How a Line of Credit Can Help You Fund Your Vacation

How a Line of Credit Can Help You Fund Your Vacation

06 February 2024 | By INDIE

Cherry blossoms in Japan, the best gelato in Italy, or the tropical beaches in Thailand – what is calling to you for your next vacation? Whether you have international destinations on your travel bucket list or the countless gems in India, planning well in advance for your travel adventures is a must. A major part of this planning is budgeting and figuring out how you will fund the trip. A convenient way to help fund your vacation is through a line of credit.

A line of credit is a short-term borrowing option that allows you to access funds multiple times up to the approved limit. You only have to apply once to set up your line of credit account, post which you can borrow funds anytime.

Features of a line of credit that make it helpful to fund your vacation

· Instant access to funds

With IndusInd Bank’s INDIE app, you can set up a line of credit online in just a few minutes. INDIE’s My Credit Line only requires two documents – Aadhaar and PAN – for the application process and you can enjoy an instant approval. Once your My Credit Line account is set up, you don’t need to apply every time you need to borrow funds. So, if you want to spontaneously pack your bags and leave for your next travel adventure, you have the financial flexibility to do so.

· Borrow multiple times

Even if you plan meticulously, the budget that you come up with for your vacation is only an estimation. During your vacation, you may end up spending more than you anticipated and that’s when a line of credit comes in handy. You are free to borrow funds as many times as you like, whenever you need, up to the approved credit limit. You can get approved for up to ₹5 lakh with INDIE’s My Credit Line and use that amount any time, multiple times throughout your vacation whenever a need arises. This means that if you first need to borrow ₹1 lakh to book your flight tickets and accommodation and then another ₹50,000 at the destination for shopping, you are free to do so.

· Cost-effective financing

A credit line is a more cost-effective financing option for your vacation compared to a personal loan. With a personal loan, you get approved for a loan amount that is disbursed all at once in a lump sum and the interest is accrued on the entire amount from the minute it is disbursed. However, with INDIE’s My Credit Line, you only pay interest on the amount you actually borrow and not on the entire approved credit limit. Hence, your interest outgo turns out to be lower with a credit line than a personal loan.

· Revolving credit

A line of credit is a type of revolving loan. This means that the moment you repay the amount you borrowed, the entire credit limit becomes available for you to use again. This is a great feature for those travellers who like to take frequent trips. It provides a sort of travel fund that is accessible at all times for those with the wanderlust bug.

· Flexible repayment options

INDIE’s My Credit Line provides flexible repayment options. You can either pay back the borrowed amount in a lump sum or opt for convenient Equated Monthly Instalments (EMIs) and repay over time. This helps fund your vacation while not straining your finances and budget, allowing you to explore the world and meet other financial goals at the same time.

Plan your next vacation with the financial freedom of My Credit Line

Open a line of credit account quickly and seamlessly with INDIE to materialise all your travel dreams without delay. You can activate a line of credit up to ₹5 lakh instantly and make the most of it to explore the wonders of the world in a financially flexible way. Let a credit line be on your side as you plan your next vacation. Download the INDIE app today!

Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.