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Personal Loan For Vacation

IndianMoney.com Research Team | Updated On Wednesday, June 27,2018, 11:28 AM

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Personal Loan For Vacation

 

 

 

Your neighbors are going on vacation. Your friends are on vacation. When will you go on vacation? Your wife and kids are troubling you. They want that holiday. This is when you decide to avail a personal loan to go on that vacation.

Citizens avail personal loans for marriage expenses, vacation, emergency hospitalization or even for or even for a business. It’s your No Reason Loan. You don’t need to give any reasons when availing a personal loan.

So, should you avail a personal loan to go on vacation? Let’s find out. Want to know more on Personal Loan? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.

 

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Personal Loan For Vacation

 

1. Interest Rates on a personal loan

 

Banks and NBFCs charge an interest of around 12-24% a year on personal loans. Personal loans have a tenure of 1-7 years.

Leading banks and NBFCs like SBI, BOI, Union Bank, Axis Bank, Canara Bank, HDFC Bank, Kotak Mahindra Bank, Yes Bank, ICICI Bank, Bajaj Finserv and a lot of other banks, give you personal loans. 

 

2. This is how much you pay on a personal loan

 

Let’s say you avail a personal loan of Rs 10 Lakhs for tenure of 60 Months. This table shows you how much EMI you pay and also the total interest you pay under different interest rates. 

SEE ALSO: What is NAV? How is NAV Calculated?

 

3. Personal loan Eligibility

 

  • If you are a salaried employee, your age must be between 21-58 years. For self-employed and the businessmen, age must be between 25-65 years.
  • You need to have a minimum income of around Rs 20,000 a month.
  • You need identity proof like Voters ID, Passport or a Driving License.
  • You need Address Proof like Electricity Bill, Passport or a Ration Card.
  • You also need Income Proof like 3 months’ salary slips and last 3 months bank statements.
  • For self-employed, proof of highest Professional degree, Trade License/Sales Tax Certificate and the Balance Sheet /Profit and Loss for the last 2 years, certified by a CA.
  • Self-employed must show 6 months bank statements.
  • ITR for the last 2 years for both salaried and the self-employed.

 

4. Benefits of using Personal Loan EMI Calculator

 

  • You can use the personal loan calculator to calculate personal loan EMIs.
  • You can calculate personal loan EMI in seconds using the personal loan EMI calculator.
  • Personal loan EMI Calculator helps you get an idea of your repayment capacity and plan your finances well.
  • You can identify the total interest payable and opt for a loan tenure which suits you best.

 

Be Wise, Get Rich.

 

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IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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