Bajaj finance personal loan customer care number, Bajaj Finance Personal Loan
How to fund your dream vacation abroad if a personal loan rejected
Surely most of us must have at least once dreamed of going on a vacation abroad and holidaying with friends and family. Thankfully rising income, better air connectivity and lots of credit options are present to help you realize this dream.
Also, with improved credit access and rising financial inclusion in the banking sector, the availability of Bajaj finance Personal Loan has further spiked the chances of traveling abroad and not letting your dream die.
So, if you want to someday holiday abroad and require funds for that, you can feel free to contact Bajaj finance personal loan customer care number and enquire about the same. First attempt to take a personal loan, as it offers prompt disbursal and no boundation or restriction on the purpose of usage of the loan amount, plus no need to give any security or margin money too.
There is no doubt about personal loans that these loans are probably the most popular option for various purposes, including travel financing. In fact, some lenders have been offering a separate category of personal loans for the travel/holiday loan segment. Lenders tend to usually sanction all personal loans on the basis of the applicant’s credit score, monthly income, employer profile, existing EMI commitments, location, etc.
So, failure to qualify for one or more of such eligibility parameters can dim the chances of getting a Bajaj finance Personal Loan approved, or if approved, you might be charged higher interest rates. This is done to act as cover for the bigger degree of risk involved with such applicants who have a weak credit profile, repayment capacity etc.
But what if your personal loan application gets rejected? In such cases, first, contact the Bajaj finance personal loan customer care number to enquire about the reason and if there seems to be a way out to get the disbursal. If not, then you can go for other credit options for travel abroad. These alternate options include:
Top-up home loan: For existing home loan customers having strong credit profiles and disciplined past repayment history, one of the best and cheapest alternatives to a personal loan is a top-up home loan. Mostly, the loan amount cannot exceed either the original home loan amount or the outstanding remaining amount, whereas the loan repayment tenure cannot go beyond the residual loan tenure.
And do not forget that the presence of lower interest rates coupled with a longer tenure makes this option of top-up home loan a suitable credit option for existing home loan customers. Especially if you are unable to fetch a Bajaj finance Personal Loan, do not hesitate to explore this top-up loan option.
Loan against securities: Another great alternative to Bajaj Finance Personal Loan is a loan against securities, which allows you to fetch funds by pledging your securities like shares, bonds, life insurance policies, mutual funds, ETF, NSC, KVP, etc. as collaterals. And you don’t even stop receiving the interest, dividend etc., on that security even after pledging.
Mostly offered as an overdraft facility, this loan option involves the credit limit being sanctioned on the basis of the pledged securities’ value and the applicable LTV ratio levied by the lender. Remember that you possess the freedom to withdraw either the entire sanctioned limit or a part of it according to your fund requirements. And that’s not all.
The applicable interest is calculated on the drawn amount, not on the entire sanctioned limit. Also, the role of credit score might not be very prominent in this as it is a secured loan, unlike in the case of Bajaj finance Personal Loan, which is unsecured, and hence a good credit score might be quite important during loan eligibility evaluation.
Credit card swipes: Another option to fund the expenses of an overseas trip is credit card swipes, which you can even convert to EMIs. Cardholders can conveniently repay the incurred travel spends by the bill due date, which can be around 18 to 55 days from the date of swiping the card. Or you can go for a credit card EMI facility too, which involves tenures around 3 months-60 months.
All you should do is to just ask your card issuer about the EMI conversion facility and available offers if any. But it’s better to first call Bajaj finance personal loan customer care number and check if they have any particular offer or deal for you, especially if some time has passed since your application rejection earlier.
Otherwise, if you go ahead with this credit option itself, remember that there is no requirement for fresh documentation, and the conversion is almost instant.
Many credit card issuers even offer travel credit cards, which involve higher benefits on travel-related spending such as ticket booking, hotel stays, dining, travelling etc. when compared to other regular credit cards. You can avail benefits easily in the form of travel vouchers, free air tickets, miles conversion, discounts, cashback, higher reward points on travel-related spending, etc.
Loan against credit card: For existing credit card issuers, this option can come in handy. A credit card loan is a type of pre-approved loan offered to select existing credit cardholders against their credit limit. This facility is usually open to cardholders having a good repayment track record. Hence, those requiring or hoping for this credit card loan approval in the absence of the option of Bajaj finance Personal Loan should remember that it’s a pre-approved loan and hence not in your hands if it gets rejected by the credit card issuer.
For those eligible for this pre-approved credit card loan, even after contacting Bajaj finance personal loan customer care number for any other better alternative, it’s important to remember a few things about credit card loans. Note that your credit limit will reduce by the sanctioned loan amount. Being pre-approved, a loan against credit cards is usually sanctioned within the same day, sometimes within a few hours of making the personal loan application.
Ideally, it’s better to not take any loan and instead use your own funds to go out for vacations and holidays abroad, as all loan types, including Bajaj finance Personal Loan, come with compulsory costs in the form of interest cost, processing fees and other charges, besides having a good credit score being one of the vital eligibility parameters.
So, start saving for your holidays in advance by investing regularly in debt funds or high yield FDs to build a holiday corpus in the short term. Go for equity funds or hybrid funds if planning for the medium to long term.
You should take a Bajaj finance Personal Loan to finance your vacation only if it is unavoidable and can not be postponed until you have sufficient funds. Once you have decided to go ahead with this idea, you can contact Bajaj finance personal loan customer care number to check with the lender about their product, features, offers etc.