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Your CIBIL Score is the secret key for your next holiday!

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A good holiday is on everyone’s list. Year after year, you would dream of visiting the perfect holiday destination; be it on the sandy shores of Andaman or the glittering high rises of Las Vegas. We all love a good vacation.

Image Source – CIBIL

They say that there is no such thing as a free lunch or a free holiday. With rising prices and inflation in every aspect, you would need to think twice before you go ahead and plan a holiday. So what can you do at times like these?

Well, cancelling a vacation is not really an option. Why? Because you deserve some time off. So what do you do?

How about a travel loan?

Personal loans in the form of travel loan can be a true boon and your quick fix solution to immediate requirement of funds. Availing a personal loan for travel will give you enough breathing space to plan the vacation you really want.

The travel loan is a type of personal loan especially meant to meet your travel needs. Travel loans can cover all your travel expenses from ticketing, booking accommodations, transportation and on journey costs at your dream destination for a hassle-free holiday experience.  Travel loan empowers you to spread the costs of your dream holiday over a long time making it very light on the pocket. You do not have to make a dent to your savings or retirement fund to enjoy the much deserved holidays.

Travel loans require no guarantor or security. However, adding a co-applicant can increase your loan eligibility, viz spouse, parents, son or daughter. Travel loans upto Rs 25 Lakhs can be availed for your exciting domestic or international holidays.

Can you avail a travel loan?

If you have decided on availing a loan for travel, the next question that has risen is if you are eligible for it.

Apart from your basic documentation including your salary slips, identity proof, and other documents including bank statements you would also need to share your itinerary of travel.

However, there is a key to be eligible for availing a personal loan for travel.  Your CIBIL Score.

CIBIL Score… What’s that and how do you get it?

CIBIL Score is a measure to access your creditworthiness. Just about everyone has a CIBIL score. You can easily find out what your score is. However, not everyone can have a positive of a good credit score.

If you have availed a loan in the past and have been repaid your EMIs on time, have a credit card and not default on payments; and have a healthy financial trend you

A score above 750 is considered credit healthy and higher the score, the easier it is for you to avail that loan to fulfill your dreams! With a good score, you can easily get your loans sanctioned in a record time of 72 – 120 hours.

Can my CIBIL Score help with my travel loan?

Your CIBIL score can actually help you with any kind of personal loan that you are applying for. Your score is indicative of how good you are with managing your finances and if you are credible enough for a loan.

Before applying for the travel loan, it is important to research on the cost of the tickets, costs of accommodations, local sightseeing trips and intercity travel costs as well as the cost of living on a per day basis. After this research, you will get better clarity on the amount of loan that needs to be availed for your ideal holiday.

Travel loans have a fixed rate of interest and work out to be way cheaper than your credit card. With minimum paperwork, availing a travel loan has never been so easy. A good CIBIL Score combined with your capability to pay off the loan easily can assure you of a very attractive rate of interest.

You will also have to remember that any negative impact on your CIBIL score will reduce your creditworthiness. Financial institutions like Tata Capital check the CIBIL score to make sure that the borrower, in this case, is capable enough to repay the loan. It helps them gauge the financial aspect of the borrower as well.

Maintaining your CIBIL Score is the key to successfully availing your personal loan for travel.

  • Pay your EMIs on time
  • Stick to your credit card limits
  • Avoid too many credit cards

These simple steps can help when you need a personal loan the most, including for your travel needs. Before you apply for travel loan, get your CIBIL score report verified for any errors as well.

NBFC’s like Tata Capital offer of travel loans, which offers you a wonderful chance to jet set for your dream holiday, with a loan amount of upto Rs 25 Lakhs. Calculate your EMI on the online calculator along with the interest rate and voila, you have all the answers to the questions that are circling in your head.