Christmas Glory: Fund Your Christmas Vacation With These 3 Options

Investment Growth LAS

Christmas Glory: Fund Your Christmas Vacation With These 3 Options

15 December, 2021



We have long been taught to not spend money on things we don’t need. This also applies to overspending money on things like a vacation or similar fun activities. However, a relaxing vacation is a great investment for your soul’s well-being. Especially during the festive season of Christmas. 

Are you planning to take the vacation of your dreams? Then here are some great options to finance your memorable Christmas vacation. 

Travel Loan 

A Travel loan is one that is used to fund a vacation or travel in India or across other countries. The sole purpose of this loan is to help you enjoy a good time without worrying about immediate funding. Many banks and institutes provide a travel loan, the interest rates for these loans vary based on the institute you are borrowing it from. The principal amount often ranges anywhere between Rs.15 lakhs to Rs. 40 lakhs. 

Top Lenders Providing Travel Loans In India

ICICI Bank

ICICI’s Holiday Loan plans allow you to choose from a wide selection of locations for your holiday. The maximum loan amount that you can get from ICICI is Rs. 25 lakhs. 

HDFC Bank 

HDFC Bank provides a personal loan for travelling and vacation. You can enjoy a limit of up to Rs. 40 lakhs with this offer. 

Tata Capital 

Like HDFC, Tata Capital provides a personal loan for travel purposes. With Tata Capital, you can get a limit of up to Rs. 25 lakhs for your dream holiday. 

While travel loans are great, there are eligibility requirements you need to fulfil in order to get a loan. This can include things like your address proofs, Income statements, relationship with the bank etc. 

Loan Against Shares

One of the least known funding options out there is a loan against shares. A LAS is a product that provides you with a loan by keeping your shares as collateral. If you have a portfolio in shares, then you can leverage them further by getting a loan for your dream vacation. The loan amount limit depends on the value of your shares. So if the value of your portfolio comes down to Rs. 1.5 crore, then you can expect a loan based on 50% of the total value. The minimum ticket size of your loan can also vary based on who you are getting a loan from. For example, at spark.loans, the minimum ticket size of a loan is Rs.10k on a minimum portfolio value of 20k. The maximum value depends on the value of your portfolio.

With LAS, you don’t need to worry about immediate repayments like credit cards. You need to pay only the interest on a monthly basis and the principal amount can be paid flexibly. Pay interest only on the amount you withdraw. 

Credit Cards 

You can use a travel credit card to enjoy perks like travel miles, rewards, discounts from hotels etc. You can also use it to purchase tickets. Whatever money you spend on your card, can be converted into an EMI loan. However, it is only advisable to do this if you can pay off the bill within a month or more. 

Ending Note

If you are looking for a loan against shares for your vacation funds then get in touch with spark.loans for a complete digitized loan-taking experience. Get a loan from the comfort of your home.

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