What is a holiday loan?
                     Holiday Loans
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What is a holiday loan?
You don’t 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 to
your 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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