Travel Loan: Traveling to the place of your choice is everyone’s dream, whether you are planning to travel for summer vacation, or are planning for a vacation. But due to lack of money, you have to cancel your travel plans.
If you are not able to plan a vacation just because of lack of money, then friends, we are going to tell you how you can travel internationally in the country and abroad with the help of travel loan, what documents do you need to take a loan. We are going to give you all this information in this article and in which way you will apply.
What is Travel Loan
Travel Loan is a loan in which banks or finance companies give you money in the form of a loan for traveling expenses. Through this loan, you can travel to any place of your choice with your family for summer vacation or can also go on international tour.
Often people have a dream of traveling abroad, there are only a few people who are able to fulfill this dream. But now this dream of yours is offered by some banks and many finance companies now in the form of travel loan.
Travel loan is also similar to personal loan, this loan can be availed from ₹ 3000 to ₹ 10 lakh through some banking websites and online apps.
Travel loan has interest rates like a personal loan, EMI facility is also available to repay the loan. There is no need to mortgage anything to take this loan.
You can apply for the loan either online or offline. It depends on your credit score that how much loan will be given to you.
You can take travel loan both online or offline, you can apply online very easily through ICICI bank and HDFC bank in which you get loan at very low interest rate, to take loan you have There are some required documents, it is necessary to have the eligibility criteria which are as follows:
You get a travel loan just like a personal loan, but for this you need to have some necessary documents. Most of these documents are the same, which you have to submit for availing any other type of loan as well. which is like this:
1. For Proof of Identity – Aadhar Card, Passport, Voter ID or Driving License, PAN Card.
2. Address Proof: Telephone Bill, Ration Card, Passport, Driving License, Electricity Bill, Aadhar Card.
3. Income proof: Bank account statement, salary slip.
5. Ticket Booking
6. Travel Plan
7. Details of Accommodation
Usually travel loans are given to job people, self employed and business people, this new product has been launched by some banks and finance companies, which many people are taking advantage of. The criteria for this loan are as follows:
1. Applicant’s age should be at least 21 years.
2. If you are self employed or you do job then you should have been employed for at least 6 months.
3. Your credit score should be more than 700 you can get good loan.
4. The income of the applicant should be at least Rs.20,000 monthly.
5. The applicant should already be a customer of the concerned bank.
Travel Loan Interest Rate
The annual interest rate of travel loan starts from 10.75% to 12%. This may vary depending on the bank/loan institution. Through the digital process, you can apply very easily through ICICI Bank and HDFC Bank.
Keep in mind: To know the interest rate of travel loan, you can find out about the interest rate through the website and apps of the bank / loan institution and by talking to the customer care.
You can use EMI Calculator to know the monthly installment.
Travel loan interest rates depend on several factors such as:
1. Loan amount
2. Credit score of the applicant
3. Repayment capacity of the applicant
4. Time Duration
Some important Essentials:
Interest Rates: 10.75% p.a. onwards
Loan Amount: Rs. up to 40 lakhs
Time period: Up to six years
Processing Fee: Up to 4.13% of the loan amount
For example, suppose if your monthly income is Rs.20,000 and you want to take an Instant Travel Loan for 3 years on which the current interest rate is 10.99% per cent, then you can easily get an instant loan of Rs.3 lakh. In this, the monthly installment of your loan will be ₹ 9,820 per month.
How to get Travel loan at Home
To get a travel loan sitting at home, you can get a loan from 1 lakh to 10 lakh rupees through some banking websites, such as (ICICI Bank and HDFC Bank, Tata Capital, Axis Bank).
How to Apply for loan online
You can apply for HDFC Bank travel loan both offline and online.
To apply online, visit the HDFC Bank website and click on ‘Personal Loan’ given in the ‘Apply Now’ option.
If you are a customer of the bank, then apply for the loan with the help of your customer ID. If you are not a customer of the bank, then you have to submit your mobile number and basic details, a verification call will come from the bank, you have to tell the correct information.
After the loan is approved, you will get it in the bank account immediately.
Note: To apply for travel loans, you must have the necessary documents like ID proof, address proof, bank statement of last 3 months and latest salary slip etc.
How Much will you get Travel Loan Min to Max
Nowadays travel loans can be taken by some online apps, websites, from a minimum of 3000 rupees to a maximum of 10 lakh rupees. This loan can be given by banks, finance institutions.
Note: Generally, this loan is available like a personal loan, in such a case, the person concerned should also have information about travel insurance, ticket booking, travel plan, accommodation details.
How Many Days is the Travel loan to be Paid?
Travel loans is generally a short tenure loan, you can deposit this loan over a period of 6 years, for which the annual interest rates and processing fees vary.
Keep in mind: The longer you take the loan, the more your loan installment will decrease. But it is not beneficial. Due to which the interest rates become higher.
Remember: Before taking a travel loans, you have to plan where you are going to visit and how much money is going to be spent, you can take 30 to 40 percent of your salary as loan amount so that you can pay that amount able to do it on time.
Who Gives Instant Travel Loan
Travel loans are provided by some banking websites and some online apps which are as follows:
- ICICI Bank
- MoneyTap APP
- Tata Capital
- SBI Bank
- HDFC Bank
- Kraditbee APP
Note: In addition to the website and banks mentioned above, you can take a loan according to you, from where you can get a loan at a low interest rate.
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I hope that today’s post has proved to be helpful for you, in which I have told you all the information related to instant travel loan. You can follow us on social media platform for new updates.