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The Ultimate Guide to Get a Personal Loan for Travel

  • Highlights

  • Select the travel destination and budget for the trip

  • Research online for best deals and discounts

  • Identify funds required and select a suitable financing option

  • Fulfil the eligibility criteria and submit necessary documents

Traveling is usually associated with relaxation, however planning your finances for the trip can be stressful. After all, you need funds to book tickets, pay for hotel expenses, and all entertainment costs associated with your trip. In case you are falling short of finances during the planning or fear falling short of it during the trip, you can apply for a personal loan for travel.

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A personal loan for travel is a customised loan offering designed keeping enthusiastic travellers and tourists in mind. It helps you get access to all the funds you need for travel with a repayment tenor to suit you. The following guide helps you understand the process to follow while you go for an instant personal loan and will also boost your chances of approval.

Here are some steps to follow when applying for a personal loan to fund travel:

Additional Read: 4 Reasons For Personal Loan Rejection And How To Avoid Them

1. Choose a vacation spot and a budget

The first thing for you to do is to pick a destination. You can do this by researching online or take help of friends and family. Once you have pinned down your destination, the next important step is to come up with a budget for the trip. This will help you decide the places you can visit and the things you can do on the trip. Setting a tentative budget will also help you plan a holiday within your means.

2. Look for the best deals and discounts

Once you have selected your destination, research online for the best deals and discounts on hotels, rental cars, food, and sightseeing. In some cases, buying a ticket to a museum or a popular tourist spot online works out to be much more economical. To make the process smoother, you can visit hotel and flight booking aggregators. These websites provide you with discounts, packages and economical combos. You can then compare the various offers and select a deal that offers affordable stay, meals, sightseeing and an itinerary.

3. Organise your finances

After you have narrowed down on a feasible package or planned your trip in detail, it is important to organise your finances. This is the time for you to think about how much you want to borrow and initiate the process of applying for a personal loan for travel. Think about your monthly income, your savings and your investments to see how you can pay off your travel loan easily and in a stress-free manner.

4. Review the market and select a loan

After organising your finances, you need to do some research on lenders and see which provider is offering you a loan at the best terms. Take time to browse through loan providers’ website and use a personal loan EMI calculator to see which loan is the most affordable to you. It is important to make a list of various interest rates and then select a lender with the best terms. Once you have done that, go through the eligibility criteria.

Personal Loan for Travel | Instant Loans | Bajaj Finserv

5. Ensure you match the eligibility criteria and documents

The eligibility criteria vary from lender to lender, but generally, it is a set of uniform requirements. For example, only Indian residents between 25 and 55 years of age are eligible to apply for a personal loan in India. Apart from this, the applicant also has to submit a range of documents like his/her Aadhar card, PAN card, bank statements, salary slips and more.

Ideally, you should pick a lender whose requirements aren’t lengthy, who allows you to apply online, and gives you fast approvals. It is also a good idea to check your credit score and ensure that it is over 750 to get a low interest on your loan. If your score needs to be improved, you can set aside six months to repay all your existing debt and then apply for a personal loan.

Additional Read: Know How CIBIL Score Is Important for Personal Lending

6. Apply for the loan and wait for approval

Once you have matched the criteria and are ready with all the documents, you can apply for the personal loan for travel. Simply fill the online application form, submit your documents, and await approval. Once your loan has been approved, the amount will be credited directly to your bank account.

A personal loan for travel ensures that you are not only prepared for a lavish holiday, but also get prepared for any additional costs that may crop up. Make your vacation truly stress-free by applying for the Bajaj Finserv Personal Loan for Travel. This loan gives you benefits such as a flexible tenor, affordable interest rates, and money in the bank in just 24 hours.

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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