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Personal Loan for Travel

What Do I Need to Do to Apply for Personal Loan for Travel

21 Aug 2020
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Travel has long emerged as one of the best ways for people to unwind. As the modern lifestyle begins to draw a greater strain on people, more and more people choose to de-stress by travelling to exotic locations, both with their families and alone.

With travelling becoming a coveted form of activity for most people, the costs associated with it have also risen. Tourism is growing by leaps and bounds in most countries, and travelling to foreign locations or even to tourist spots within the country can prove quite expensive.

In such situations, where you really want to take your family on a great holiday but don’t want to foot the entire bill for it all at once, you should consider applying for a personal loan. With the Bajaj Finserv Personal Loan, available on Finserv MARKETS, you can easily avail up to Rs. 25 Lakhs in only 3 minutes. The best part is that the loan can be repaid over a flexible tenure ranging from 12 to 60 months, thereby providing you with more than an adequate amount of time to repay the loan.

A personal loan is, thus, ideal for planning visits to beautiful locales that you would otherwise be unable to afford going to. However, in order for you to be able to avail a travel loan, there are certain criteria you must fulfill. Read on to learn about the different conditions that a potential borrower must fulfill in order to be able to avail a travel loan.

  1. The potential borrower must be a citizen of India and residing within the country. You will be required to submit documents that prove that your place of residence is within India. This could include your telephone or electricity bills.

  2. The age of the potential borrower is also very important in order for them to comfortably avail a personal loan. Only persons aged between 25 to 55 years are eligible for applying for a travel loan. Documents of identification such as your Aadhaar card, passport or even your driver’s license can be shared for establishing your eligibility for the loan.

  3. The profession of the potential borrower is also a condition for whether they are eligible for availing a personal loan. For a travel loan, preference from the lender is always for a borrower with a regular source of employment and salary. Borrowers are usually asked to submit proof of their employment, such as a letter of employment, and salary slips from over the last few months as part of their application for a travel loan. However, if you are self-employed, you can always avail a personal loan from Finserv MARKETS. You can avail a Bajaj Finserv Personal Loan of up to Rs. 25 Lakhs, which can then be repaid over a flexible duration of 12 to 60 months.

  4. A potential borrower for a personal loan is usually subjected to a criteria of a certain amount that they must definitely draw as salary. This check ensures that the lender only offers loans to borrowers who are capable of repaying the loan in a timely manner. While loan repayments can be broken into several installments, the amount offered as loan is also dependent upon the salary a person draws in a month or even annually.
    The minimum amount that a person must draw as salary in a month differs from city to city, with Tier 1 cities having a higher minimum salary amount as compared to Tier 2 and 3 cities.

How to Apply for a Personal Loan for Travel

Once you have checked whether you are eligible to apply for a personal or travel loan, it becomes important for you to apply for the loan at the earliest. These days, with digitalisation becoming an essential part of most industries, it is possible to apply for a personal loan and even repay it entirely online.

For the Bajaj Finserv Personal Loan, available on Finserv MARKETS, you are simply required to fill out a form online which identifies your personal and employment details. You must then select the amount you wish to avail as loan and the repayment tenure that works best for you. Your personal loan application can be approved in as little as 3 minutes’ time, and you can even have the loan amount processed to your bank account within 24 hours.

Since this loan is unsecured and available for self-employed individuals, it is easy to avail it without submitting too many documents. The only documents required for a personal loan to submit with the lender include your proof of identification such as Aadhaar card, your passport or driving license. You will also be required to submit your bank statements from over the last three months and your PAN Card details, which will furnish proof of your financial stability and ability to repay any travel loans you take.

 

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.