The world is full of unique destinations that are worth visiting. However, for many, experiencing thrilling adventures or immersing yourself in different cultures may seem like an unfulfilled dream due to financial constraints. But what if there is a way to bridge the gap between your aspirations and bank balance? It is a Personal Loan for Travel, commonly called a travel loan – a convenient way to get instant funds for travel and beyond.
A travel loan is available against easy eligibility criteria and minimal documentation. Most individuals consider travel loans to fulfil their dreams of travelling to exotic destinations worldwide.
Why do People Prefer Travel Loans?
There was a time when getting a Personal Loan was not easy. With digitation and new-age lending institutions, getting a Personal Loan for travel has become relatively easy. The following are the key benefits of travel loans:
- Open for First-time Borrowers
One of the most remarkable aspects of a travel loan is its easy accessibility, extending its reach even to those applying for a loan for the first time. Typically, lenders look at borrowers’ credit history, making it challenging to get a loan for individuals without an established credit history. But, nowadays, online lending institutions offer travel loans to first-time loan applicants also, based on their income proofs and KYC documents.
- Comprehensive Coverage
A travel loan enables you to meet all the expenses associated with your travel. Enjoy the trip without financial worries, whether it is the cost of tour packages, accommodation, tickets, travel accessories or other expenses.
- Save Time and Effort with Online Processing
With digitisation, loan processing has become quicker. Customers can directly apply on the lender’s official website to initiate loan processing in real time. From making travel loan applications and submitting documents to loan disbursal, each step is digital, ensuring timely disbursal. Also, eKYC (Know Your Customer) process helps save time and effort.
- Avail of Funds without Collateral
Customers can keep their assets safe with themselves. Lenders do not require their customers to put their assets as collateral to get approval for a travel loan. Just fill in an online application and submit it with proofs of income, address and identity Aadhaar or pan card loan apply online.
- Repay the Loan in a Convenient Tenure
Travel loans come with flexible repayment tenures. The repayment tenure can be up to 60 months, allowing customers to repay the loan in convenient EMIs (Equated Monthly Instalments). Borrowers can consider a shorter-term travel loan if they find paying a high monthly instalment convenient. A Personal Loan Calculator can help borrowers plan loan repayment at their convenience.
All these features of travel loans enable anyone looking to travel to national or international destinations without hassle. Just submit an online application with your income and KYC documents, including your PAN card. Complete the loan application process online to unlock the funds for your dream trip. Applicants aged between 21-58 years, with a minimum monthly income of Rs 15,000, can apply for a travel loan online.
Conclusion
More and more people can fulfil their dream of travelling to experience exotic destinations around the globe with a travel loan. Following an online process, eligible applicants can get quick loan approval and instant disbursal with minimal documentation.
