How to Fund Emergency Trips Without Breaking Savings

An emergency will never hint at its arrival in advance. Whether it's a family crisis or a medical situation, such a sudden event can occur anytime. This may require you to travel immediately. Arranging funds on short notice for this is not so easy.

Using savings in such time seems to be a feasible option. But it can lead to penalties and interest charges, and also affect your financial goals. An instant travel loan can be a good solution. It will give you immediate access to funds.

With these funds, you can easily book tickets, manage accommodation, and cover other expenses. In this blog, we will study in detail about how one can manage emergency trips without breaking savings.

Why Using Savings is not the Best Idea?

When the need for an emergency trip arises, the first thing that comes to mind is savings. People often make mistakes when using savings at such times. This may seem convenient, but it’s not a good option. If you break fixed deposits, then you will earn reduced interest. You will also have to pay penalty charges.

In a similar way, if you redeem mutual funds like Equity funds or ELSS funds, then you will have to bear an exit load. It can also lead to unfavourable tax implications. Many also use emergency funds kept to deal with emergency events. But it’s necessary to understand that if you once break this, then it’s difficult to rebuild this.

What is an Instant Travel Loan?

An instant travel loan is one type of personal loan that you can use to cover an emergency trip. You can use this loan for domestic as well as international travel. This loan covers all expenses related to travel, which includes airfare, accommodation, sightseeing, and travel insurance. It provides you with funds to meet all your travel-related needs.

Why is an Instant Travel Loan a Good Option?

Instead of breaking your savings, it’s advisable to opt for an instant travel loan for an emergency trip. Because it’s easy to obtain and it has a lot of benefits, which are as follows: -

• Quick Disbursal

One of the major benefits of an instant travel loan is speedy disbursal. During emergency times, it’s necessary that your loan gets approved fast. Speedy disbursal helps you book your accommodation, travel tickets, or make any urgent payments without much waiting.

• Convenient Application

Due to digital lending, the entire loan application process is quite simple and easy. You can apply for an instant travel loan from your home itself through a smartphone or laptop. You don’t have to visit a physical branch.

• No Collateral

An instant travel loan is an unsecured loan. Hence, you don’t have to provide any security or collateral to avail the loan. This reduces the time of the loan process as there would be no valuation.

• Flexible Usage

This personal loan offers flexible usage as there is no end restriction. With these loan funds, you can buy a travel ticket, book accommodation, make visa arrangements etc without worrying about money.

• Ease of Documentation

The loan requires minimal documentation. You just have to submit basic KYC documents and income proof. This makes the process quite faster.

How to Get an Instant Travel Loan for Emergency Travelling

Here are the steps that you need to follow to get an Instant Travel Loan: -

• Choose the Right Lender

There are many lenders who offer instant travel loans. Research a bit on this and choose a lender who offers a personal loan for travel with minimum documentation. Also ensure that the process is digital so that you don’t have to visit a physical branch for loan processing.

• Verify Your Eligibility

Each lender has their own eligibility criteria. Check if you meet the eligibility criteria or not. You can also use the loan eligibility calculator for the same.

• Keep Documents Ready

Once you have confirmed the eligibility, you shall prepare the documents required for verification. Majorly, financial institutions ask for basic KYC documents along with income proof.

• Apply for a Loan

Now is the time to apply for an instant travel loan. You can apply for an instant travel loan through the mobile app or website. You just have to provide basic details and upload the documents.

• Loan Approval and Disbursement

Your loan application will be assessed by the loan experts. If everything is okay, then your loan will be approved within a few hours. You will get the funds in your bank account within 24-48 hours.

Build an Emergency Travel Fund for the Future

Emergency travel expenses can occur more often than thought. Hence, it’s advisable to create an emergency travel fund in advance to deal with such emergency situations. Having a dedicated fund ensures that you don’t have to disturb your long-term investments for urgent trips. This fund should be enough to cover the cost of one or two emergency trips, which includes travel, accommodation and incidental expenses.

You can build this emergency travel fund in two ways i.e. high interest savings account or liquid funds. Don’t park funds in those instruments where there are exit penalties. You can automate this by small monthly auto-transfers.

Conclusion

Sudden travel can occur anytime. Maybe due to some medical emergency, family concern or other reasons. During these times, instead of breaking savings, it’s advisable to go for an instant travel loan. This personal loan is easily available at competitive interest rates.

This instant loan covers all your travel expenses, which include accommodation, flight tickets and visa. You can apply for this loan through your smartphone or laptop from anywhere.

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