Smart ways to travel economically this festive season- Kotak Bank

11 MARCH, 2020

With the festive season around the corner, you might have already started your preparations for a vacation with your friends or family. The year end is ideal for taking a small vacation owing to the factor that there are leaves across schools, colleges and offices.

Most of us plan well in advance to make the most of our vacation, however we often miss out on planning it smartly. Many of us plan expensive vacations which lead us into stressful financial situations soon after.

Check out our carefully curated list of ways through which you can travel economically this festive season:

Pre-book your vacation
Before you set out for your long awaited vacation, pre-book the travel tickets and hotel rooms, take care of the local commute and book the places that are a must visit on your travel diary. One big advantage of pre-booking is that you can avail discounts which can save considerable amount of money.

You can also plan to apply for a travel loan in advance with a suitable rate of interest for financing your vacation.

Pre-plan for contingencies
Unwanted problems can come up any time during a vacation and you must be well prepared for it. Carrying first aid kits, supply of medicines, being aware of the hospitals and clinics nearby and keeping an extra amount of money aside just for such emergency purposes is essential for trips. 

Group travel
Embarking on journeys with relatives and friends can minimize your expenses. Joining groups for foreign and domestic travels is an excellent idea for optimizing the spending. Traveling in a group divides the expenditures in lodging, food and travel.

Even travel companies provide discounts, especially during festivals to a group of travelers heading for a particular destination. Traveling in a group also provides a sense of safety and security.

Carry less luggage
Pack light while heading out for vacations. Burdening yourself with excess luggage can be stressful and can also cost you financially owing to the carrying capacity in flights. A lot of luggage also increases the chances of theft.

Use technology
Use technology to understand your vacation destinations better. Knowing about your destination in advance through google earth, maps and travel websites will help you to list down the places to visit, make you aware of the modes of transportation and provide you essential information about the hotels.

Shopping wisely
Heading out for vacations involve a lot of pre purchasing and a lot of purchase while visiting the places. You would want to keep souvenirs, hold on to the memories of the places by buying handicrafts and attires of the region. The prices of these articles are usually steep and hence, try and keep a limit in mind while negotiating well.

Try to cut the cost
If you are going for a vacation financed through a personal loan, then it is advised that you minimize your expenditures as much as possible. This will help in reducing your burden.

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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

What can a personal loan be used for?

Personal Loan can help you meet unexpected expenses such as wedding expenditure, school or college fees, dream vacations, home renovation projects or even for the purchase of consumer durables. 

 

Applying for a personal loan is a lot easier, quick, and convenient with Kotak Mahindra Bank.Click https://www.kotak.com/en/personal-banking/loans/personal-loan.html to apply for the same. 

 

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Do I need to provide any security or collateral to obtain a personal loan?

No, you do not have to provide any security or collateral to obtain a personal loan. Personal loan is a type of unsecured loan. This essentially means that it is not backed by the guarantee of collateral. You are not burdened by the need to generate collateral like gold, property or shares, as with other types of loans. As there is no security to assure loan repayment, the bank will focus on the income and financial stability of the applicant. 

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What are the benefits of taking a personal loan with Kotak?

There are several benefits of availing a personal loan from Kotak bank. Some of the most notable benefits include:

  • prepaymentInstant approval – The bank approves the loan at a quick rate and this makes the process much easier to serve different financial purposes.
  • Easy Documentation – It comes with minimal documentation requirements to help you save time and cater to your emergency financial needs without any hassle.
  • Versatile usage – The personal loan can be used to fulfil many purposes. From funding a dream wedding to serving a medical emergency, it can be used to serve different planned and unplanned financial needs.
  • Attractive interest rate – The personal loan is made more convenient with an attractive rate of interest starting at 10.75 p.a.
  • Part Prepayment facility – In case of excess funds/financial liquidity , you can reduce your loan burden with part prepayment

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What is the eligibility criteria to apply for a personal loan?

The eligibility to avail Personal loan is as follows :

  • All Indian residents who are employees of either MNCs, Public and Private limited companies with a minimum age of 21 years and maximum age of 58 years are eligible for a personal loan.
  • Other Personal loan eligibility criteria :
    • Income Net monthly salary of Rs. 20,000/-
    • Minimum educational qualification - Graduate
    • Years in city - Minimum 1 year
    • Total work experience - Minimum 1 years

You can apply for a personal loan by following the below steps:

On Mobile banking

  • Go to Apply Now
  • Personal Loan ( If eligible)

On Net Banking

  • Go to Banking
  • Apply for Preapproved Personal Loan (If eligible)

Or

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

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What is the best way to apply for a personal loan?

You can apply for a personal loan by following the below steps:

 

On Mobile banking

  • Go to Apply Now
  • Personal Loan ( If eligible)

On Net Banking

  • Go to Banking
  • Apply for Preapproved Personal Loan (If eligible)

Or

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab.

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

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