What Do I Need to Do to Apply for Personal Loan for Travel

Must be a Salaried Professional

1) This criterion highlights your financial ability to repay the loan.
2) As a part of it, you are asked to submit the letter of employment along with salary slips of the last two months.

This helps the lender decide the loan amount that can be offered to you. When this is in accordance to your salary, you’re more likely to be able to repay it.

Must Work in MNC, Public or Private Company

1) When you apply for the loan, you must be employed. You can be working at an MNC, public or private limited company.
2) This criterion shows that you have job security and will be able to make payments in a timely manner throughout the tenor.

Besides, there is risk associated with extending a loan to an unemployed person. The lack of stability and income makes the applicant a high-risk one.

Must Meet Minimum Salary Requirements

1) To ensure that you’re able to repay the personal loan, lenders have a minimum salary requirement that you’re expected to meet. This varies from city to city.
2) In addition, your city of residence should be one of those in which loan provider operates.

For example, if you’re staying in Bhopal, Lucknow or Rajkot, your net minimum salary must be at least Rs.25,000. But, if you’re staying in Kolkata or Ahmedabad, this amount increases to Rs.30,000.

If you’re a resident of cities such as Mumbai, Pune, Bangalore, Chennai or Hyderabad, this amount is set at Rs.35,000. Ensure that you meet this basic requirement before you proceed with your application.

Here is a quick run through of all the documents you will need:
1) KYC documents
2) Salary slips
3) Bank statements
4) Letter of employment

Whether it’s a cross-country biking trip across Europe or a spa retreat in Istanbul, a personal loan for travel helps you finance all kinds of travel adventures with ease. When it comes to applying for one, understanding the eligibility criteria and fulfilling them can help make the entire process of availing the loan convenient. One such loan that brings you closer to your travel dream is the Bajaj Finserv Personal Loan for Travel. This loan offers convenient tenor, attractive interest rate, and the flexi facility.