Personal Loan for Honeymoon: Easy Financing for Your Dream Trip

The sangeet, haldi, pheras, and other exhausting rituals of your wedding are finally over, and it is time to spend quality time with your better half, away from everyone else, on your honeymoon. Just like your wedding, the honeymoon is also a once-in-a-lifetime moment. It is the ideal time to learn more about your better half and strengthen your relationship.

However, since you must have spent extravagantly to make your wedding a lavish occasion, your budget might become an impediment to fulfilling your honeymoon bucket list. If that is the case, then no need to worry. You can easily finance your honeymoon with a Personal Loan for travel.

What is a Personal Loan for Honeymoon?

A Personal Loan for a honeymoon is an unsecured loan that enables you to fund your honeymoon vacation. You can use it to fund travel fare, stay, shopping, and other expenses related to it so that you can have your special holiday without worry. You can apply online with less paperwork with no need for collateral. It has competitive interest rates along with flexible repayment terms.

Advantages of Taking a Personal Loan for Honeymoon

If you are unsure about why you should take out a Personal Loan to finance your honeymoon, the following reasons should clear your doubts.

1. Quick Approval

Whether your trip is planned ahead of time or decided at the last minute, arranging funds is simple with a Personal Loan. These days, most financial institutions offer quick and easy access to funds. You only need to meet their minimum qualification requirements and make sure all required documents are in order. As soon as you submit your application, the advanced technology used by lenders to evaluate various risk parameters determines how much loan amount you qualify for.

2. Improves Your Credit Score

What if we told you that, in addition to allowing you to enjoy your honeymoon, a Personal Loan can also help you improve your credit score? Yes, you read that right. If you want to start building a strong credit profile, this loan product is the best place to start. It is recommended that you first determine your affordability with a Personal Loan EMI calculator and then choose the amount that best fits your budget. However, also ensure that you have a proper repayment plan. Once you close your loan account without any EMI skips, you will notice a major improvement in your credit score. 

3. Collateral-Free

Travelling to your dream destination with your life partner by pledging or selling your valuable assets is not a wise decision. But if you choose a Personal Loan for travel, you can obtain funding of up to Rs 5 Lakh without pledging any assets. Another best feature of this loan is that you get an affordable Personal Loan interest rate provided that you have a stable income, a reasonable period of employment, and a low debt-to-income ratio.

4. Minimum Income

Why should you forego your dream vacation because of a low income? Many people abandon their plans for a honeymoon because they believe they will not be approved for financing options. This is not the case with a Personal Loan for honeymoon. Even if your monthly income is as low as Rs 15,000, you won't have trouble obtaining funds. 

5. Multipurpose Loan

When on a honeymoon, your itinerary includes more than just sightseeing and trying new foods. It also includes going for shopping, trying out new activities, and getting a spa treatment. You will not be able to fully enjoy your trip if your lender does not allow you to use the funds for whatever purpose you desire. A Personal Loan for travel is a multi-purpose loan that can help meet all of the financial needs that may arise during your honeymoon trip.

Key Benefits of Taking a Personal Loan for Your Honeymoon

Here are the advantages of Using a Personal Loan for Your Honeymoon

• Instant Money: With Hero FinCorp, you can get a Personal Loan for up to Rs 5 Lakh online with instant approval.
• Improves Credit Score: If you pay your EMI on time, it helps improve your credit score.
• Minimum Income Criteria: With a monthly income of Rs 15,000 or more, you can get a Personal Loan from Hero FinCorp.
• No Limitations: You can use the loan amount for many purposes like flight booking, hotel reservations, gifts, or any other expense related to honeymoon.
• Competitive Interest Rates: A Personal Loan for honeymoon offers attractive interest rates from 1.58% per month.

When Should You Avoid Taking Out a Personal Loan for Your Honeymoon?

Personal loans are an excellent way to fund your honeymoon. However, there are various situations in which applying for this loan product is not a good idea. These include the following:

• If you have a bad credit history, never plan your trip by depending on this loan product. Since this financing option is unsecured, your application will be denied.
• In case you have multiple debts or household responsibilities, getting a Personal Loan for leisure expenses is not a good idea. This loan has a higher interest rate than a secured loan, and failure to manage your EMIs will result in a debt trap situation for you.

Also Read: What are the Consequences of Defaulting on a Personal Loan?

Things to Consider Before Availing of a Personal Loan for a Honeymoon

Before you submit your loan application, you should do the following to make the most of your loan without getting into a debt trap. 

1. Choose Your Destination Wisely

Different locations are recommended for visiting during the different months in a year. For example, if you are planning a trip to Europe, it is best to go between November and March because there is less tourist traffic and bookings are cheaper. Similarly, when going to Thailand, travelling between June to September is recommended.

2. Plan in Advance

Rates are usually higher when hotels and flights are fully booked during the wedding season. You will also have difficulty finding accommodations in a new location. If you don't want to be in this situation with your significant other, plan your trip at least six months ahead of time. Off-season bookings are not only less expensive, but you will also have a wider range of options to choose from.

3. Shop for Deals

In the age of digitisation, you should never pass up the opportunity to compare offers from various travel booking portals. Most travel agencies and portals these days provide personalised offers for honeymoons. Their package price includes the cost for accommodation, flight tickets, food, and sightseeing. Choosing a package will save you money when compared to booking everything separately.

4. Purchase Travel Insurance

Having comprehensive travel insurance might lower the funding requirements through a Personal Loan. Travel insurance comes in handy during any unexpected situations that may arise during a trip. For example, it pays for additional accommodations if your flight is delayed, or another unavoidable circumstance arises. If you or your partner becomes ill while on vacation, the insurance will cover the costs of medical treatment. Simply put, the insurance reduces your dependability on the loan.

Also Read: 6 Foolproof Tips That Can Improve Your Personal Loan Application

How to Apply for a Personal Loan for Your Honeymoon?

Here is a stepwise process to apply for a Personal Loan for honeymoon online.

• Go to the Hero FinCorp website or install the Personal Loan app
• Visit the Personal Loan page and click 'Apply Now’
• Enter your phone number and verify with the OTP received
• Choose the loan amount you require
• Verify your KYC details to check income eligibility
• Click ‘Submit’

Conclusion

Travelling for a honeymoon is regarded as a leisure expense. If you are financing your honeymoon with a loan without having a repayment plan, there is a high possibility of you defaulting on the principal outstanding in the future. Hence, it is advisable to plan a budgeted wedding by making advance reservations, choosing your honeymoon destination wisely, and buying travel insurance before heading out. It will lower your funding requirements, and the lower loan amount might also help you secure the funds at a cheaper interest rate. 

Frequently Asked Questions 

Can I use a Personal Loan for my honeymoon?

Yes, you can use a Personal Loan for honeymoon. It is an unsecured loan with competitive rate of interest and flexible repayment period.

Is collateral required for a honeymoon loan?

No. A Personal Loan is an unsecured loan that does not require any security or collateral. It is sanctioned based on your credit profile.

How much loan amount can I get for my honeymoon?

If you are eligible, you can avail a maximum loan amount of Rs 5 Lakh online from Hero FinCorp.

What is the typical interest rate for a Personal Loan for a honeymoon?

The interest rate on Personal Loan for honeymoon at Hero FinCorp starts from 1.58% per month.

How long does it take to get the loan disbursed?

Personal Loans are approved within 10 minutes when you apply online at the Hero FinCorp website or loan app. The amount is credited to your bank account at the earliest after approval.