All You Need to Know About Personal Loans for Travel

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All You Need to Know About Personal Loans for
Travel
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• Have you been planning a solo trip to your
  dream destination for months now, only to
  postpone it repeatedly because youre short of
  cash? If you are, dont fret there are a
  thousand people just like you, itching to go on
  their next adventure. The good news for all of
  you is that you neednt postpone your favourite
  trip any longer. A Personal Loan for Travel is
  just what you need. Its nothing but your typical
  personal loan unsecured and quickly disbursed
  into your bank account - that you can use for
  travel purposes. You can get a personal loan for
  travel and use it to cover all the expenses
  associated with your trip such as airfare,
  accommodation, shopping, food, sightseeing, etc.

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Why Should You Get a Personal Loan for Travel?

• A travel loan will help you get adequate
  funds to make your next trip a reality in the
  most straightforward and most hassle-free way
  possible. You also get to enjoy all the benefits
  associated with a personal loan. You can use the
  entire loan amount to fund your trip and repay it
  in easy EMIs. You can also set your monthly EMI
  based on your repayment capacity this way, you
  get flexibility in both usage and repayment. You
  can also apply for the loan amount you want
  without worrying about borrowing more than you
  need. And once your trip is over, you can spread
  its cost over 1-2 years (or more, depending upon
  your tenure). A travel loan, therefore, is easy
  to apply for easy on your wallet as well.

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When Should You Apply for a Travel Loan

• Its recommended that you avail of a travel
  loan if you ever find yourself in these
  situations
• You dont want to liquidate your savings (like a
  fixed/recurring deposit) for your travel
  expenses.
• You dont have enough money to make a lump-sum
  payment towards your trip.
• You're earning well enough to take out a travel
  loan and are confident of making timely
  repayments.
• You have been postponing your travel plans for
  quite some time now and don't want to wait any
  further.

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What Documents Do You Need? How Do You Know if
Youre Eligible?

• In terms of your eligibility criteria, most
  travel loans will mirror the same requirements as
  a typical personal loan. You will need to meet
  the minimum age limit (which is usually 21 years)
  and have a minimum work experience at your
  current organization (which ranges between 6
  months-1 year, depending on your lender). You
  will also have to show a minimum monthly salary,
  and most of all, a healthy credit score. Most
  travel loan lenders feel that a CIBIL score of
  750 is good, while a few others also accept
  scores of 700.

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• In terms of documentation, you will require
  Identity Proof (PAN is the most popular option),
  Address Proof (which can be your Voter ID,
  Aadhaar, Passport, or Utility Bill) and Proof of
  Income. Lenders will typically ask you to submit
  your salary slips for the past 3-6 months towards
  your income proof.

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Wrap Up

• Taking out a Personal Loan for Travel is a
  quick and affordable way of funding your next
  trip. Just ensure that you set your loan amount
  after taking every expense into consideration,
  lest you face a cash shortage while you're on the
  trip.

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