A travel loan is a type of unsecured personal loan taken for the specific objective of travel. Different lenders in the market offer loans for both domestic and foreign travel. These loans can have interest rates starting from 10.75 per cent with a repayment timeline of up to 6 years.
Loans taken for travel purposes have the advantage of providing an extra boost to the finance that enables more leeway while preparing the budget for the journey. A factor to consider before applying for a loan is the repayment options for the loan. Calculations must be done to ensure that the loan reparations are feasible and within the stipulated time.
Before applying for a loan used for travel purposes, there are several factors to consider before applying for a loan. To ensure a successful loan application, go through the following checklist to ensure that the required criteria is satisfied.
Lenders will also require certain official documents as proof of identity and the ability of the individual to repay the loan. The required documents vary from lender to lender, but a general document list is below.
Any individual meeting the above requirements can apply for a personal loan for travel. The loan can have the following stipulations:
Many applicants believe that travel loans can only be used to pay for ticket expenses. But the amount can be used for the tickets, hotel bookings, meals, expeditions or just sightseeing. Loans offer great flexibility in their use and management.
Travel loan online offers emergency funding for unexpected and immediate travel. The approval time for online loans can be as low as 5 minutes, and the amount can be transferred in less than a day.
Credit cards are often the go-to solution for instant cash needs. Compared to credit cards, loans are much better alternatives as they have lower processing fees and cheaper interest rates. A loan for travelling also reduces the trouble of activating a credit card for international travel.
Minimal documentation such as proof of identity, address, and employment is needed to get approval for a loan.
Loan amounts can go as high as Rs 40 lakhs with a repayment period of more than 40 months, thereby ensuring ample time for repayment.
An ordinary travel loan does not need security or collateral. There can be exceptions to this rule if the loan amount is high.
The advent of mobile computing helps expedites the loan application process without visiting branches, thereby saving countless hours of travel and expense.
Almost all modern lenders have excellent customer care services accessible from anywhere in the world for assistance. Strict laws have been put in place to ensure loan processing is as transparent as possible.
The application process is simple. All the steps can be done via the online portal or the website.
Select the loan amount. The amount can range from Rs. 1,000 to Rs. 15,00,000.s
Fill in contact details such as the mobile number and email id.
Provide employee details such as employment type, position in the company.
Furnish income details.
Fill in the bank details.
Proof of identity and other necessary documents need to be uploaded.
Ensure to supply accurate and updated information when applying for the loan. Once all the documents and information have been verified, a notification will be sent to the mobile for further processing.
Rupeezo travel loans are considered the best travel loans in India. The advantages of choosing Rupeezo over other agencies are as follows:
There is less delay in the personal loan approval process with access to multiple loan lenders in one site.
The site offers competitive interest rates starting as low as 11.9 per cent per annum.
Enhanced credibility with online loans with some of the highest approval rates.
Instant assistance from the support team on any issue.
Aggregation of lenders and receivers' details for enhanced loan transparency.
Flexible repayment options starting from 3 months up to 5 years. Open-ended repayment tenures are also available.
The importance of personal travel loans has increased in recent years. Good care and sufficient planning loans can provide the boon to transforming a holiday into a vacation.
What are holiday loans?
Holiday loans are the specific type of personal loans formulated for the holiday season. These types of loans are very easy to borrow, and also there is no need for any collateral. They are only provided during the holiday time.
Are there any restrictions on how the travel loan amount is spent?
No, the travel loan doesn't come with any restrictions. It not only covers the ticket expenses but can also be spent on accommodation, food expenses, or any other expense required. It can be used anywhere on the borrower's choice.
When will I get the travel loan amount in my account?
The travel loan comes with an option of instant loan payment. The loan will be approved within a few minutes and transferred into the account within 24 hours.
How much loan amount can I avail of a holiday loan
In a holiday loan, the maximum amount available is up to Rs. 40 lakh and the repayment tenure is from 3 months to 5 years. Different companies offer varying tenures for the repayment.
What is the repayment process for a holiday loan?
After the disbursal of the loan payment, the EMI payment by the borrower would start from the next month. There are various modes for repayment. The loan repayment could be done using post-dated cheques or cash or even through online mode.
Why is income proof necessary to avail of the holiday loan?
The income proof is necessary to avail of the holiday loan as it confirms the capacity of the borrowers to repay the loan. But if the credit score is good and there is no disparity between the job and the borrower's income, income proof is not required.
Which documents should I provide for the holiday loan
Is a holiday loan- tax-free?
No, the holiday loan is not tax-free. A GST rate of 18% is applied to all banking services.
What is the interest rate on a holiday loan?
Various lenders offer different travel loan interest rates to their borrowers. The interest rates start with 11.99% p.a. and can go up to 30% p.a.
How do you get a travel loan easily at Rupeezo in India?
At Rupeezo, travel loans can be availed easily and with flexible repayment terms. Here you will find one of the best travel loans in India. It is a leading platform that provides travel loans online through an online application process. Just fill in the details on the website or application, and the process for your loan will start. It has high approval rates, and the platform is completely safe.