Traveling has become an essential part of our life. Whether it is the increased availability of finances or the increasing work pressure, today people are more open to travel. It gives you much needed break from the daily stress and strain of life. Studies also say that travelling has many health benefits. It can reduce the risk of heart diseases, boosts your immune system, lowers stress, increases happiness, and boosts creativity. Given so many benefits, you must not compromise on your travel goals. If budget is the only constraint pulling you back then an instant loan is your perfect choice.
You can easily apply for an instant personal loan through a loan app and avail instant cash in just a matter of hours. Applying for a travel loan through a loan appis simple, easy and convenient.
Read on to know about travel loans.
What Is a Travel Loan?
Just like a personal loan, a travel loan is an unsecured loan provided by lenders for financing your travel expenses. It comes with unrestricted end-use and high flexibility of loan tenure. You can estimate an approximate budget and apply for the travel loan with a lender of your choice.
As we mentioned that travel loans are also unsecured loans, which mean that the borrower will not ask you for any collateral against your loan. This loan is granted to people based on their creditworthiness and loan repayment capabilities. The lender evaluates your salary, credit score and other details to approve your loan. If you have a great credit score then the lender might offer you a loan at a low-interest rate.
What are the features and advantages of a travel loan?
Now that you know what a travel loan is let’s explore the features and advantages of a travel loan.
Instant Approval and Disbursement
Travel loan is one of the fastest approving loans in India. You can use a loan app or visit your lender’s website and fill in all the necessary information. After you submit your application, the lender will evaluate your application. Once your loan gets approved, the loan amount will be credited into your bank account within 24 to 48 hours.
Flexible Loan Amount and Tenure
While applying for a travel loan you can choose the desired amount of loan that will be adequate to cover your expenses. You also get the option to select the loan tenure at your convenience so that you can manage the EMIs along with your monthly expenses. However, do check your loan eligibility before applying for the loan. You can only apply within your loan eligibility amount.
Minimal Documentation
In contrast to other loans, a travel loan just takes the bare minimum of paperwork, including evidence of identity and residency. Since, it is an unsecured loan; you do not have to submit any paper related to the collateral. Therefore, if you wish to apply for an instant travel loan, keep the digital copy of your documents handy.
Helps in Covering Majority of Expenses
A travel loan is a kind of personal loan, which means it comes with unrestricted end-use. This means you can use the loan amount to cover all and any kind of travel costs, including your tickets, lodging, meals, and so on. You can also apply for a travel loan at the last minute or during your trip through a loan app. If you are eligible for the loan and you have submitted all the documents correctly, then the amount gets disbursed within a day or two.
No Collateral Required
You do not need to give any collateral against a travel loan. The bank evaluates your credit score, monthly income and your ongoing debts to decide whether you will be able to repay the loan amount or not. The lender relies on your monthly income and your repayment attitude.
Easy Availability
Earlier, you had to visit the lender’s branch for loans.But you can now apply for an instant loan from the comfort of your home. The online loan process is much simpler and if you meet all the lender’s criteria successfully then, you will get the loan amount in your account within hours.
What Are the Eligibility Criteria for a Travel Loan?
Before applying for a personal loan, you must know about the eligibility requirements of a personal loan. Here is a list of all the eligibility requirements for a travel loan:
Applicant must be between the ages of 21 and 58.
You must be a resident of India.
The borrower must earn at least ₹ 15,000 per month in salary as a minimum monthly income.
This loan is open to apply for both self-employed and salaried employees.
As advised by the financial institution, your account should be in one of the recognised banks.
What Is the Necessary Documentation to Apply for a Travel Loan?
Here is a list of all the necessary documents that you will need to apply for a travel loan.
You need to submit your filled-out loan application and a passport-size photograph.
When applying for a travel loan, the initial papers required are an Aadhar card and a passport.
You can provide your driver’s license if you don’t have an Aadhar card.
Self-employed individuals must submit income proof of at least Rs. 15,000 per month and six months’ worth of bank statements. The higher your income, the better it is for you.
If you are a salaried employee you need to submit a six-month bank statement from a personal or salary account.
If you are travelling for work you need to submit the firm’s paper for proof.
Other crucial records include your professional and financial information, including a six-month bank account statement.
How to Apply for a Travel Loan?
Here is a step-by-step guide on how to apply for a travel loan.
Install the mobile app for the online loan.
Sign up for the app, then review the requirements for eligibility.
Upload the necessary paperwork for the KYC procedure. You will need a bank statement, a selfie, evidence of identification, and proof of address to complete this process.
Additionally, add your signature and submit the application.
The loan amount will then be credited to your registered account, provided that all of your supporting documentation is accurate.
Conclusion
Travelling is not a leisure activity but a need for many people due to the hectic work culture these days. Apart from that travelling with family, friends or your partner has proven to be very helpful in rekindling your bond with them.
So, don’t allow a lack of funds to prevent you from making memories that will last a lifetime. Avail an instant loan to enjoy a stress-free holiday. The best part is that now with the help of a loan app you can apply for a travel loan from your home and get the funds transferred to your account within hours!