ability to repay the loan.

Steps to Follow While Applying for a Personal Loan to Fund your Road Trip

• Check your credit score: If you have a credit score of 750 or above, you can apply for a personal loan. Anything lower than 750 and your loan application can get rejected, which will eventually decrease your credit score.
• Choose your budget: The second step should be choosing your destination(s), deciding the things you want you to do and making a tentative budget.
• Think about available funds: How much amount can you arrange on your own? Dig into your savings and see if you can manage to reduce the loan amount.
• Explore the loan market: Do your research and explore which lender is offering the desired loan at the lowest possible interest rate. There are websites like Paisabazaar.com that allow you to compare multiple lenders at one place. Once you are done, read all the terms and conditions carefully to know about the hidden charges to avoid any shocks in future.
• Submit your documents: The loan is only finalised from the lender’s side when you submit all the necessary documents and they have been cross-checked. So, submit all the documents carefully.
• Choose your tenure:  This is the most important step and should be handled carefully. Banks offer flexible tenure options and you must choose wisely as per your repayment ability to make stress-free repayments.

Everyone deserves to travel after months of working hard and if you feel that this is the right time for you to travel, apply for a personal loan. Be smart about your borrowing decision and use it wisely to have the time of your life.

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