Is there one beautiful place in this world where you want to be all by yourself? Well, solo travelling has a different level of fun altogether. In fact, there are many places in this world you might enjoy going to the most when you will travel solo. So, travelling solo becomes a must when the personal loan interest rate is also appealing, and you can even plan your solo travel on short notice too. So, all you need is proper planning.
Money is usually a significant reason many people don’t live their dreams. However, with proper financial planning, you can go to any part of the world. Your budget is something you can source from 2 places – your savings and a bit of a personal loan.
How Much Personal Loan Can You Avail for Travelling?
Personal loans are easy to avail of as they don’t require any collateral. Thus, you may take it for any purpose you want without specifying it to your lender. As per the ongoing rates, you can avail of at least ₹75,000 for taking a personal loan. At the most, this amount can exceed up to ₹25,00,000. (Source: Tata Capital – FAQs).
Now, to decide upon how much loan you need to take, you need to consider the following factors:
- What is the total budget for your dream vacation?
- How much money do you already have?
- How will you repay the loan amount?
Let’s understand these factors one by one.
Some travelling costs that you incur include conveyance, accommodation, food, activities, and shopping for any trip. Additionally, there is a minimal amount you pay for travel insurance.
Flight fares for luxurious destinations usually start from ₹10,000. However, if you’re travelling within the country, the rates might be slightly cheaper. Accommodation at luxurious properties may start from ₹20,000 per night and go up to ₹60,000, too, depending on the place. However, if you don’t wish to spend that much, you can look for cheaper destinations, depending on your priorities.
You need to keep a good amount of money aside for food, tourist spots, adventure activities and shopping. Depending on the country you’re travelling to, you might spend approximately ₹1,000-₹2,000 on food per day outside India. Adventure activities are usually expensive, while tourist spots like museums might be relatively cheaper.
How to Decide on the Loan Amount You Should Take?
Let’s assume that you already have ₹60,000 to spare for your trip. However, to pay for travel and accommodation alone, you will need ₹1,50,000. Given that you’ll have a lot of additional expenses for your travelling, you can borrow more than the amount you’re falling short of. Now, to decide on the exact amount, you need to know how much you’ll have to repay later.
Currently, the personal loan interest rate starts from 10.99% p.a. When you are borrowing money, you need to plan how to repay your loan. The amount of EMI & interest you’ll pay depends on the duration of the loan. To plan EMI & interest, you may use a personal loan EMI calculator present online, where you can change the course duration of the loan and see how interest & EMI amounts vary.
To Sum it Up
When you’re doing well for yourself, solo travel shouldn’t be just a dream. Instead, you can convert it into reality with a bit of financial planning and a personal loan. With low-interest rates and an easy-to-use personal loan EMI calculator, this planning becomes way more straightforward. After all, we all deserve that one break in life, isn’t it?
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