Travel Financing and Millennials in India – Kotak Bank

08 AUGUST, 2019

Millennials and travelling

Millennials are always working round the clock. They put in the extra amount of effort for their work and hence they need their breaks as well. Their tight work schedule drains out a lot of mental and physical energy which does not leave room for much recuperation. They understand the importance of taking breaks and enjoying life to its fullest. It is also important to strike the right balance between professional and personal life. This balance is indeed an important one without which it becomes impossible to sustain for a longer period of time. Thus, there are a lot of millennials who prefer to spend money on traveling rather than on other things.

Travelling costs a lot of money and managing all the expenses can be quite stressful. On the other hand, a millennial might not have too much optional savings to spend in one go. As a result you will find a lot of them opting for a personal loan to finance their travel.


How will you get a loan for travelling?

Millennials are more interested in planning a loan for their vacay, just the way one plans investments. This also means that there is a need of funds to ensure a better financial experience while travelling. A personal loan can be used not just for those who don't have enough savings, but also for those who wish to visit finer destinations. Personal loans are quite easily available. So, if you are looking to apply for a loan to travel, then a personal loan should do the trick.
There are a few simple things that you will have to keep in mind to apply for a personal loan. First and foremost, you need to check your credit score. Also, keep the interest rate in mind and estimate how much exactly you will have to pay off after the end of it all.
Travelling is expensive, so take loans accordingly. Once you receive the loan, use the money wisely and ensure you pay it back on time. This shall improve your credit score and help you get loans in the future as well.

 

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.

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Frequently Asked Questions

Is it possible to change my personal loan Installment date? Are there any charges applicable?

Yes, it is possible to change the Installment date. The dates are available between 2nd and 10th of every month.

Changing of EMI date will attract rescheduling charges and PDC Swap charges* per instance plus applicable GST. You would need to provide a request mentioning the reason for the EMI date change and send the rescheduling charges to us 7 working days pre/7 working days post the EMI date.

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When can I swap my PDC's and what are the charges?

PDC's need to be swapped at least 7 working days pre/7 working days post the Installment date.

 Charges* applicable would be Rs.500/- per instance plus applicable GST.

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What do I need to do, in case I want to opt for an ECS mode for making my Installment payments instead of PDC?

You need to do the followings:

  • You would need to sign an ECS Mandate form.
  • One security cheque to be drawn in favor of 'Kotak Mahindra Bank'. This cheque needs to be undated and blank, and at the bottom, it needs to mention 'Not more than the loan amount'.
  • Three security cheques to be drawn in favor of 'Kotak Mahindra Bank '.This cheque needs to be undated and blank, and at the bottom, it needs to mention 'Not more than the EMI amount'
  • PDC swap charges* will be applicable at Rs. 500/- per instance plus applicable GST.

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How can I get my Statement of Account?

You can download your statement of account for free.

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How can I get my new address updated on my Personal loan?

Please follow the below procedure:

 

  • You would need to call our 24*7 helpline number 1860 266 2666 (local call rates applicable) or visit the nearest Kotak Mahindra bank branch to inform about the change in correspondence address
  • You would need to carry the photocopy and original document of your new address for verification. Some of the address proofs are electricity bill/passport copy/ration card/aadhaar card/utility bill etc
  • The new address will be updated in the bank’s records within 2 working days post submission of the above mentioned documents.

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