Gone are the days when you would have to spend months to save enough money for your dream vacation. A travel loan, which can be availed from Bajaj Markets, can help you take that hard-earned trip to your dream destination almost immediately. With benefits such as flexible loan repayment tenures, competitive interest rates and minimal processing fees, you can plan your dream vacation without worrying much about the loan repayment. Read on to know more about how to get a travel loan.
The interest rates and other kinds of fees applicable for travel loans are as follows:
13.5% Onwards |
2% - 3% of the loan amount + GST or ₹500 + GST (whichever is higher) |
|
12% Onwards |
Between 0% - 6% of the loan amount |
|
14% Onwards |
2% - 2.5% of the loan amount + GST or ₹500 + GST (depends on whichever is higher) |
|
10.49% Onwards |
Upto 2% of loan amount |
|
14.50% Onwards |
2% - 4% of loan amount |
|
30% Onwards |
₹1,200 or 2% of loan amount, whichever is higher + GST as applicable |
|
14% Onwards |
Starting from ₹399 + ₹100 stamp duty |
|
15% Onwards |
From ₹500 to up to 6% of the loan amount |
|
10.99% Onwards |
From ₹1499 to 2.50% of loan amount |
|
24% Onwards |
₹50 to Rs. 200 + 18% GST depending on the loan amount with maximum APR of 48% | |
| IIFL | 16.50% Onwards | 2.50% - 4% of the loan amount + GST |
| InCred | 21% Onwards | 2%-4% of the withdrawal amount |
High Loan Amount Available: You can avail up to ₹50 Lakhs as a travel loan to fund the vacation of your dreams. The final amount will, however, depend on credit score, your income and overall creditworthiness and the maximum amount the institution is willing to lend.
Low Interest Rates: You can get a travel loan at interest rates starting at just 10.49% per annum through Bajaj Markets, so there is no need to worry about high EMI payments after you come back from your trip.
Completely Online Process: You can avail a travel loan from your home through either the Bajaj Markets app or the website by just following a few simple steps. The process would hardly take a few minutes in its totality. Once your application is approved, the money will reach your account within a few hours.
Collateral-Free: You do not need to offer any of your valuable possessions as collateral for a travel loan.
Flexible Repayment tenures: You can repay your travel loan over a time frame of 5 years so that your budget remains undisturbed.
Minimal Foreclosure Charges: If you want to pay off your travel loan before the repayment tenure ends, that can be done by you for a very minimal charge.
Balance Top-up Facilities: If you plan on extending your vacation and need more money to tick off everything on your travel itinerary, you can always take a balance top-up. Such facilities are provided to borrowers at the discretion of the lender.
You need to satisfy the below-mentioned eligibility criteria to avail a personal loan for travel:
You should be an Indian national.
You must be at least 21 years of age at the time of applying.
You must have a CIBIL score of 750 or more.
You must be earning a minimum of ₹20,000 per month.
To know what your monthly travel loan EMI outflow will look like, you can use the Personal Loan EMI calculator which is available on Bajaj Markets. This algorithm-based tool simply requires your travel loan principal amount, your applicable interest rate and repayment tenure. Once you have entered the information, you will see your total travel loan EMI outflow flash in front of your screen within seconds.
You should be mindful of the following things before availing a loan for travel:
Decide your destination: It goes without saying that a successful vacation is determined by your destination choice. Would you and your group like to spend time in the mountains or spend time on the beach? Once you decide your destination, the planning process will become easier.
Set a budget: It goes without saying that it would be prudent on your part to allocate a budget to your travel plans before actually planning it. You take the likes of accommodation costs, food costs, sightseeing costs and shopping expenses into account, among others. Once you have considered all of them and made a sheet of an approximation of all the expenses, do not forget to set aside a nominal amount for unforeseen situations.
Prepare an itinerary: Draw up a rough schedule of your trip, even if you love to travel spontaneously. A schedule like that will remind you of all the experiences you plan on having so that you come back home rejuvenated and satisfied.
Check your existing funds balance: Assess the funds that you currently have at your disposal. This will help you decide the amount you should get as the travel loan.
To apply for an instant travel loan, follow the below-mentioned steps:
Open up the Personal Loan application page on Bajaj Markets. You will be redirected to the page that asks you to enter some basic information. Fill those details to proceed.
Choose your preferred loan amount from one of our lending partners. The maximum amount you can avail will depend on your eligibility. Post that, select your loan repayment tenure.
Next, submit all the required documents for verification.
Once your travel loan application is approved, the amount will be credited into your bank account within a few days.
To get a loan for travel, you will need the following personal loan documents:
Identity Proof: Voter’s ID/Aadhaar Card.Passport/Driving Licence/PAN Card.
Address Proof: Your Passport/Driving Licence/Rental Agreement/Aadhaar Card.
If you are a salaried applicant, you must submit your bank account statements or salary slips of the past 6 months.
If you are a self-employed applicant, you must submit your Income Tax (IT) returns for the last 2 years.
A travel loan is a form of unsecured credit which helps you take care of the expenses you plan on incurring on your dream vacation.
Yes. As long as you are an Indian national, at least 21 years old, have a credit score of 750 or above and are earning an income of ₹20,000 per month at least, you can get a travel loan.
Since a travel loan is basically a regular personal loan, you can use it for any other purpose other than travel if you like as well. You can also use the money to buy your favourite gadget, renovate your home or even pay unexpected medical bills.
Once your travel loan application is approved, you can expect for the loan amount to be credited into your account within three days.
You can either pay your travel loan through a cheque, cash or netbanking. You can also set up standing instructions, which means that you can allow the bank or NBFC to automatically debit the equated monthly instalment (EMI) on the due date.
The loan repayment tenure for your travel loan can go up to 5 years.
The interest rate for a travel loan on Bajaj Markets starts at 10.49% p.a.
The main benefit of a vacation loan is that you can plan your trip without worrying about the expenses attached to it. The other benefits of a travel loan are that they can be availed at competitive interest rates and be paid off over 5 years.
You can get a travel loan as soon as within 24 hours of your loan application getting approved.
You can take a travel loan of up to ₹50 Lakhs.