Five Ways To Manage Your Travel Finance While Planning Foreign Trip - Loan Trivia

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Thursday, 7 November 2019

Five Ways To Manage Your Travel Finance While Planning Foreign Trip

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Vacationing abroad is something that we all dream about. However, due to it being expensive, one tries to push it back as much as possible. But with the help of travel loan, one can easily accommodate all their vacationing expenses. 

In case you want short duration travel finance, then opting for a personal loan is worth considering. This financing service has been created for short term use, which makes it suitable for your requirement. Besides, the borrowing capacity of a travel loan is significantly high. 

It means even if you are planning to go on a long abroad trip, you will be able to cover all your basic travel expenses. Here are a few tips and tricks as to how you can manage your travel finance better. 

1. Start Planning Early 

Even though you have borrowed a travel loan, it does not mean that you have an additional amount to waste. Thus, trying to save whenever possible should always be on your mind. The ideal way to start is by planning in advance. If you do so, you will be able to get better rates on multiple things. Besides, you will get additional time to figure out about personal loan for travel eligibility criteria. As well as all the different types of expenses that you will incur during your abroad vacation. Hence, the next time you are planning a foreign trip make sure you start planning early.  

2. Check Exchange Rates 

The next thing that is important in order to save and use your funds wisely is cross-checking the exchange rates. When you visit a foreign country, you would need their currency so that you can use it to survive. However, finding the right time to exchange your local currency is important. It is especially when the nature of the currency market is so volatile. The best way to do so is with the help of online currency conversion tools. 
Must Read: Where to Go on a Summer Vacation in India with Family

3. Booking Things Early 

Two of the most important things that you would require to enjoy your vacation abroad are accommodation as well as flight tickets. Both of these things can be booked in advance with the help of online portals. The moment you do so, you practically save more than 30% of last moment charges. This can be a significant saving in your travel finance. Besides, it will give you more travel loan amount to spend once you have reached the destination. 

4. Payment Instruments 

More and more banks or lenders are providing payment instruments that can be used abroad. However, there are charges related to using these instruments. Therefore, always choose an instrument that is the least expensive when it comes to abroad-based transactions. For example, a credit card used overseas will always incur more interest rate than a MasterCard that can be used globally. This can also take a serious toll on your travel loan or finance. 

5. Travel Insurance 

One spends a lot while booking an abroad vacation. Every little thing costs a decent amount of money. Hence, having a backup plan is always recommended. For this, you can add insurance to your travel booking so that it provides an additional layer of safety. For example, if you have flight insurance then even if your boarding is canceled you get a refund. This can be done for numerous other things as well. 

Bajaj Finserv extends financing alternatives like personal loans, business loans, home loans, EMI credit, and credit cards. For each of these services, you can conveniently find pre-approved online deals. These deals can make loan processing smooth and hassle-free. 

To unlock your pre-approved loan offers, start by submitting your name and contact number online.
Must Read: How To Better Utilize Your Travel Loan?

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