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2 mins Read | 3 Years Ago

Is a Personal Loan or a Credit Card better for travelling 


Travelling is a passion and a dream chased by many. Some are happy to do it on a smaller scale, while others aspire to explore the globe. However, taking a trip alone or with family is an expensive affair.

Do you wish to go on a lavish tour as an avid jet setter but wondering where to get the funds from? Have you kept your plans on hold due to insufficient funds? You can still make your dream trip a reality through various loan offers like a Personal Loan or Credit Card. Most often, people get confused as to which one of these financial avenues could be better to fund your upcoming trip. 

Let’s understand Personal Loan versus Credit Card when you want to take that much awaited trip to a destination.

Personal Loan for travelling:

You can avail of a Personal Loan from ICICI Bank at attractive interest rates to fund your dream vacation. You can use the credit to book a destination of your choice, as well as cover all the expenses related to your trip. You can avail of a maximum loan of up to Rs 50 lakhs at a rate of interest starting from 10.65% per annum. One of the benefits of a Personal Loan is you do not have to pledge any security or collateral. The loan is disbursed quickly, most probably within seven working days, with a simple documentation process. 

Credit Card for travelling:

If you’re looking for instant credit to fund your travel destination, a Credit Card is also an ideal option. You can opt for an ICICI Bank Credit Card that allows you to take advantage of exciting travel offers. Avail of exciting deals on flight booking, hotel stay, food and much more. It gives you the freedom to enjoy the present benefits such as cashback offers, rewards and pay later. But you are required to pay back the credit by the end of every month. When you are unable to pay the bill amount, you are charged a specific interest rate on the amount you owe.

Which is better? - Personal Loan versus Credit Card

When it comes to choosing between the two, it should depend on your financial capability. Both credit avenues have their own drawbacks. You will have to bear a high-interest rate if you are taking a Personal Loan for travel. On the other hand, if you choose to fund your travel destination through a Credit Card and fail to repay the credit in a month, the interest rate will continue to accrue, leading to an unwanted debt burden.

With a Personal Loan, you have ample time to repay the loan, considering your financial status. Personal Loans can be a better option, if the cost of a vacation is high and you want a longer duration to repay the loan.

To know more, visit ICICI Bank’s website and checkout Travel Loans in the Personal Loan section.


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