You may want to travel to Canada to expand your business or explore the northern lights in Norway with your family. Either way, planning your finances is important when you decide to travel, whether it is extended travel within the country or a long vacation overseas. You can take a loan against property in India to fund your travel and pay for all expenses involved with ease. You can then pay back the sum over a comfortable tenor as this is a secured loan that gives you a better interest rate and a longer tenor than personal loans.
With a substantial amount borrowed against the value of your property, you can purchase travel tickets, book accommodation, pay for meals for yourself, your family or your clients, and shop for souvenirs when you travel. Once you meet the mortgage loan interest rates, you can get the loan amount disbursed into your account within 72 hours by lenders like Bajaj Finserv. This gives you more time to plan routes, search for accommodation, and research the surrounding areas.
Additionally, when you avail finances via Bajaj Finserv, you get other Loan Against Property features and benefits such as a flexible tenor, which allows you to repay the amount between 2 to 20 years at your convenience. Here are a few reasons why a loan against a property for travel is the best choice for when you need to finance travel.
Keep your Savings and Emergency Funds safe with a Substantial Sanction
When long-term travel is unavoidable, such as for business or for an urgent family situation, consider taking a loan against property for travel as you get up to 80% of the market value on your property. This way you can keep your savings intact for a rainy day and you need not dissolve investments to get access to money. Ensure you take appropriate steps like paying attention to your property’s facilities and maintenance to get the highest value for your property when the need arises.
Benefit from Nominal Interest Rates and Repay with Ease
Since you place your commercial or residential property as collateral, you get a competitive interest rate on your loan against property, which allows you to repay the borrowed sum comfortably. In addition, servicing secured debt in a timely fashion positively impacts your credit score. Alternatively, if you receive a large bonus or have an increased cash flow due to a second income or salary hike, you can make part-prepayments or foreclose your loan on minimal charges to become debt-free faster.
Additional Read: How can Loan Against Property help you Travel the World?
Manage your Loan Account Conveniently while you Travel the World
With systems such as online account management you can view your loan details from any corner of the world within seconds. Monitor your expenses and view all loan-related details via your lender’s customer portal. Use this account to keep tabs on your EMI deductions and interest obligations so that never miss any prepayment opportunity.
Meet Unexpected Expenses or Extend your Trip with a Flexi Hybrid Facility
On your journey you may have to encounter unexpected situations such as cancellations on hotel bookings, missing flights, medical emergencies or losing your baggage or belongings. All these emergencies will need you to have handy cash at your disposal. This is where the Flexi Hybrid feature of your Loan Against Property from lenders like Bajaj Finserv comes to your rescue. This unique facility allows you to withdraw cash from your sanction as and when you need. Here interest is applied only on what you use. Moreover you can repay what you borrow as interest only EMIs all through the loan against property tenor and repay the principal at the end of the tenor. This helps you manage you last-minute travel needs with ease and save money too.
Also Read: Should I Apply for a Secured Loan for Travel?
Plan your Journey Effectively when you Get a Hassle-Free Loan Disbursal
Travelling requires meticulous planning and preparation, right from transport, lodging, routes, access points, eateries and fulfilling the purpose of your trip. With a quick, hassle-free 72-hour loan disbursal of a loan against property you can direct your efforts towards planning. This helps you plan your journey according to your budget without a hassle.
By getting the loan against property documents ready in advance you can speed up the process.
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