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

  • Highlights

  • Finance your vacation with a personal loan for travel

  • Find out the cities in which loan provider operates

  • Fulfil the eligibility criteria and submit the right documents

  • Apply online to get a quick approval and disbursal

A personal loan for travel helps you explore the destinations you’ve always dreamt of visiting, without undue financial stress. However, to avail the funds without any hassle, you must meet the eligibility criteria. You should also present the relevant documents to prove this. Fortunately, for a personal loan for travel, the eligibility criteria and documents required are minimal.

Before you fill out the application form, ensure that you meet the eligibility criteria and have all your documents ready. This will help you sail through the loan application and verification process.

Mentioned below are the boxes you need to check, if you’re considering this loan to finance your next holiday.

Must be a Residing Citizen of India

1) To avail this loan, you must be an Indian resident between 25 and 55 years of age. Documents such as your Aadhar card, driver’s license or your passport are proof of this.
2) Additionally, as a proof of residence, you will have to submit your telephone or electricity bill.

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.

Personal Loan for Travel

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.

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Plan your next vacation at a moment's notice with a Bajaj Finserv Personal Loan