Personal loan: 5 reasons to get a personal loan to help finance life’s adventures | Mint

If you are a travel freak and have a wanderlust, then raising money for your indulgences may not always come easy. You could be travelling and spending at a frantic pace without having to worry over money at all. All you could, however, possibly do is to borrow money.

And when it comes to borrowing, there aren’t many options available when you have to spend on something as discretionary as travelling.

It’s worth mentioning that a week-long trip to Singapore would easily cost one person a minimum of ₹1 lakh. Similarly, if you are planning to go to Dubai, a week-long trip can easily lighten your purse-strings by anywhere between ₹1-2 lakh.

Add adventure sports to it, the cost would go even higher. If you do not have immediate access to this cash, then it does not mean you have to postpone or cancel your travel plans. No, not at all! However, it is alright to be slightly sceptical at the same time.

So, if you – too — are doubtful about raising personal loan for your life’s adventures, then here is a quick guide for you:

These are some of the key points to remember if you are contemplating raising personal loan to finance your life’s adventures:

1. Borrowing money from your future: Raising a personal loan for life’s adventure is equivalent to borrowing money from the future to make your present brighter. So, what you can do in your future can be advanced to present by simply borrowing money now rather than waiting for a long time.

2. No options available: When you have some discretionary spending lined up, you have no other choice but to raise a personal loan. Usually, banks or even non-banking financial institutions do not offer loans for these personal indulgences under a separate category apart from personal loan.

3. Saving and deferring the plan: Alternatively, if you save the money for using it in the future, there is no point travelling at a later date when you intend to travel now. Your friends may not be available at that time, the weather may change, and life may throw some newer challenges by then.

With all this in mind, it is alright to borrow money for an indulgence that is truly close to your heart.

4. Higher income to come soon: Another incentive to raise personal loans now to be able to meet your needs is the expectation of higher income in the near future that will make it far easier to repay the loan that you are set to take now.

5. Making the most of adventure: For some people, travel and adventure play an important part in lives.

When you indulge in these activities by raising a personal loan then you are quite likely to make the most of it. After all, you have paid a price for them – quite literally.