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All About Travel loans and its Type

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Date added: 10 April 2019
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Title: All About Travel loans and its Type


1
TRAVEL LOANS
2
WHAT IS TRAVEL LOAN?
  • Travel loans are nothing, but personal loans
    taken for the specific purpose of travelling.
  • Travelling is a highly desired activity, many
    people often avoid or postpone it due to shortage
    of funds. Travel loans are now offered by many
    popular lenders in the market so that money is
    not a hindrance when it comes to taking your
    dream vacation.
  • Most lenders in the market provide travel loans
    for both domestic and foreign travels.

3
TYPES OF LOANS
  • 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/relatives.
  • 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
ELIGIBILITY TO APPLY FOR TRAVEL LOANS
  • 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 organization. In case of
    self-employed, 3 years in the same business.

5
DOCUMENTS REQUIRED FOR TRAVEL LOAN
  • Proof of identity PAN card, Voter ID, Driving
    license, Aadhaar card,
    Passport, Ration card .
  • Proof of address Any document with current
    address printed such
    as Rent agreement, DL, Passport, Voter
    ID, Aadhar card,
    elephone/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
TIPS TO REMEMBER BEFORE APPLYING FOR TRAVEL LOAN
  • Estimate your travel expense Once you finalize
    the destination,
    estimate your total expense including your
    tickets, accommodations
    and local travels as it will give you an idea
    that how much amount you
    need to borrow from the bank. . A friendly advice
    is to borrow as per your needs, not beyond
    your limits.
  • Keep an eye on credit score While you are
    applying for a travel loan, make sure you have a
    good credit score. It provides quick approval.
  • Compare the interest rates Though the interest
    rate on travel loans are slightly low as compared
    to other loans, but it is advisable to check the
    rates provided by different lenders, so as to get
    the best deal.
  • Loan duration Make sure the repayment tenure
    that you select is as per your convenience,
    neither too short nor too long.

7
BENEFITS OF TRAVEL LOAN
  • Collateral-Free A personal loan for travel is
    collateral-free. Mortgaging legal assets is not
    required. Hence, it is also known as an unsecured
    loan.
  • Hassle-Free There is no need to visit any banks
    or NBFCs to Get a Personal Loan. A travel loan is
    just a click away. Apply online and get your
    money within few hours.
  • Minimal Documentation With the advent of digital
    technologies, financial institutions
    now ask for very few documents. Now
    with one or two documents you will be able to
    avail yourself with a travel
    loan.
  • Fixed Interest Rate The repayment amount rate
    will stay the same.
  • Flexible Loan Tenure You can choose from a loan
    period of 1 to 5 years to repay
    the loan(differs from bank to
    bank).
  • Quick Disbursal Once approved, the loan amount
    will be deposited to your bank
    account within 24 hours.
  • Multiple Repayment Options You can repay the
    loan through EMIs
    using various methods.
    Such as Post-dated Cheques (PDCs), ECS or

    through online debit of EMIs using net banking.

8
For More Details visit https//www.mymoneystore.in
/travel-loan
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