We tend to spend more than our estimated budget on travel. But with Personal Loan for Travel, you can easily manage your flight and hotel booking, activities, etc. If you have been planning for this summer vacation and need monetary assistance for the same, borrow a Personal Loan for Travel. Continue reading this article and learn more about the advantages of this loan.
What is a Personal Loan for Travel?
A personal loan can be borrowed for any financial needs as the lender won’t keep track of your loan usage. And as we all know, traveling can be expensive. So, this is a perfect reason to apply for a Personal Loan.
As you know it is an unsecured loan, so you don’t have to worry about providing your asset as a security. The lender will offer you a Personal Loan for Travel based on your repayment capacity. This is a preferred product because the rate of interest is comparatively less than a credit card. So instead of paying an interest of 2.75% per month, you can manage the expenses at an affordable personal loan interest rate of 14.00-21.00% per annum.
Where to Borrow Personal Loan for Travel?
You can borrow a Personal Loan for Travel from any bank or non-banking financial institution. To compare the offers, do take care of the following factors –
Loan Amount – You can get a maximum personal loan of INR 50 Lakh, and this may vary from lender to lender. So, shortlist the lenders who offer you the maximum loan amount. A low amount of loan won’t be adequate for your travel expenses. You can get a high amount from the lender if you have a regular income and a good credit score.
Interest Rate – An interest rate will determine your EMI payments, so if the interest is less, the EMI would be affordable. So, compare the interest rates and see which lender gives you the desired loan amount at the lowest rate.
Tenure – A long tenure is the easiest way of repaying a lump sum amount. This way, the EMI amount lowers substantially, helping you carry on with your daily expenses. So, choose a lender that offers you more time to pay off your Personal Loan for Travel.
How to Apply for a Personal Loan for Travel?
To apply for a Personal Loan for Travel, you need to follow the below steps –
- Search for the personal loan offers
- Select and offer and fill in the online application
- You’ll receive a call from the bank representative regarding the loan application
- He/she will tell you about the eligible loan offer, interest rate, etc.
- To proceed further, you need to submit ID and income proof
- After the verification of your application and received documents, the lender will start processing your loan
- And within 3-4 days, the loan will be disbursed
Note – The loan processing and disbursement period may vary from lender to lender, so do check which offers you an instant Personal Loan for Travel.
List of Documents for Personal Loan for Travel
For the loan processing, you need to submit the below-mentioned documents –
ID Proof
This will include the documents showing your name, age, etc.
- Passport
- Voter ID Card
- Aadhaar Card
- PAN Card
- Driving License
Address Proof
Submitting the following documents for authenticating your residence –
- Utility bills such as electricity, phone, TV, etc.
- Aadhaar Card
- Copy of passport
- Driving license
Income Proof
To prove your mentioned income, submit the following –
- Bank statement for the last six months, so the lender can know the money credited to your account
- Ask your employer about the last three months’ salary slip
- ITR report
- From 16
- Passbook copy
Now that you have learned about Personal Loan for Travel, take advantage of it this summer or whenever you’re planning a trip with family or alone.
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