Foreign trips are a dream for many of you. The exotic locales, new culture, unexplored landscapes and different sights of foreign locations tempt many of you to undertake a trip to experience everything. Tempting as it may, foreign trips are a costly affair. They require considerable funds and that is why they prove unaffordable for many. However, there are ways in which you can fund your foreign trip. Here are some of the leading ways in which you can fund your foreign trip –
- Credit cards
Though your ICICI Credit Cards allow you credit transactions, they also allow you cash advances. You can buy your tickets, book hotels and pay for any other trip related expenses using your card. Moreover, credit cards also allow personal loans. You can avail a personal loan on your credit card up to the allowed credit limit. The loan would give you the required funds for your foreign trip.
- Personal loans
Personal loans are the best solution to fund your foreign travels. They are unsecured loans which are granted for any personal or business use. You can avail a considerable amount of loan based on your income, credit score, age, work experience and financial status. The interest rate is reasonable and the repayment tenure is up to 5 years so that the loan is affordable to be repaid. In fact, there are specialised travel loans offered by many lenders for your foreign trips.
- Loan against property
A loan against property is also a personal loan which you can avail by mortgaging any property which you own in your name. Compared to credit cards and personal loans, loan against property offers you a higher amount of loan and comes with cheaper interest rates. The repayment tenure also stretches to up to 1520 years to make your monthly instalments affordable.
- Your mutual fund investments
Your mutual fund investments can also be liquidated to fund your foreign trips. Mutual funds are liquid promising your funds at the earliest. Whether you have equity mutual funds or debt mutual funds, you can liquidate them at any given time. ELSS (Equity Linked Saving Scheme) however, has a lock-in period of three years. You cannot liquidate it before that. Moreover, there might be an exit load charged when you liquidate your mutual fund investments depending on the period for which you held the fund. So, find out these details about your mutual funds before thinking of liquidating them.
- Fixed deposits
If your fixed deposits mature, you can use the proceeds to plan a foreign trip. However, you should make sure that your fixed deposits mature before you use them for a trip. If you withdraw your deposits before the specified date, you might have to incur penalty charges.
- EPF investments
If you are an employee, you must have an EPF (Employee’s Provident Fund) account in which a part of your salary is invested every month. If you do, you can withdraw from the EPF account too to take a foreign trip. Withdrawals are allowed after at least 5 years’ service has been completed. However, the tax implication of such withdrawals should be noted. Also Read:- How to Use Credit Card Smartly? These avenues help you with funds if you want to take a foreign vacation. So, if an international trip is your dream you now know how you can make it come true.