As per reports, there is a massive growth in the personal loan domain. Out of the total growth, around 55% of personal loans are availed to fund travel. Financial institutions and NBFCs offer such travel loans in India at affordable interest rates to better cater to this growing demand.
Why personal loan for travel?
Personal loans are easy to access and do not hold the requirement for extensive paperwork. You can conveniently apply for such advances on the official website of your lender by submitting specific documents to put forth your personal and financial details.
Personal loans offer a substantial amount and come with multiple tenor options to help borrowers repay easily after completing your travel itinerary. Also, this travel finance loan does not require any collateral or security and can be availed if you have financial stability.
Given below are some of the facts that you should know about travel loans in India before applying, such as –
Benefits of travel loans
- Instant approval: As travel loans are a variant of personal loans, you can easily avail a credit. Top lenders can approve your application in the shortest possible time.
- Faster disbursal: After you comply with all the formalities of your lender and have submitted the required documents, your loan can be disbursed within 24 hours after approval.
- Minimal documentation: You will have to submit minimum documents while you avail a travel loan. The documents that you are required to provide are –
- KYC documents like Aadhaar card, PAN, voter ID, passport, driving license, etc.
- Address proof such as ration card, water bills, electricity bills, gas bills, telephone bills, etc.
- Income proof like account statements, income tax returns, salary slips, etc.
You will also have to provide your passport-sized photographs and employee ID card along with the above-mentioned documents.
4. Relaxed eligibility criteria: To apply for a personal loan to travel, you are required to meet its eligibility criteria, such as –
- Hold a credit score of 750 or above.
- Have a regular source of income and financial stability.
- Hold a clean credit record.
- Be a resident of India, residing in any of the cities where your lender operates.
- Additionally, you are required to be between 23 and 55 years of age to meet the travel loan eligibility.
5. Substantial loan amount: You can avail a considerable personal loan of Rs. 25 Lakh depending on your financial stability and requirement.
How to get a travel loan?
You can apply for a travel loan on the official website of your lender. On the official website, fill an online application form with your financial and personal details. After your application is approved, a representative of your lender will visit you to collect the requisite documents. Once your documents are verified, the loan amount will be sanctioned and transferred to your account.
Where to find such loans?
You can avail such advances from various financial institutions including who provides Personal Loans for Travel at attractive interest rates against minimal documents. other than easy EMI facilities, prolonged tenor, substantial loan amount and other lucrative benefits.
Avail a personal travel loan by complying with the lender’s eligibility criteria and documentation requirements. Make sure you have a CIBIL score around or above 750 to enjoy the best interest rates other than additional repayment-friendly features.