Travel first and pay later in Corona period, but keep these things in mind – News18

New Delhi. For months, people imprisoned in their homes are desperate to roam, but some are being stopped by the financial crunch that has arisen at the time of lockdown. To capitalize on this opportunity, tourism companies have started special offers. In view of the tightness with the people during the Corona period, companies are giving offers like roam first and pay later.
Thomas Cook India and SOTC Travel have launched ‘Holiday First, Pay When You Return’ scheme to entice people. In this you can pay after returning from excursion. For this, Thomas Cook has joined hands with NBFC company Sankash. News18 has gathered information about similar offers for its readers. Also know whether taking these offers will be beneficial for you?
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Rs 1,000 to Rs 10 lakh loan will be available for roaming

Customers have to first choose a travel package on Thomas Cook or SOTC Travel and then apply to Non-Banking Financial Company (NBFC) Sankash. After checking the eligibility of the customers, it will be decided how much loan can be given to them. According to SOTC Travel, loans from Rs 10,000 to Rs 10 lakh are sanctioned to the customers depending on their ability to repay.
After returning from the journey, the installation starts from the next month

Sankash asks customers for PAN, Aadhaar, three months bank statement, salary slip or two years income tax return from businessmen. The loan amount is decided by looking at this. The monthly installment or EMI starts from the fifth day of the next month after returning from the journey. If you repay the entire amount before that date, then no interest will be payable. The loan can be made in installments of 3, 6, 9 or 12 months. The interest rate will be 1 percent every month. 3 per cent for 3 months and 6 per cent for six months.
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It would have been better to take a loan to buy goods or travel
According to financial experts, taking an education and home loan is considered a good loan. This is because it improves your standard of living. As far as buying goods or traveling is concerned, taking a loan for this is not considered good. In these times of crisis, do not take loans which are not necessary at all. Sanket Yadav, the financial planner of Delhi told News18 that if you have to take a loan to roam, then first understand its meaning. It simply means that your financial condition is not good. If you plan to travel, then save through a recurring deposit or SIP (Systematic Investment Plan) for the first one year. Then go around with this money.
Take the risk only if the scheme is cheaper than a personal loan
BankBazaar CEO Adil Shetty told that take full details of loan period, interest rate etc. Then, compare it with a personal loan or credit card. Only take the risk if it’s cheap. It is worth noting that the interest rate on personal loans starts from 8.95 percent and can go up to 20 percent. By the way, the monthly installment of credit card can be repaid sooner than personal loan but the interest rate on it is higher.

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