Travel Insurance
Dec 17, 2022

Travel loan: How and where to get it?

Saving money is not a cup of tea for everyone, which is quite understandable. However, that doesn’t mean that they are not allowed to go on a trip. Travelling is everyone’s right and a common dream that we all have. That’s why to make your dream come true, banks bring travelers the option of – Travel Loan.

What is a travel loan?

A travel loan is a personal loan taken to finance domestic or foreign travel.

What are the eligibility criteria for applying for a travel loan?

  • The applicant must be at least 21 years of age.
  • Salaried professionals must be employed in the job for at least six months before applying.
  • Credit scores above 700 are the most preferred by lenders.
  • Check with your bank about other requirements (if any)

What are the documents required for a travel loan?

  • Identity proof
  • Address proof
  • Income proof (payslip or IT returns)
  • Photographs

Note: Make sure you check with your bank for any other requirements

Why should you take a travel loan?

  • If you do not want to spend a lump-sum amount on a holiday
  • If you really want to go on that Euro trip but haven’t saved up enough yet
  • If you do not want to break your investments for a holiday

Why should you not take a travel loan?

    • You will end up paying the principal and the interest, which increases the overall cost of your trip.
    • If the interest rate is not favourable, it might become a long-term expense.
    • Paying the loan can become an extra financial burden

How to Apply?

  • Visit the bank’s website to apply.
  • Submit your documents and complete the application. Some banks may even give you instant approval.
  • You can also visit the bank and speak to an official about your application.

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