Can you apply for a Personal Loan for Travel?
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Can you apply for a Personal Loan for Travel?

  • Highlights

  • Make your vacation grander with a Personal Loan for Travel

  • Check out the eligibility criteria for applying a Personal Loan for Travel

Travelling gives you a break from your routine and helps undo all the stress you accumulate in your daily life. One way to ensure that this experience doesn’t burden your finances is by applying for a personal loan for travel. All you have to do is match the eligibility criteria. The eligibility criteria are a set of requirements that you must meet to avail a loan. It proves that you are a reliable and financially responsible citizen who can be trusted with credit.

For a Personal Loan for Travel, the eligibility criteria are basic. You can apply for this loan by ensuring that:

1. You are an Indian national

The applicant of this loan has to be an Indian national and must have evidence of nationality. You can submit proof of this in form of various documents such as an Aadhar card, PAN card, or voter’s ID.

2. You are employed and have a regular income

It is important for the applicant of this loan to have stable income and employment. As a part of the eligibility criteria,

you will be required to submit income proof in the form of bank statements and salary slips. This criterion helps lenders estimate your financial ability to repay the loan on time.

3. You are within the age limit specified by your lender

The applicant for the personal loan for travel must be 25 -55 years of age. For evidence of this, you would be asked to submit documents such as an Aadhar card or a driver’s license.

Additional Read : Find the Right Personal Loan Tenor that Works For You

4. You have a good CIBIL score

To be eligible for a personal loan, you must have a good CIBIL score. This score, denoted numerically between 300 and 900, takes into account your personal credit history, repayment habits and overall debt. It is known as your credit score, and has a huge impact on whether your personal loan application will be approved and what interest rate you will be offered. A credit score above 700 is generally considered ideal for a personal loan. If you have a low score, you can remedy the situation by paying off all outstanding debt, not using your credit card too often, and not applying for too many loans at the same time.

Additional Read : Questions You Should Be Asking Before Availing a Personal Loan

5. You submit all the documents

The applicant has to submit all the essential documents when applying. These documents include KYC documents, address proof, signature proof, and more. Their purpose is to help the loan provider assess your authenticity. They also act as proof of eligibility and provide the lender security in case the loan goes unpaid.

Personal Loan for Travel

6. You are an active taxpayer

The applicant who applies for that loan must be a registered taxpayer with the Government of India. As proof of this, you will have to submit your PAN card. This is extremely crucial, and without submitting a PAN card, there is a high chance that your loan application will get rejected.

These are the eligibility criteria that you must meet when applying for a personal loan for travel. Matching the criteria instantly increases the chances of your loan application being approved. An excellent option is the Bajaj Finserv Personal Loan for Travel. It offers attractive interest rates, Flexi Personal Loans (a convenient line of credit facility), approval in just 5 minutes, and disbursal within 24 hours.

Personal Loan Instant Approval

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