what is holiday loan?

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• Holiday Loans

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What is a holiday loan?

• You dont always have enough money
• put aside for your holiday trip.
• So, you can opt for holiday loans
• from various lenders and then fund
• your vacation with the loan amount.

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These holiday loans are the unsecured type of
loans which means they are not tied to any
assets used as collaterals.
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Points to consider before applying for a holiday
loan

• 1. Loan Amount

• When taking a holiday loan, people should know
  how to manage the funds efficiently. It is better
  to take the loan amount as per the repayment
  capability and the amount that your falling short
  of.

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2. Loan Tenure

• Loan tenure is the most important one. Calculate
  the EMI that you must pay before availing of the
  loan. Because shorter loan tenure will make you
  pay higher interest rates. opt for the lenders
  who are offering lower interest rates, this will
  give better results.

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3. Repayment Of Loan

• Before applying for the loan, the individual must
  check which bank is offering flexible loan
  repayment options. Flexible options will minimize
  the chances of defaulting the payment.

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4. Budget your holiday

• The borrower should plan the holiday in a
  budgeted way and not take the loan more than the
  required amount. We should have control over the
  expenses so that it would be easy to repay back
  smaller amounts.

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When should you opt for a holiday loan?If you
have to liquidate your long-term savings or
fixed deposits in order to take a vacation then
you can opt for holiday loans, this will fund
your expenses like travelling, accommodation,
food, etc.
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You can avail the loan amount according toyour
capability of repaying back. As these loans are
unsecured, lenders give the loan based on your
income level and other factors.
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Advantages of taking up holiday loans.

• 1. Improves credit score

• Paying back the loan amount on time improves the
  credit score, which will make you eligible for
  availing other loans.

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• 2. Less documentation

• Paying back the loan amount on time improves the
  credit score, which will make you eligible for
  availing other loans.

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• 3. No collateral

These loans are unsecured loans so there is no
requirement of the borrower to put collateral
with the lender.
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