All you need to know about a Personal Loan for travel

All you need to know about a Personal Loan for travel

Everyone looks forward to a relaxing vacation. It helps you take a break from your routine and gives you a chance to explore various cultures, landscapes, food, and people. Rather than letting finances keep you from having a memorable experience, familiarize yourself with the various benefits that a personal loan for travel offers.
Here is a quick look at everything that you need to know.

Eligibility criteria and documents required

1. You must be a salaried professional along with a letter of employment and salary slips to prove it.
2. You must be an Indian citizen.
3. You must have a regular income and corresponding bank statements to support this.
4. You should be able to submit a valid address proof such as a phone bill or an electricity bill.
5. You must be between 25 to 55 years of age.

Take a look at the many benefits of a personal loan for travel.
1. High loan amount to fulfil all your travel wishes

With a high loan amount of Rs.25 lakh, this loan helps you cover all holiday-related expenses. From hotel bookings and airfare expenses to meals, shopping and tickets, the loan is your one-stop solution for all expenses. Also, you, as a borrower have complete discretion over how you can use the amount.

2. Flexi Personal Loans for tackling unpredictable expenses affordably

You may not always know the exact amount of funds that you need for your trip. Food, transport, shopping, entertainment activities, and emergency expenses may vary from your initial estimates. When you choose a personal line of credit, you get a credit line up to a certain limit for a specific tenor, from which you can borrow funds as and when you need them. You have to pay interest only on the amount actually used by you, thus saving you money on a lump sum that you may not end up using. Your EMI consists only of the interest component, and you can repay the principal at the end of the tenor. You also have the provision to shift to a term loan anytime during the tenor. Also, it allows you to make part prepayments towards the principal when you have excess funds on hand.

3. Funds in bank within 24 hours for those last-minute travel plans

Once the application and the approval process is complete, some lenders will ensure that you receive the cash in your bank account within 24 hours. This means that you do not have to worry about waiting for the loan to be processed and disbursed, counting the time for the money to reach you. The quick turn-around time also ensures that you don’t have to visit the branch or follow-up on your personal loan. Instead, you can spend all your time and efforts on planning your vacation!

4. Instant approvals online to speed up your plans

Apart from applying offline, you also have the option to apply online. It’s a simple procedure that you can complete via your smartphone or desktop, with a secure internet connection. This process features only four simple steps and is easy to complete while you’re on the go. After this, you can expect instant approval within just 5 minutes!

5. Nominal rate of interest to make your holiday easier on your wallet

This features a nominal interest rate on personal loan that makes EMI affordable and the loan cost-effective. This way, you’re able to save your income and boost your savings month-on-month.

6. Flexible tenor so you can pay stress-free in convenient EMI

This loan gives you the option of choosing a tenor that is most suitable for you. You can select a repayment period based on your financial ability. A long tenor makes EMI affordable and convenient to repay. A short repayment period leads to high EMI, but clears your financial obligation sooner.

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