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)
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.