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What do I need to do to apply for a personal loan to travel

  • Highlights

  • A Personal Loan for Travel can be an affordable way to finance your vacation

  • Check out the eligibility criteria and a quick run through of the documents you need to apply for a Personal Loan for Travel

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 process.
A Personal Loan for Travel helps you explore the destinations you’ve always dreamt of visiting, without undue financial stress. But, to ensure that you get the sanctioned amount, you must meet the eligibility criteria. You should also be able to provide the relevant documents to prove this. Fortunately, for a Personal Loan for Travel, the eligibility criteria and documents required are minimal.

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

Must be an Indian resident

1) To avail of this loan, you must be an Indian resident between the ages of 25 and 55 years. 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 in a city where the loan provider operates

To get loan approval, you must live in a city that falls under the purview of loan operators. Commonly serviced areas include:
1) Bangalore, Chennai, Coimbatore, Delhi, Faridabad, Ghaziabad, Gurugram, Hyderabad, Mumbai, Noida, Pune, Surat, and Thane.
2) Ahmedabad, Chandigarh, Cochin, Jaipur, Kolkata, Nagpur, Aurangabad, Baroda, Bhubaneshwar, Indore, Madurai, Mysore, Nasik, Trivandrum, Vijaywada, Vizag, and Trichy.
3) Calicut, Bhopal, Goa, Kolhapur, Raipur, Vapi, Jamnagar, Jodhpur, Lucknow, and Rajkot.

Must be a salaried professional

1) This criterion exists to give the lender assurance about your financial ability to repay the loan.
2) As a part of it, you are asked to submit a letter of employment along with salary slips of the past few months.
3) This helps the lender decide what amount can be provided to you via a loan. When this is in accordance with your salary, you’re more likely to be able to repay it.

Personal Loan for Travel

Must work in an 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.
3) Conversely, 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) For example, if you’re staying in Bhopal, Lucknow or Rajkot your net minimum salary must be at least Rs.30,000. But, if you’re staying in Chandigarh or Ahmedabad, this amount increases to Rs.35,000.
3) If you’re a resident of cities such as Mumbai, Pune, Bangalore, Chennai or Hyderabad, this amount is set at Rs.40,000. 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) Aadhaar card/ passport
2) Electricity bill or phone bill
3) Salary slips
4) Bank statements
5) 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 equal ease. When it comes to applying for one, understanding the eligibility criteria is half the battle won. One such loan that brings you closer to your travel dream is the Bajaj Finserv Personal Loan for Travel. This loan offers flexible tenor, attractive interest rate, and Flexi Personal Loans (a line of credit facility). Click here.

DISCLAIMER: The personal loan features mentioned in this article are subject to change, based on policy revisions. For the updated product details, please visit the Bajaj Finserv Personal Loan page here.


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