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9 Things to Know About Travel Loans In India

  • Highlights

  • You can use a travel loan to pay for your tickets, accommodation, etc.

  • Only a few basic documents are required to apply for a travel loan

  • You can get up to Rs.25 lakh as a travel loan

The strong growth of Indian economy in the last decade has led to increased spending capacity. With better per capita income and easy financial options available, many people have resorted to fulfill their dreams of travelling the world.

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Additional Read: All You Need To Know About a Personal Loan For Travel

• Influence of cinema
• Fascination for foreign countries and different cultures
• Increased per capita income available for spending
• Accessibility to budget accommodations
• Easy availability of personal loans for travel
In order to get that extra push financially, you have a ready option of travel loans. These are personal loans, designed exclusively for travel purposes.
This loan can help you travel domestically or internationally for business or for personal purposes. To get you more acquainted to the concept of travel loans, here are 9 things you must know:

1. Expenses covered: Many borrowers think that travel loans will just cover the ticket expenses. But, you can use a travel loan to pay for your tickets, accommodation, food, excursions, or even sightseeing. In fact, there are no restrictions on where a travel loan can be used. A travel loan can be used to travel domestically or internationally, or both.

2. Interest rates and the finer details: With so many options available, it is prerogative to do a comparison of interest rates. Finer details like the minimum processing fee, no prepayment charges, and preapproved offers also need to be kept in mind while selecting the best option for the loan.

3. Instant loan option: Your travel can be planned in advance or immediate. But, travel loans are instant. You can get approved for a travel loan within 5 minutes and the money can reach you in less than 24 hours.

4. Better alternative to credit cards: Credit cards are great but they have certain limitations, like high processing fees, high interest rates, and lower credit limit. On the other hand, travel loans are similar to credit cards but with cheaper interest rates. A travel loan also reduces the hassle of activating the credit card for international travels.

Additional Read: 5 Reasons to Apply for a Personal Loan From Bajaj Finserv

5. Minimum documentation: Another reason, people prefer a travel loan is because it has minimum documentation. A travel loan can be availed with just a few documents like, proof of identity, address, and employment.

One more mistake that applicants often make is not keeping all their documents handy. Here’s a handy checklist of all the documents you need while applying for a personal loan.

Personal Loan for Travel | Instant Loans | Bajaj Finserv

6. Loan amount and duration: Your can get up to Rs.25 lakh as a travel loan with repayment options of up to 60 months. However, it is important to have an idea of the total expenses for the travel and know the personal loan amount that needs to be borrowed. Also, It is preferable to keep the loan repayment duration shorter, so that it doesn’t end up burdening your future investment options.

7. Unsecured loans with no guarantor: You will not be asked for any kind of security or collateral for a travel loan. Very rarely, you might get asked for collateral or a guarantor in case the loan amount is very high.

8. Online loan application: You travel loan application can be processed online, without you having to visit any branch. Now, this is not only convenient but also less time-consuming. Online applications are preferred over offline applications.

9. Post-sale service and transparency: Always opt for a lender which will provide you with best of class post sales customer service, including all your doubts clarifications 24/7 and has complete transparency with respect to every penny deducted from your loan application and account.

Travelling is a luxury everyone deserves after months of hard work in their jobs.If you feel it is the right time for you to explore the world, apply for a personal loan for travel today.

The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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