Travel Loan: Planning a trip might be hectic. Most will compromise that the greatest problems appear when determining on a budget. Do not let financial crunches stop you from visiting your favorite holiday destination.
Instant personal loans can help you incur travel expenses for your impromptu trip stress-free!
Since the Covid restrictions are easing, traveling is becoming the favorite cure for stress and boredom. Even though travelers are open to exploring and relaxing, they do not want to put a limit on their finances since the holidays are happening after a long time. People are looking forward to new options to get a relaxing holiday without worrying about expenses.
A travel loan is there to answer all these financial worries. While the concept of a travel loan is new, it is undoubtedly a quick and easy process.
You can also utilize travel loans to create memorable travel stories and explore your upcoming journeys without worrying about finances.
What is a Travel Loan?
A travel loan is a form of instant personal loan that covers your immediate financial needs for traveling. It allows a person to travel without financial worries. You can easily fund your dream trip abroad or plan domestic travel without worrying about immediate expenses. Also, these loans prevent breaking your fixed deposits or other low-risk financial savings set aside for other commitments.
Moreover, personal loans for travel are now a standard go-to for many Indians planning to travel. People no longer shy away from taking a personal loan for travel for themselves and their families. Even before the pandemic hit us, Indian travelers took travel loans to put a tick on their travel list.
Travel loans allow people to achieve and fulfill their dreams. Digital lending firms have also risen steadily in India to make this an achievable reality for thousands of Indians who had been putting their plans on hold because of the continuing pandemic.
Financing institutions allow easy and stretched repayment periods, pocket-friendly interest rates, and the option to deal digitally. It is a quick choice for taking a personal loan for travel and more.
Why Choose a Travel Loan?
- Quick and easy loan approval
With options to apply and get your documents verified online, you do not need to worry about appointments, long traffic, or even missing out on other work. The financing institutions take care of the processes while you plan your holiday.
- Eligibility criteria for a travel loan Lending institutions have transparent terms stating the eligibility criteria for a travel loan. With minimum document submission, you can get your travel loan quickly.
The documents include:
- Age proof
- Proof of income
- Also, you must fulfil the work tenure criterion as per industry standards.
- Easy and flexible repayment policy
The repayment tenure of a personal loan usually ranges from 1 to 4 years. You can choose the term as per your convenience of payment. A smaller EMI accounts for a longer repayment term and vice versa.
Things you should know before taking a travel loan
These are some factors to remember before applying for a travel loan.
- Age criteria: Age must be between 21 years and 58 years of age.
- Debt-to-Income Ratio: A monthly income of INR 20,000/- is needed to qualify for a travel loan.
- Required documentation: You must furnish proof of your age, address, income, and work tenure, in addition to passport-size photographs.
- Others: You must have a minimum of 6 months of work tenure in your current company.