Before planning to go on a holiday, it is important to keep many things in mind. What will be the holiday destination, how many days of leave will you have to take and if you are going to a place where the food is different, then a solution will also have to be found for that. But, before this, it is important to calculate the expenses. Also, do you have that much surplus money. If not, then a personal loan can be a good option for you. But, if you already have a personal loan, then it will not be right for you to take a new personal loan without repaying it.
The interest rate on credit card loans is high
Experts say that using a credit card to go on a holiday is a good idea.Credit Card Loans) can also be taken as loan. But, personal loan (Personal Loan) It is more expensive than a personal loan. CreditBee’s Chief Risk Officer Siddharth V said that the interest rate on a loan against a credit card is high. If this loan is not repaid properly, then the person gets trapped in a debt trap. In comparison, the interest rate on a personal loan is lower. Therefore, if you want to take a loan to spend your holidays, then you can think about a personal loan.
You can use your surplus money
Experts say that if you have decided to take a personal loan for a holiday, then you should first calculate your expenses. You should take a personal loan of the minimum amount. If you have some money in your bank savings account, you can use that. This will reduce the amount of personal loan you will have to take. Secondly, you have to decide in how much time you will pay the personal loan amount. You can decide the loan period according to your convenience. If you repay in a short time, the EMI is higher but you spend less money on interest.
If you have a good credit score, you will get a loan at an attractive rate
If your credit score is good, you can get a personal loan at 13-15% interest rate. Experts say that nowadays you keep getting loan offers from banks on your WhatsApp and phone. But, instead of choosing a new bank, you should choose the bank in which you have an account or from which you have taken a personal loan. Then, while talking to the bank representative, you will have to understand the terms of the loan properly. Like what will be the interest rate of this loan, what will be the processing fee of the loan and will there be any penalty for repaying the loan before time.
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Understand the loan terms and conditions from the bank representative
You should say yes to the loan offer only after getting the answers to these questions. It would be better if you talk to two banks about this. Then decide to take a loan from the bank whose terms and conditions you like apart from the interest rate. Do not be in a hurry to take a loan. If you do this, the bank can put pressure on you to accept its terms. Therefore, start the process of taking a personal loan a few weeks before going on a holiday.
