Is it worth taking an EMI for a foreign vacation?
In this recession period, it has become tough to enjoy life the way you want. The cause of the problem is money. Everywhere the price has risen, and day by day it is becoming difficult to keep up with the cost. It is therefore important to methodically plan for finance and start saving on a plan. But sometimes it is not an option when you are although capable of making a small saving but get yourself to a staged pay at once. In those cases, EMI may be a viable option. An exotic vacation trip by taking an EMI can be a good choice for those who want to enjoy the freedom of traveling while at the same time has a stable source of income to repay the loan in small amounts.
The EMI option for foreign vacation can be a viable option for following people
- Those who have a means to repay the loan on a monthly basis without much burden on the daily life of the people family.
- He or she has lump sum money but not enough to pay for a vacation trip in one go, but can augment it with his salary for future repayment.
EMI option can be an attractive option because
- It is a collateral free loan so you can get loan at a moment notice
- It is easy to pre-calculate all the expenditure before things get into action. So you can chalk out all the ways of getting the fund and repaying it without getting defaults.
Whatever the benefits may be, it is important to take precautionary steps to ensure that you not only have a wonderful vacation but also lead a peaceful life after the holiday period and reliably pay all your loans
- Estimate the EMI that you will need to pay towards the loan. One of the best EMI calculators available in the market is upwardly.in. It provides a simple interface, and all you need to do is enter the principal, period, and rate of interest and it instantaneously shows the EMI to be paid. It also shows a graph that compares interest to be paid with the principal value.
- Chalk out the plan as to on how you will spend your loan money. Save some of it in advance for repayment of the loan. Keep it in case any emergency arises. Now you can be assured that you do not succumb to sudden pressure after your vacation gets over.
- Maintain the tenure period as short as possible and take the loan as per your financial capacity. In this way, you get to make sure that you do not have to pay much in the form of interest.
- Do check for prepayment offer. It can provide great help regarding reducing your burden and loan payment can be done with ease.
There is no restriction on you that can stop you from enjoying a wonderful foreign trip but be sure to plan for you finance strategy well ahead.