A lot of people assume that a personal loan is taken for typical reasons such as establishing a new business, buying a house, or paying for any urgent medical expense. However, a lot of them are unaware of the fact that a personal loan facility can also be availed to indulge your travel hobbies.
Personal loans for funding travel have gained immense popularity in recent years. The purpose of these loans is to ensure that you do not have to hold back on your travel dreams just because of lack of funds in your account.
Most travel loans come with short loan repayment tenure and can be easily availed online. If you are uncertain about the benefits of taking a personal loan for your vacation, read further to know why an online personal loan can be the best way to fund travel?
Online Personal Loan for Travel: Benefits
Applying for a personal loan online is extremely convenient than personally visiting any banks or other money lending institutes. With the online application facility, you can request for a personal travel loan from the comforts of your home.
You can avail a personal loan online by uploading minimal KYC (Know Your Clients) documents such as your identity proof (Aadhar Card, Pan Card, etc.), resident proof (Passport, Electricity bill, Telephone bill, etc.), and income proof (Passbook, Salary slip). This is far less a hassle than the traditional loan application process at banks, which requires you to fill a number of forms and submit multiple copies of several other documents.
Instant Amount Disbursal
The online application process for a personal loan ensures fast processing of your loan request. If all your documents are proper and you fulfill all the basic eligibility criteria, the personal loan amount can be instantly credited to your account. In most cases, the amount is disbursed within 24-48 hours of applying for the loan.
Flexible Repayment Option for Travel Loans:
Generally, travel loans offer a lot of flexible repayment options. You can decide on the tenure and interest rates at the time of applying for a travel personal loan, as per your eligibility. After the loan has been approved and credited to your bank account, an arrangement is made for auto-debiting your EMIs from your account. If you are not comfortable with this arrangement, you can even request for other loan repayment options such as, through online-transfer, cash, cheque or credit card payment.
Eligibility Criteria for Online Travel Loans:
The basic eligibility criteria that you need to fulfill in order to avail a personal loan for funding your travel includes:
- You must be within an age group of 23-55 years. However, this age limit may vary for different banks and other NBFCs (Non-Banking Financial Companies).
- You need to be a salaried individual with either a public or private company, or with an MNC.
- Most personal loan websites offer the feature of ‘Personal Loan Eligibility Calculator’. These calculators help estimate the amount you can take for your travel loan, based on your income.
- You can also calculate your EMI amount based on the interest rates and loan tenure through these calculators.
So, don’t hold back anymore on planning your exotic holiday. Visit Finserv Markets to explore more flexible personal loan options for funding your dream vacation now!
Finserv Markets, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!