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All About Travel Loan

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Travel loan is the best avenue for quick online funds.Here is the complete guide about how to apply, benefits and eligibility criteria for travel loan. – PowerPoint PPT presentation

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Title: All About Travel Loan


1
ALL ABOUT TRAVEL LOAN
ALL ABOUT TRAVEL LOAN
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WHAT IS A TRAVEL LOAN ?
  • A travel loan is simply a type of Personal
    Loan that is intended for travel purposes. It can
    help cover the costs associated with your
    holiday, such as airfares, accommodation, tours
    and even new travel accessories.
  • An Unsecured Personal Loan used for travel works
    in the same way as an Unsecured Personal Loan.
    You can borrow depending on your circumstances,
    and you can choose a loan term between 1 and 7
    years.
  • The length of the loan will determine your
    repayment amount. You can choose the frequency of
    your repayments - weekly, fortnightly or monthly
    to help with your cash flow.

3
TYPES OF TRAVEL LOAN
  • Foreign travel Foreign travel loans are usually
    available for high amounts and cover travel
    related expenses such as airfare, bus/train fare,
    sightseeing, accommodation, pilgrimage,
    excursions, tours etc. Individuals can claim the
    loan amount for them and their dependents/relative
    s.
  • Domestic travel Similar to foreign travel loans,
    these are also available to individuals and their
    families as per individual criteria of different
    banks. These are generally available for a lower
    amount than foreign travel loans.
  • Senior citizens There are a few schemes
    available that cater specifically to the travel
    expenses requirement of senior citizens. These
    loans are available at preferential interest
    rates.
  • Personal loan A personal loan can also help you
    with your traveling expenses. These are Unsecured
    Loans that are offered by almost every bank in
    India. The funds from these loans can be used for
    various purposes including traveling.

4
ELIGIBILITY TO GET A TRAVEL LOAN
  • Age Must be 25 years or above
  • Income Monthly income of 25,000 or more
  • Loan amount Loan amount varies for different
    banks. Some banks offer loan up to 25 lakhs.
  • Employment 2 years of work tenure with 6 months
    in the same organisation. In case of
    self-employed, 3 years in the same business.

5
DOCUMENTS REQUIRED FOR A TRAVEL LOAN
  • Proof of identity PAN card, Voter ID, Driving
    license, Aadhaar card, Passport, Ration card
  • Proof of address Any document with the current
    address printed on it can be taken as a valid
    address proof such as Rent agreement, DL,
    Passport, Voter ID, Aadhar card,
    telephone/electricity bill
  • Age Proof Birth certificate, class X Passing
    Certificate or any other document carrying the
    Date of Birth.
  • Bank statements Bank statements of an individual
    can ensure the lender of the borrowers repayment
    capacity and personal savings.
  • Salary slips Last 3 months salary slip
    (applicable to the working class individuals)
  • Certified balance sheet This is for the
    self-employed

6
BENEFITS OF TRAVEL LOAN
  • A personal loan is a potential way to take the
    holiday you have been dreaming of without having
    to spend a lot of time building up your savings.
    Other benefits of using a personal loan for
    travel are
  • Fixed interest rate, meaning your repayment
    amounts will stay the same, making it easier to
    budget and also gives you a clear structure for
    repayment. You know exactly what your financial
    commitments are and what the set end date is.
  • Once approved the funds are generally deposited
    into your account within 5 days so you can be on
    your way pretty quickly.
  • Unlike a credit card, a personal loan gives you
    the flexibility to withdraw cash without being
    hit with a cash advance fee.
  • A personal loan allows you to spread out the cost
    of your holiday over the life of the loan.

7
THANK YOU !!
  • For More Details visit https//www.purposeloan.in
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