Travelling has become a must to get rid of the boredom from daily life. People with busy lifestyles, need a vacation to get out of the monotony of life but they are unable to do so due to insufficient funds.
Do not worry, you can apply for an instant travel loan to explore your dream destination. Travel loans will help you spend quality time with your loved ones without stress. Here, you will gather all the necessary information regarding travel loans.
- Eligibility for Travel Loan: Banks or lenders have several criteria for travel loan eligibility. You must fulfil all the criteria to get a successful loan. Before applying for a travel loan, individuals should go through the checklist to make sure that the required eligibilities are completed. To acquire a loan, the age of the person has to be between 24 to 60 years. Your minimum income should be Rs. 20000 or above, no matter if you are an employee of a company or a businessman. Another vital factor to get a travel loan is, they must have a 700+ CIBIL score.
- Required Documents: Most lenders approve travel loans with minimal documentation. But some crucial documents have to be submitted during the travel loan application. If you are applying for the loan, you must submit proof of your identity in the form of a voter ID, Aadhar card or driving license. For address proof, you can provide your Aadhar card or ration card. Lenders also ask for income proof, which you can give through a payslip of the last three months or your IT returns documents.
- Reason to Consider a Travel Loan: A travel loan can provide a lot of benefits that may enhance your travel experience. It is a great option for those, who are not willing to spend a lump-sum amount on a holiday trip. Also, you can apply for a travel loan if you are lacking funds and do not want to reschedule your trip. Even, people also consider travel loans to enjoy their holiday without liquidating their savings. Lenders also provide higher amounts of Rs 40 lac for a travel loan with more than 40 months of repayment time.
- Tips to Consider Before Travel Loan Application: Do online research on travel expenses such as ticket costs, food costs, hotel expenses and so on, to ensure the correct budget. You are advised to apply for a loan amount of more than 20% of the trip expenses. The interest rate starts from 10.75% for travel loans, so make sure you have estimated the amount you have to pay per annum. Before applying for travel loans, ensure that you can afford the EMI amount. The EMI must fit into your monthly budget to repay the lender easily.
- Process of Applying: Nowadays, most banks and lenders provide online facilities for loan applications. You can visit their official website and put your personal information to apply. Usually, lenders approve loan applications instantly. You can also go with the traditional process of visiting the branch office and submitting an offline application.
Conclusion
Before applying for a travel loan, check your eligibility and CIBIL score. If you are willing to go on a vacation and do not have enough funds, you must apply for a travel loan from online personal loan app. Enjoy stress-free quality time with your family by applying for a travel loan.