Planning to travel, why to delay? Book your tickets now! Visit your dream place, get a selfie and create a memory. Why think so much when you have travel loan easily available, apply now!
Also known as a holiday loan, it is personal loan offered to bear your travel expense. Pack your bags and don’t wait till your bank account has sufficient balance. The entire amount is disbursed to the account to be used by the borrower at the time of need.
Why take a travel loan?
Travelling is a passion for some that know no bounds. To manage unplanned travels, you need enough funds to accommodate airfares, lodges, food and other expenses. Travel loans come to rescue for such expenses. It is always wise to take such loans with a plan to repay to deal with immediate expenses without facing any troubles. If you plan for international travels in advance the planning has to be a few years before so that accordingly you maintain a bank balance. As a result, it affects your day to day expenses leading to frustration and anger. It is always wise to look for such offers that can help you sail through the critical time. So don’t worry, be happy.
Eligibility criteria of personal loan for salaried and self-employed are quite similar. Different banks have different offers. The parameters might differ but more or less they cater to the same needs.
Age: Must be 25 years or above
Income: Monthly income of 25,000 or more
Loan amount: Loan amount varies for different banks. Some banks offer loan up to 25 lakhs.
Employment: 2 years of work tenure with 6 months in the same organisation. In case of self-employed, 3 years in the same business.
All the above-mentioned numbers are subject to variation depending on the terms and conditions defined by different banks. It is always wise to investigate the market and seek an option that fits best to your needs.
Following documents are required to avail a travel loan.
|Proof of identity||Voter ID, Passport, Driving licence||Voter ID, Passport, Driving licence|
|Proof of residence||Electricity bill, passport, telephone bill, Aadhar card||Electricity bill, passport, telephone bill, Aadhar card|
|Bank statements||3 months||3 or 6 months|
|Salary slips||Last 3 months||Certified income|
|Employment proof||Employment certificate, 2 year continuity document||Continuity of business document|
Most of the documents have been stated above still ensure you have the below-mentioned documents before applying for a personal loan.
- Photo ID proof
- Address proof
- Passport size photo
- Duration of job proof
- Income proof for self-employed
- 6 months bank statement
Features and benefits
- Use freely
- Travel loans can be used anywhere. It caters to all travel related expenses. The amount gets disbursed in the account and it can be used as and when needed.
- The amount taken on loan doesn’t take any asset or possession for your things, it is given on the basis of your employment history and monthly income.
- Easy repayment and low EMIs
- Most of the banks have easy repayment options. Depending on the tenure of your loan, monthly EMIs can be decided respectively. You can choose the repayment options to make the process easy.
- Friendly duration
- Duration of the amount is quite flexible and depends on the amount borrowed. More amount is subject to longer duration whereas a small amount can be repaid in a year.
- Fast approval
- Travel loans get easy approvals with a few documentation. The loan amount gets disbursed once the verification is complete.
- Interest rates
- Travel loans are offered on low-interest rates but there are other factors that decide the interest rate. Usually, interest rates vary from 11 % to 20%. Choose the best interest rates available.
- Checkpoints before taking a loan
Estimate your travel expense
It is important to estimate your travel expense. Choose your destination, evaluate the ticket and total trip budget including local travels, accommodations, food, etc. Keep some amount available apart from that estimated for some uncalculated expenses. Apply for the loan now as you have the estimated amount with you, therefore, not taking the extra amount and exceeding limits.
Ensure that you have all the basic documents ready before applying for a loan as it would save your time.
Have a backup plan before taking a loan as you must have repayment plan ready before even applying for a loan.
Choose a tenure that is comfortable enough to complete the repayments. Don’t make it so short that you are unable to adhere to it.
Terms and conditions
Be aware of every term and condition before applying for a loan. There might be some points that you would not have paid attention to but they are points to be known.
Know each component of your EMI in detail since there are several other charges like processing fee, late fee, pre-payment charges, etc. You should not be under any disguise.
Every offer is available in the market since there is a demand, as a borrower you must be aware of your needs and must only borrow when there is a need and also a back-up of repayment. Live a stress-free life!