Let's explore adventure sports loans in India
What's the story
The surge in popularity of adventure sports in India has created a new demand: people want loans to do expensive stuff. From catching thermals paragliding in Bir Billing to exploring coral reefs scuba diving in Andaman, the price tag can add up quickly. This article navigates the world of adventure sports loans in India, providing insights on how enthusiasts can finance their adrenaline pursuits without emptying their wallets.
Basics
Understanding adventure sports loans
Adventure sports loans are tailor-made financial solutions for thrill-seekers planning to indulge in adventure sports. These loans encompass various expenditures such as travel, equipment purchase, and training costs. Offered by banks and nonbanking financial companies, loan amounts range from ₹10,000 to ₹500,000, and repayment tenures span six months to four years.
Criteria
Eligibility and application process
Eligible applicants for adventure sports loans are Indian citizens between 18 and 60 years of age with a steady income. The application process requires the submission of identity proof, income proof, and details of the adventure activity you intend to undertake. The approval process may take some time, typically ranging from one week to 10 days.
Financing
Interest rates and repayment options
The interest rates for adventure sports loans in India typically range from 10% to 16%. The rate depends on the lender's discretion and the borrower's credit profile. Repayment options are convenient with equated monthly installments (EMIs), flexible tenure options, and prepayment facilities. There is no penalty for prepayment after a certain period, enabling borrowers to plan and manage their finances more effectively.
Selection
Choosing the right loan product
When choosing an adventure sports loan, you should compare different lenders by looking at interest rates, how much they're willing to lend, if they offer flexible repayment options, and whether they have extra fees or charges. You should also check customer reviews and the reputation of the lender before you decide.
Strategy
Tips for successful loan application
To maximize your loan approval odds: keep your credit score high; be thorough in documenting your planned activity; choose a shorter repayment term if you can afford it; and apply with a co-applicant if applicable. And, being honest about your financial circumstances can also help tip the scales in your favor.