Holiday-Now-Pay-Later travel schemes: Many travel companies have come up with tremendous schemes for girls and women. These schemes are under ‘Holiday Now Pay Later’ but the interest rates charged on the entire package are very high. Also, these travel schemes can be availed only by those women who have an excellent credit score. If you are fond of traveling and tourism, then we have brought important information about these schemes for you so that you are completely aware of both the advantages and disadvantages related to it. After this, you decide for yourself whether you would like to take any of these travel schemes or not. Do not make any mistake by falling prey to market pressure or the attraction of the scheme.
The loan available under ‘Holiday Now Pay Later’ is an unsecured loan product. Therefore, its interest rates are 20-30 percent per year. That is, you will pay a huge amount as loan interest. International Women’s Day falls on March 8 and travel companies have come up with many offers keeping this in mind. Tour operators like Veena World, Thomas Cook, Kesari Tours, Wander Womania etc. are offering tour packages and even financing options. Some tour operators have tied up with fintech lenders and NBFCs that are offering loans for travel. Under this, you can pay in EMI within 12 to 36 months after your holidays.
The gist of holiday packages is this..,
If your credit score is good then you can apply under this scheme. The traveler will have to pay 15-20 percent of the total cost and the remaining amount will have to be paid to the fintech or NBFC lender after returning from holidays. If the entire remaining amount is paid to the lender in lump sum, no additional charges will have to be paid. But if you pay in EMI then interest will have to be paid.
The scheme is attractive but be careful…,
Reformacredit.com Founder-Director Aparna Ramchandra advised to be careful about these schemes and said that before borrowing, you should know that all these fintech lenders are packaging them in different ways and giving you personal loans which are also expensive and Unsafe too.
Digital lending consultant Parijat Garg says, unless you pay the outstanding amount, it will be difficult to get a loan. Even if you can take it, the interest rate will be higher.
These are the holiday packages available for women…
Veena World plans to organize a special tour for women in March. An 8-day tour to Europe costs Rs 2 lakh (EMI Rs 11,136), a 7-day tour to Dubai and Abu Dhabi costs Rs 1.3 lakh (EMI Rs 7,327), a 9-day tour to Australia costs Rs 3 lakh (EMI Rs 16,704 Rs), Rs 51,000 for 8 days in Kerala (EMI Rs 2,992), Rs 75,000 for 8 days in Assam and Meghalaya (EMI Rs 4,285) and more. Group tour price includes return airfare, transportation, accommodation, all meals, sightseeing with entry fees, driver-guide tips, travel insurance, tour manager services and visa fees (free visa countries (Excluding). If you travel alone, you will not have to pay extra because room partner will be arranged under group tour. For this, EMI will be available for a tenure of 24 months. The interest rate will be 30 percent per annum.
Similarly, online travel operators like Thomas Cook and Yatra, MakeMyTrip, Goibibo and EaseMyTrip have also launched holiday packages on EMI.
Where else to arrange money for holiday, vacation, travel?
Rishi Mehra, CEO, Wishfin.com, says it is better to travel with savings money instead of such schemes. But if you do not have enough money then take a personal loan, check the interest rates and compare and take the loan. Try taking a loan against FD or shares, bonds or mutual funds. Mehra says that secured loan against FD and gold is also an option, although this should be the last option. (Input from Money Control.com)
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Tags: Air Travel, Bank Loan, International Travelers, International Women’s Day, investment tips, Lifestyle, personal finance, Planning your finances, Tours and Travels
FIRST PUBLISHED: February 20, 2024, 10:09 IST