People travel for multiple reasons including relaxation, fun, adventure etc. To travel they need to shell out money to cover the costs of commuting, accommodation, food and even travel accessories.
Earlier people used to go for vacations only if they had surplus cash to splurge but not anymore. Today, travelling is not a restricted luxury. The travel loans have made it possible to go whenever and where ever as desired.
Before we delve into the details of how to apply for instant travel loan let’s see what a travel loan is.
Travel Loan
It is a type of unsecured personal loan that a person takes with the intent of travelling. With this loan, all the costs associated with travel are met. All the major banks and financial institutions offer this loan as a personal loan and some specifically as travel loan. As it is unsecured in nature, you don’t require any collateral or guarantor for it unless you are going for a higher amount. You can avail this loan from public and private sector banks in the country at reasonable rates.
How to Apply for Travel Loan?
You can apply for this loan easily both online and offline. All you need to do is to fill a simple form which contains your personal and financial details. You also need to give the loan amount and the tenure for which you want that loan. Submit this form along with the required documents which are address and identity proof. This loan being unsecured in nature doesn’t require any major documents and also gets approved quickly. If you opt for MoneyTap travel loan, the approval is instant, but you need to see if you fulfil the required criteria.
Eligibility Criteria
All banks and financial institutions have slightly different rules and regulations, but generally, they all follow these.
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The applicant should be between 23-58 years of age.
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He or she can be salaried with a monthly salary of Rs 20k or self-employed with a yearly turnover of Rs 40 lakhs.
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They approve a loan amount ranging from 10,000 to 5 lakhs depending on the repaying capacity of the individual. The loan rates generally vary between 12-20%.
Features of Travel Loan
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One can get a loan for as low as 10k and can get up to 5 Lakh in normal cases depending upon the income.
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The loan tenure also ranges between 1 to 5 years.
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The processing fee on loan is not fixed and depends on the individual banks’ terms.
What are the Benefits of Travel Loan?
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It is any day cheaper than the credit taken on credit cards which has a monthly rate of interest.
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The repayment tenures are flexible and can be chosen as per the repaying capacity or preference.
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The processing of the application is quick and hassle-free, and most of the time it is instant approval.
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You even have prepayment options available but make sure to go through its terms and conditions.
Thus, you see that travel loan is a convenient way of arranging funds to fulfil your passion for travelling.
