You may have often thought of escaping to a beautiful destination for taking a much-needed break from the monotonous life. But you may have had to postpone the plan because of the lack of funds. Well, don’t let the expenses hold you back as now you can opt for a Personal Loan for Holiday. Yes, you read that right.
Many top banks and NBFCs (Non-Banking Financial Companies) offer a Personal Loan for Holiday at attractive interest rates. These loans come with simple eligibility criteria and minimum documentation. What’s more? The entire application process is online with your loan getting approved in a quick turnaround time.
To know more about Travel Loan, read this article further.
What is Travel Loan?
A Travel Loan is a type of Personal Loan specifically intended to be used for financing travel expenses, such as airfare, hotel bookings, and other travel-related expenses. These loans are unsecured; thus, borrowers do not need to provide any collateral to secure a loan. A Travel Loan’s interest rates may differ from one lender to another. So, you can compare different lenders online to find the lowest Personal Loan interest rate.
Why Should You Take a Personal Loan for Holiday?
Travel Loan provides affordable financing along with instant access to funds. Following are some of the top reasons why should you opt for it:
- Easy Application Process: Many lenders allow borrowers to apply for Travel Loans online, making it convenient for them to apply for a loan from anywhere at any time.
- Quick Approval and Disbursal: Travel Loans can be approved and disbursed quickly, allowing borrowers to plan and book their travel without delay.
- Competitive Interest Rates: Some top lenders offer a Travel Loan at competitive interest rates, making it more affordable for borrowers to finance their travel expenses.
- High Loan Amounts: Lenders offer a high loan amount, allowing borrowers to cover their various travel-related expenses in a hassle-free manner.
- No Collateral Requirement: Travel loans are unsecured, which means they do not require collateral to be held as security.
- Multiple Repayment Options: Personal Loan for Holiday comes with a flexible repayment tenure that usually ranges from 12 months to 60 months. Borrowers can choose the repayment tenure as per their repayment capacity.
- No Restriction on Usage: Travel Loans can be used for a wide range of travel expenses, from airfare and lodging to car rental and other travel-related activities.
- Helps you Plan Your Travel in Advance: Travel Loans allow you to plan your travel in advance as you can have the finances ready even before you plan your travel.
Travel Loan Eligibility Criteria
Travel Loan comes with simple eligibility criteria that may differ from one lender to another. However, the common eligibility for these loans is listed below:
- You must have Indian citizenship.
- You should be in the age range of 24-58 years to opt for this loan.
- You must be a salaried employee at selected private limited companies and public sector undertakings (including central, state, and local bodies).
- Your monthly salary should be ₹40,000.
- You must have had a job for at least 2 years, with a minimum of 6 months with the current company.
Documents Required for Travel Loan
You don’t need to worry about the lengthy documentation process as most lenders provide Travel Loans with very minimal documentation. However, some of the important documents must be submitted while applying for Travel Loans. Some of these Travel Loan documents are listed as follows:
- PAN Card/ Aadhaar Card
- Address Proof – utility bills/rent agreement/passport
- Latest salary slip
- Last 3 months’ bank statement
- Official Email ID confirmation or Employee ID Card
Please note that this list is indicative. Lenders may ask you to submit some additional documents at the time of loan application.
Conclusion
Availing of a Personal Loan for Holiday can be a good way to turn your travel dreams into a reality. You can cover all your travel-related expenses with this loan without dipping into your savings. But before you apply for it, it is always recommended to check the terms, interest rates, and fees of the Travel Loan from the lender to find the best possible deal. Once you get the best deal, it is time to pack your bags and head to your dream destination.
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