Why Travel Loans are a Good Idea?

India’s travel and tourism industry are Rs. 1800 Crore industry, largely credited to many residential Indians traveling to witness various Indian and overseas exotic locations every year. Almost 1 million Indians travel to different parts of the world every year, creating a significant demand for services like travel finance that caters to their unique requirements.

Travel loan in India has grown in popularity with the increasing cost of services and essentials like air tickets, hotel bookings, etc. There are several financial institutions, including non-banking financial companies, which offer affordable travel loan in India to eligible applicants.

There are many advantages of using such credits to finance one’s travel plans; let’s take a look at why travel loans are a good idea.

• Large loan amount – 

Traveling to exotic locations, especially foreign destinations, can put a significant monetary strain on one’s budget. If you finance your tour with a travel loan in India, it will allow you to pay for all your essentials without utilizing your savings. Most financial institutions offer up to Rs. 25 Lakh as a personal loan to eligible applicants, which is adequate to meet all financial requirements during the trip.

Moreover, you can select a flexible repayment tenor of 12 to 60 months to repay the due amount. It allows you to pay off your debt without straining your other obligations. 

• Flexibility – 

Financial institutions, like Bajaj Finserv, offer Flexi Personal Loan, which allows an individual to borrow only the amount that they require and repay the same within the repayment tenor. It can help save a significant amount in interest as a borrower is liable to pay interest only on the amount of money that they borrow. You can avail such a credit to keep your tour program cost-effective without compromising on quality.

Bajaj Finserv also brings pre-approved offers, which make the process of availing an advance hassle-free and time-saving. Such offers are available on both secured and unsecured credit, such as personal loans, business loans, home loans, etc. You can check your pre-approved offer by sharing only some essential details like name and phone number online.

• Minimum documentation and eligibility – 

While applying for a travel loan in India, you will have to submit only some essential documents like your KYC papers, proof of employment, proof of residence, etc. to complete the application process. You will also have to meet only basic eligibility criteria to avail credit. Although it may vary between financial institutions, the following are the requirements you need to do to apply for a personal loan for travel – 

1. You have to be a residing Indian citizen.

2. Your age should be between 23 to 55 years.

3. You should be a salaried individual working at an MNC, public, or private limited company.

Such simple documentation and travel loan eligibility criteria ensure you avail the required funds without any hassle while applying. You will also enjoy instant approval and quick disbursal, usually within only 24 hours, which will provide funds at your disbursal within a short time frame. You will not have to go through an extensive application process that might clash with your travel planning.

• Online account management –

The latest online account management feature allows you to overlook your loan account anytime, from anywhere. You will be able to check your loan balance, status, along with other important details. It will allow you to check your spending capacity and stay ahead of the loan repayments with ease.

How to apply for a travel loan in India?

Applying for a personal loan for travel can be completed by following some simple steps. First, you should carefully check all the available lenders who offer such credits to eligible applicants. After selecting a particular lender, you can visit their official website to complete the application process. 

Here are the steps to apply for credit – 

1. Visit the application page of your preferred lender and fill-up the form with information like employment details, income, and personal details like address, name, and contact information. 

2. Select a loan amount and repayment tenor according to your preference. 

3. After submitting the application form, a representative will get in touch with you to collect the required documents.

After all the documents are verified, the loan amount will be disbursed within 1 or 2 business days.

A travel loan in India can help you finance all your requirements with ease. Its convenient repayment tenor, affordable interest rate, and flexibility make it ideal to mitigate the monetary gap with ease.