Travelling is one of the best therapies for stress, anxiety, and depression that help improve mental & physical health. You get great stories, cherished moments, and irreplaceable learning that is worth the entire trip.

However, some people like to travel to different places but can’t afford it due to financial problems. Many of them have to pay the EMI, some have to pay fees or need urgent money to solve the daily-life problem.

But thanks to Trip Money for making it is easy to avail of travel loan so that you never miss out on your plan. So, here we came up with those things that you should always avoid to get travel loans easily.

Let’s check them out!

Things to Avoid to get Travel Loans Hassle-Free

Here are a few things you should always avoid while applying for a travel loan in India.

Making too many applications at the same time –

One of the most common mistakes that most people make while applying for a loan is that they tend to make multiple applications from different lenders. They do so with a point that at least one of the applications will get approved, but in actuality, it’s not a good practice. The approval of a loan depends on many things, such as the credit history, repayment capacity, and credit score. This might end up that the application can get rejected, and credit scores taking a heavy toll.

Not comparing available loan offers –

As a borrower, you should always compare different loan offers before applying for a loan. It’s important to scrutinize different charges such as processing fees, foreclosure charges, interest rates, and others. This gives you an idea of the amount of your trip.

Not Choosing Repayment Tenure –

This is the most crucial factor to consider. Personal loans for travelling should be used only for meeting the urgent cash crunches. The repayment tenure can be as much as 60 months. The longer the tenure period the higher will be the interest on the total amount. Choosing a short period of repayment is also not good, as if you fall short on cash to pay the EMI on time, it will harm the credit history.

Taking multiple loans at the same time –

It’s good if you have multiple active personal loans at the same time. If you haven’t received the total amount that you were expecting based on your eligibility, you shouldn’t apply for another one. This is because having multiple loans may put a bad effect on the credit history, and your portrayal may be like a credit-hungry borrower. You might also get pressurized with multiple active loans.

Borrowing more amount than you need –

You can get a great amount of travelling loan amount based on the credit score and loan repayment history. You should always decide on a budget for the trip before applying for the loan. Avoid borrowing larger amounts than what you need in actuality because it just increases the loan amount and interest on it. Before applying for the loan, you should also consider the repayment capability. Choosing the loan amount wisely is better than defaulting on repayment the same.

Missing payments or EMIs–

After you have received the loan amount, make sure to pay back the lender on time. Don’t forget or skip the EMI payment to avoid any late payments. It will also affect the credit score and the repayment history. Moreover, you will find it difficult to apply for the loan in the future as lenders are likely to be reluctant in approving it.

Signing the loan document blindly –

Always make sure to read the terms & conditions of the travel loan before signing the document. It helps avoid any future clashes and discrepancies as you are aware of the conditions already. 

Not Keeping a Track of Documents –

You will get a few documents once the loan is disbursed. You must go through all the documents carefully to make sure that all the information is correct. Get in touch with the lender immediately if you want to make corrections to those documents. Important things to consider here are-

  • Loan amount
  • Rate of interest
  • Tenure of repayment, etc.

Spending the Loan Amount Subject to Speculations –

It is a not good idea to spend the travel loan on activities that are subject to speculations like the stock market. It is great to invest in the stock market, but you should always consider doing the same with extra money that you have kept aside and not from the loan amount. This is because the stock market is full of risk, and you must remember that the profits you are expecting could not turn in your favour. Such situations could lead to stress and tension that affect your professional and personal life negatively.

As we have told you right at the beginning about TripMoney, here is a glimpse about it.

What is TripMoney & How Does It Help in Travelling?

TripMoney is a loan-providing service that offers travelling loans to people who want to travel but can’t due to financial problems. It provides a credit of up to Rs. 1 Lac to the customers with an interest rate of 1% per month.

It is beneficial to people in many different ways where customers get travel loans to buy flight tickets, hotel rooms or make long-awaited holiday bookings.

Bottom Line

You get one life, and you must enjoy it as it’s unpredictable. Life without travelling is not worth it, and if you stop yourself only because of money, Trip Money helps you out by providing the travelling loan. However, there are many things that you need to consider while applying for a personal loan like a vacation loan that we have already shared with you. So, make sure to travel to your desired place stress-free & hassle-free.

Travelling is one of the best therapies for stress, anxiety, and depression that help improve mental & physical health. You get great stories, cherished moments, and irreplaceable learning that is worth the entire trip.

However, some people like to travel to different places but can’t afford it due to financial problems. Many of them have to pay the EMI, some have to pay fees or need urgent money to solve the daily-life problem.

But thanks to Trip Money for making it is easy to avail of a Travel loan so that you never miss out on your plan. So, here we came up with those things that you should always avoid to get travel loans easily.

Let’s check them out!

Things to Avoid to get Travel Loan Hassle-Free

Here are a few things you should always avoid while applying for a travel loan in India.

Making too many applications at the same time –

One of the most common mistakes that most people make while applying for a loan is that they tend to make multiple applications from different lenders. They do so with a point that at least one of the applications will get approved, but in actuality, it’s not a good practice. The approval of a loan depends on many things, such as the credit history, repayment capacity, and credit score. This might end up that the application can get rejected, and credit scores taking a heavy toll.

Not comparing available loan offers –

As a borrower, you should always compare different loan offers before applying for a loan. It’s important to scrutinize different charges such as processing fees, foreclosure charges, interest rates, and others. This gives you an idea of the amount of your trip.

Not Choosing Repayment Tenure –

This is the most crucial factor to consider. Personal loans for travelling should be used only for meeting the urgent cash crunches. The repayment tenure can be as much as 60 months. The longer the tenure period the higher will be the interest on the total amount. Choosing a short period of repayment is also not good, as if you fall short on cash to pay the EMI on time, it will harm the credit history.

Taking multiple loans at the same time –

It’s good if you have multiple active personal loans at the same time. If you haven’t received the total amount that you were expecting based on your eligibility, you shouldn’t apply for another one. This is because having multiple loans may put a bad effect on the credit history, and your portrayal may be like a credit-hungry borrower. You might also get pressurized with multiple active loans.

Borrowing more amount than you need –

You can get a great amount of travelling loan amount based on the credit score and loan repayment history. You should always decide on a budget for the trip before applying for the loan. Avoid borrowing larger amounts than what you need in actuality because it just increases the loan amount and interest on it. Before applying for the loan, you should also consider the repayment capability. Choosing the loan amount wisely is better than defaulting on repayment the same.

Missing payments or EMIs–

After you have received the loan amount, make sure to pay back the lender on time. Don’t forget or skip the EMI payment to avoid any late payments. It will also affect the credit score and the repayment history. Moreover, you will find it difficult to apply for the loan in the future as lenders are likely to be reluctant in approving it.

Signing the loan document blindly –

Always make sure to read the terms & conditions of the travel loan before signing the document. It helps avoid any future clashes and discrepancies as you are aware of the conditions already. 

Not Keeping a Track of Documents –

You will get a few documents once the loan is disbursed. You must go through all the documents carefully to make sure that all the information is correct. Get in touch with the lender immediately if you want to make corrections to those documents. Important things to consider here are-

  • Loan amount
  • Rate of interest
  • Tenure of repayment, etc.

Spending the Loan Amount Subject to Speculations –

It is a not good idea to spend the travel loan on activities that are subject to speculations like the stock market. It is great to invest in the stock market, but you should always consider doing the same with extra money that you have kept aside and not from the loan amount. This is because the stock market is full of risk, and you must remember that the profits you are expecting could not turn in your favour. Such situations could lead to stress and tension that affect your professional and personal life negatively.

As we have told you right at the beginning about TripMoney, here is a glimpse about it.

What is TripMoney & How Does It Help in Travelling?

TripMoney is a loan-providing service that offers travelling loans to people who want to travel but can’t due to financial problems. It provides a credit of up to Rs. 1 Lac to the customers with an interest rate of 1% per month.

It is beneficial to people in many different ways where customers get travel loans to buy flight tickets, hotel rooms or make long-awaited holiday bookings.

Bottom Line

You get one life, and you must enjoy it as it’s unpredictable. Life without travelling is not worth it, and if you stop yourself only because of money, TripMoney helps you out by providing the travelling loan. However, there are many things that you need to consider while applying for a personal loan like a vacation loan that we have already shared with you. So, make sure to travel to your desired place stress-free & hassle-free.

Author

Shashank Jain, founder of good-name, a young and energetic entrepreneur has always been fond of technology. His liking for technology made him go for engineering in computers. During his studies, he learned & worked on different computer languages & OS including HBCD, Linux, etc. He also has a keen interest in ethical hacking.

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