As a couple, do you want to spend quality time together at the beautiful beaches of Maldives, a renowned tourist destination worldwide? Start planning your finances so that you won’t feel burdened even if you have to take a personal loan for Maldives.
Witnessing such a magnanimous travel experience requires spending on flights, accommodation, and, of course, the beautiful sights over there. We’ll share details regarding all of that, and how a personal loan can help you fulfil your Maldives expedition. Keep reading!
Read Out the Famous Sights Before Planning a Personal Loan for Maldives
Glowing Beach
Glowing Beach is a paradise for the beach lovers around the world. Couples all over visit this picturesque location to spend time together. The beach is located on Vadhoo Island in Raa Still. It’s a place where you can dive into recreational activities such as snorkelling and scuba diving.
Veligandu Island Beach
Veligandu Island Beach presents couples with opportunities to hang out and indulge in games such as scuba diving, banana boat riding, parasailing and jet skiing. Located in North Ari Atoll, it’s one of the most preferred sights in Maldives.
Bandos Island
A marine life lover? You will surely like the experience at Bandos Island replete with white sand and marine life.
Elaborating the Cost of a Trip to Maldives
The cost of a trip to Maldives from India involves expenses on flights, accommodation, food, water sports activities, and travel within Maldives.
Check Out the Flight Costs from India to Maldives
Round-trip flights to Maldives from the top tier Indian cities such as New Delhi, Mumbai, Kolkata and Bengaluru can cost up to INR 30,000-50,000 per person. In a family of four, the flight cost will be INR 2,00,000.
What’s About Accommodation Costs?
Hotel accommodation costs can vary based on budget to luxury options. Budget hotels can come at a cost ranging from INR 10,000-20,000 per night. Whereas mid-range hotels cost you around INR 20,000-50,000 per night. And if you opt for a luxurious hotel, be ready to spend around INR 1-1.5 lakh per night. So, if you choose the mid-range accommodation option, your total cost for a 4-day stay will be INR 80,000-2,00,000.
How Much Will You Have to Pay on Water Sports Activities in Maldives?
Indulging in water sports-related activities can cost you approximately 5,000-15,000 per activity per person. So, with four individuals, the cost rises to INR 20,000-60,000.
The Cost of Travelling within Maldives
You can travel within Maldives via domestic flights or speed boat transfers. While domestic flights can cost around INR 10,000-20,000 per individual, speed boat transfers cost around INR 5,000-15,000 per individual.
Choosing the speed boat option is economical compared to flights. With a speed boat, your travel cost will come to around 20,000-60,000 per incident. If you travel to three islands, the cost will be INR 60,000-1,80,000.
Food and Miscellaneous Expenses in Maldives
There are many local restaurants and resorts where you can have a meal. Local restaurants can offer meals at around INR 2,000-3,000 per individual. Meals at resorts can cost you around INR 5,000-7,000. So, if you prefer dining at local restaurants, you will end up spending INR 32,000-48,000 for four days. Add another INR 40,000 towards miscellaneous expenses.
So, How Much Personal Loan for Maldives Will You Require?
In case you don’t have spare savings, you will likely require a personal loan worth up to INR 7.5 lakh after adding all the expenses mentioned above. The loan will spread in Equated Monthly Instalments (EMIs) over a period ranging from 1-5 years. Some banks can extend the loan tenure to up to 6-7 years.
The bank will set personal loan interest rates based on your income, credit score, repayment potential, and existing debt obligations, if any.
Imagine you are sanctioned with a personal loan for Maldives i.e. INR 7.5 lakh at an interest rate of 15% per annum for five years, the EMI will be INR 17,842. Over five years, you will pay interest worth up to INR 3,20,547.
Remember one thing, you will not be disbursed the entire 7.5 lakh to your bank account as a loan. The bank will debit a processing fee of around 1%-2.50% of the loan amount + 18% Goods and Services Tax (GST).
Imagine the processing fee is 1.50% of the loan amount + 18% GST. In absolute numbers, the processing fee is INR 13,275. The bank will debit this from your loan amount i.e. INR 7,50,000 and disburse INR 7,36,725 (7,50,000-13,275) to your bank account. The EMIs, however, will be charged on the applied loan amount i.e. INR 7,50,000.
Documents Required for a Personal Loan for Maldives
Submit the following documents for a hassle-free personal loan approval and disbursal.
Identity Proof – Any of PAN Card, Aadhaar Card, Voter ID, Driving Licence, Passport, Birth Certificate or Any other Proof
Address Proof – Any of Aadhaar Card, Voter ID, Driving Licence, Passport, Utility Bills
Income Proof – Salary Slips for the Last Three Months, Latest Three Months’ Bank Statement
A Recent Passport Size Photograph
Summing Up
Don’t let your travel wish be a wish alone! Fulfil it with the best personal loan online. Just compare interest rates, loan amount eligibility and several other details, and you are done! For more updates, keep following zarooribaathai.in.
