A Goa vacation—where beaches are sun-washed and washed by the sun, nights throb, and emerald rolling green hills roll as far as the eye can see—is everyone’s dream vacation. But that kind of vacation is out of reach.
If one needs to pay the Goa vacation at less interest, personal travel loans may be availed. What about the people who have a poor CIBIL? Can an app that lends ₹10,000 provide a personal loan? All this and much more shall be discussed later.
Plan a Memorable Holiday in Goa: Breakup of Costs
We will place Goa holiday home in perspective first and then talk about personal loans. The cost is based on how many days you want to spend, type of stay, and how you want to live in style. We provide a rough estimate below for your convenience of planning spend:
Estimated Costs
- Travel: Round-trip air travel from Indian cities to Goa would be ₹3,000–₹8,000 and train ticket would be very cheap.
- Stay: Budget hotel would be ₹1,000 a night, medium ₹2,000–₹5,000, and luxury hotels ₹10,000 and above a night.
- Food and Drink: Whole lots of inexpensive street food in Goa in addition to high-end restaurants. ₹500–₹2,000 per day would be a reasonable budget.
- Local Transportation: Hiring two-wheeler will be ₹300–₹500 per day, but taxi would be extremely expensive.
- Sightseeing and Tours: Water activities, site seeing entry fee, and special site seeing tour such as boat cruising or diving will be ₹2,000–₹5,000.
3-day budget Goa tour will be ₹10,000–₹15,000 per person, and luxury will be double at least to ₹50,000 and above.
How Personal Travel Loans Can Help You Plan Your Goa Trip
Travel loans will help you avail the money instantly, and hence you can book your vacation of your choice without any hassle. Travel loans are special among all other loans as they are a form of unsecured loans, and you would never be asked to put up any security.
Fintech firms and mobile apps today even offer travel loans for lesser amounts like ₹10,000, which could be perfect for weekend vacations like Goa. Choosing a 10,000 loan app can make the borrowing process even simpler and faster for travelers.
Why not take advantage of a ₹10,000 Travel Loan App?
- Instant Approval: What all these loan apps have provided you with is instant approval, and that’s more convenient than taking time to make the trip to the bank to apply.
- Mini Loans: Take a small loan of just ₹10,000—enough to fund your travel but not enough to get you into debt.
- Tenures to Fit: All of the loan apps provide you with the option to select the tenures of repayment ranging from a few weeks to a few months.
- Minimal Documentation: The loan apps need very few documents like identification proof, income proof, and address proof.
Can You Take a Loan with a Poor CIBIL Score?
What is a CIBIL Score and Why Do You Need to Care?
Your CIBIL score decides whether you are a credit-worthy individual or not. A poor CIBIL (typically below 650) bars you from borrowing in the formal economy since lenders consider you a high-risk borrower. Fintech apps and app-based lenders pay no heed to any other problem but your CIBIL score.
This is where the option of taking a personal loan on CIBIL score through fintech apps becomes helpful, as they focus on other parameters too.
Why Next-Generation Loan Apps Don’t Care About a Low CIBIL Score
Most next-generation loan applications utilize various techniques to evaluate creditworthiness. For example:
- Income-Based Check: Your past income and employment history can be related with your past credit defaults.
- Transaction History: Transactions will take your past savings history and expenses from your bank account into account while determining your repayment ability.
- Low Loan Amounts: Since it is a small-value transaction, ₹10,000 loan, not everybody is so particular about the credit score requirement.
Although a poor CIBIL score is not necessarily an affirmation of penalty, but it carries much more chances than a bank loan.
Advantages and Disadvantages of Taking a ₹10,000 Travel Loan App
Advantages:
- Quick Access to Money: Application to cash takes almost a minute.
- No Collateral Needed: Being an unsecured loan, your property is not placed at risk.
- Travel Loans: It is hardly any application that provides to the borrowers in case they need a travel loan.
Disadvantages:
- Extra Interest Charge: Loans approved based on poor CIBIL record carry much too high interest charges. Alter EMIs accordingly.
- Very short Tenures: Very short tenure options for most of the apps, and it becomes a monthly payment nightmare.
- Over-Borrowing Risk: Availability of easy credit can cause overspending.
Ways to Improve Your Chance of Loan Sanction
- Furnish Correct Financial Information: Give your income and expenses.
- Choose Small Loan Amounts: A ₹10,000 loan is easier to sanction than huge amounts.
- Offer a Regular Income Stream: Give a regular monthly income, regardless of your bad CIBIL score.
Conclusion
Low CIBIL score is no longer a clincher for funding your Goa holiday plans. Due to the fintech revolution and mobile loan apps, travel personal loans are even offered by bad credit owners these days. However, interest rates and repayment terms should be bargained before subscribing so that no financial problems arise. With proper lending and proper management of money, you can fund your Goa trip and enjoy it lifelong.
Just make sure to compare the total cost of Goa trip before taking a loan and that your financial health will not be compromised after getting back from your trip. Happy travels!