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Personal Loan for Travel/Vacation
The need to travel or go on a holiday has taken on various aspects: It may be within the country or to other parts of the world, it could be for sightseeing, a cruise on a luxury vessel, adventure holidays, to see the wonders of our country & the world, for.
What was earlier a dream for many is fast becoming a reality with the fast mode of travel & communications, availability of infrastructure encourages one & all to travel & go for a holiday.
Travel today has become a booming industry. Travel agents now advertise various travel & holiday packages available for all kinds of holidays to suit every budget: tour operators offer group packages to popular destinations.
For individuals who want to go on a vacation & have a financial constraint taking a Personal loan is the answer.
Why take a Personal loan for Travel?
As the saying goes when travelling half your luggage & double your money, thus make sure you have the extra funds at hand so that you can enjoy your holiday to the fullest. If the current income does not permit you the opportunity to travel or take your family for a vacation, a personal loan is best suited to your needs:
- The funds received via a Personal for travel can be used for any travel-related expenses such as the purchase of tickets, paying accommodation or sightseeing & other miscellaneous costs.
- A personal loan is an unsecure loan forwarded without any security or guarantees, loan amount are given as per the eligibility of the applicant & the Banks discretion for the purpose of travel.
- The rate of interest charged for a personal loan is reasonable & charged at a monthly reducing balance.
- The Personal loan for travel can be repaid easily via monthly installement for the tenure applicable, if an applicant has surplus funds, a partial payment can be made against the loan amount or the loan can be prepaid & closed before the expiry of the tenure.
- The process for acquiring a personal loan is convenient, with easy documentation & quick disbursal of funds.
How to go about securing a Personal loan for Travel
- Plan your holiday, the travel details, the holiday/travel destination, accommodation, costs for the same, other expenses required for food, sightseeing & having a good time. Make a budget for the total cost involved, the savings & funds available at hand: apply for a Personal loan for the amount required over & above.
- Check & update your CIBIL to check your score & confirm the eligibility for the loan amount needed.
- Appraise the current offers available from leading banks & NBFC’ S for offers & discounts available for rate of interest.
- Keep documentation required for processing of a Personal loan ready & updated as the smooth processing of a Personal loan is based on submitting clear & valid documentation.
- Apply for a Personal loan in advance, so that you are aware of the amount approved. Most personal loans have validity for 30 days, so it makes sense to apply for a Personal loan & keep the approval handy till the total loan amount needed is confirmed.
Important factors to consider when taking a Personal Loan to Travel or go on a Vacation
- Make sure you have the bandwidth to pay the installement for the Loan amount applied for, getting a Personal loan may be easy but the timely repayment of the loan is equally important. Take the amount that can be easily repaid.
- Apply for surplus funds if needed as a Personal loan, rather than spend money on a credit card as the interest rate charged for spends on a Credit card is twice as much as for a Personal loan. Also cash drawn on a Credit card will be charged interest on a daily basis.
- Rather than breaking your fixed deposits or taking finance against assets or jewellery, a personal loan is a better option as the applicant is not under any kind of pressure to give a valuable asset to finance a holiday.
What are the key Features of a Personal Loan for Travel?
- Personal loan is given for travel within India & overseas.
- Loan amounts forwarded starting from ₹ 50k to ₹ 20 lakhs.
- Repayment Tenure for a Personal loan is from 12 months to 60 months.
- Process time for a Personal loan for Travel is 5 to 7 working days.
- Loan amount approved is as per the eligibility of the customer & policy of the Bank.
What are the eligibility requirements for a Personal loan for travel?
- Personal Loans for travel are provided to all citizens of Indian Origin.
- Minimum Age of Applicant should be over 23 years, loan processed for tenure up to 60 years.
- Monthly Salary credited to Bank should be above 25,000/- per month.
- Job stability or continuity of 2 years is mandatory.
- A CIBIL score of above 720 points is required for loan amount more than 5 lacs.
- Applicant should be having his own residence or be living with his family in a rented premise.
- An Educational qualification of Graduation is required.
Why apply for a Personal loan for travel with www.Yourloanadvisors.com?
Applying for a Personal loan for travel with www.Yourloanadvisors.com works to applicant’s advantage; Let the experts guide you to get the loan amount you desire at the best rate of interest, terms most suited to your needs.
We ensure that the applicant gets the best rate of interest for the Personal loan taken.
That the monthly installment applied & the tenure of the Personal Loan is suitable to the Applicant.
Options for pre-closure of Personal Loan or repayment when surplus funds are available.
Quick & hassle-free delivery of a Personal loan with complete transparency at all stages process.
The Services provided by www.Yourloanadvisors.com is completely FREE of cost to the customer.
Primary Charges of Major Banks providing a Personal Loan for travel
|Loan Provider||Interest Rate||Processing Fees||Tenure||Loan Amount|
|Hdfc Bank||11.49% – 20%||0.5%-2.5% of loan amount||12-60 mths||50k-30 lakhs|
|Icici Bank||11.49% – 20%||1%-2.5% of loan amount||12-60 mths||50k-25 lakhs|
|Axis Bank||11.99% – 22%||2% of loan amount||12-60 mths||50k-20 lakhs|
|City Bank||11.75%-20%||0.25-1% of loan amount||12-60 mths||1-25 lakhs|
|Kokat Bank||11.99% – 22%||2% of loan amount||12-60 mths||50k-15 lakhs|
|Yes Bank||10.75% – 18%||0.5%-2.5% of loan amount||12-60 mths||50k-30 lakhs|
|Bajaj Finserv||13% – 16%||2% of loan amount||12-60 mths||1-25 lakhs|
|Standard Chartered||11.50% – 18%||0.5%-2% of loan amount||12-60 mths||50k-25 lakhs|
|IDFC Bank||11.50% – 18%||0.5%-2.5% of loan amount||12-60 mths||50k-30 lakhs|
|Captial First||12.5% – 22%||2% of loan amount||12-60 mths||50k-20 lakhs|
|Tata Capital||11.50% – 18%||999/- 2% of loan amount||12-60 mths||50k-20 lakhs|
|Fullerton India||13.5% – 20%||1% – 3.5% of loan amount||12-60 mths||50k-20 lakhs|
|Induslnd Bank||11.99% – 23%||2% of loan amount||12-60 mths||50k-20 lakhs|
List of Documents required self-attested copies to be submitted for Personal Loan for Travel:
Application form duly filled & signed.
2 passport size photos.
Documents for Income Proof:
Salary slips for the last 3 months.
Bank Statement of Salary account showing salary credits for the last 3 months.
Form 16 for the last financial year.
KYC Documents include:
Pan Card Copy.
Identity proof ( Driving Licence/Aadhaar Card /Passport/Voter ID)
Current residence proof ( Driving Licence/Aadhaar Card /Passport/Voter ID/Utility bill/Rent agreement)
Proof for Balance transfer:
Request letter for transfer of Loan from the External bank to Axis Bank.
Track of the existing personal Loan.
Pre-closure letter or application copy for closure request of the current personal loan.
FAQ’s for Personal Loan for Travel
Why should one apply for a Personal Loan for travel?
When one needs to go for a holiday, for visiting relatives, sightseeing to exotic destinations, or just planning a break from the mundane routine: financial planning is important, so that one can be comfortable & enjoy the holiday to the utmost. Plan your budget & if the savings in hand are not sufficient, apply for a Personal Loan which is unsecured, easy to process & convenient to repay.
At what juncture should you apply for a Personal Loan for travel?
Apply for a Personal loan well in advance so that the funds can be made available to you, if the amount needed via a Personal loan is granted as per the requirements. A personal loan once approved is valid for a month, so keep the approval in hand & finally take the amount required.
What is the amount you can get as a Personal Loan for travel?
The Loan amount that can be received as a Personal Loan for travel depends on the income of the applicant & other obligations due. The applicant can apply for the maximum amount as per the eligibility but the loan amount sanctioned will be as per the rules & regulations of the Bank. Apply for a surplus amount & take only the amount needed as the repayment for the loan amount will be due from the following month.
Does a Personal loan borrower have to account for the money taken as a Personal Loan for Travel?
Funds once achieved via a Personal loan for travel can be used as per the applicant’s discretion: though the loan amount taken should be used for travel-related expenses, it does not require a strict adherence & can be used for other expenses too. Having taken funds as a Personal loan for travel an applicant should stay true to the premise as use the funds for travel purposes only & not misuse the same which could cause a problem in repayment.
Is a Personal Loan for travel issued for travel within the country or for overseas travel also?
A Personal Loan for travel is issued for any kind of travel & for any choice of destination with in the country or for travel abroad.
Can a Personal loan be granted to repay debts incurred while traveling?
Unexpected expenses could be incurred when traveling or on a vacation; one may have not catered for an emergency, excessive shopping, need to upgrade accommodation or simply a need to splurge when on a holiday. The shortfalls may have been compensated for by using a Credit card for payments, dipping into reserves of the bank account or borrowing from a friend.
Coming back home one needs to be accountable for all the money borrowed, a personal loan is available to repay all debts taken. If unable to pay back the spending on a credit card it is wise to balance transfer this amount to a Personal loan, the approving Bank will repay the Credit card amount due on behalf of the customer & the Personal loan EMI can be repaid in easy installement. The interest charged on credit card over dues is as much as 36% per annum where a Personal loan average rate of interest is from 13% onwards @ reducing the balance.
Which is the Best bank which provides a Personal loan for Travel?
Most leading Banks & NBFC’S issue Personal Loans as a Priority product: the rate of interest & other terms & conditions vary as per the policy of various lenders. Most Banks give good deals to their account holders & high-income customers. We at www.yourloanadvisors.com are well informed as to the latest offerings & can advise the applicant as to the most suitable Bank to fulfill his needs for a Personal loan for travel.