A travel loan is a kind of personal loan that is mainly used to finance travel tickets, accommodations, and relevant expenses. Since online loan apps are commonly available on Google Play Store, it is easy to download a reliable personal loan app and apply for a travel loan instantly. Borrowers in need of immediate travel loans can apply for unsecured loans and avail of them in very less time as compared to secured loans. Due to fewer formalities and paperless documentation, travel personal loans give is approved within a working day.
Create a complete travel budget to get an estimate of the required loan amount. Research about the trending destinations and combined holiday packages taking around multiple places on a good budget. Besides a holiday, travel loans are also applicable for emergency travel situations.
Here are some reasons why borrowers should apply for travel loans via online loan apps:
Collateral Free: Being an unsecured personal loan, no security or assets are required to be mortgaged against the loan.
Open for All Borrowers: Travel loan is available even to those borrowers having low credit scores.
Online Application: Quick registration, submission of paperless documentation and real-time verification makes online travel loan application a preferred choice.
Flexible Payback Time: Personal loans give a minimum of a year’s time to pay off the debt. The loan is further broken into manageable monthly payments. This ease of repayment is not applicable with other types of loans that demand clearance probably in weeks or months.
Travel Loan Eligibility Criteria
Borrowers should check the eligibility criteria before applying for travel loans. It is to ensure there are no cases of fraud or cancellation:
- Age criteria: Applicant should be between 21-58 years
- Minimum monthly income for salaried: Borrower should at least earn a minimum amount of Rs.15,000 monthly
- Minimum monthly income for self-employed: Minimum earning should be Rs.15,000 monthly and net banking credentials should be verified.
Required Documents for Travel Loan
Online hassle-free documentation reduces the stress of physical loan applications. Submission of mandatory documents for an instant travel loan include:
- Aadhar cards and PAN cards are mandatory documents for E-KYC verification
- Your account should be in any of the accepted banks as suggested by the financial institution
- Photo verification is done within the app through a selfie camera
- An electronic signature may or may not be required, depending upon the personal loan app you choose.
How to get a travel personal loan via a loan app?
The procedure for availing of a personal loan online for travel is easy:
- Install the desired loan app from Google Play Store on your Android phone.
- Register your mobile number and Email id for OTP verification.
- Set the desired EMI in the EMI calculator, so that you can easily pay every month.
- Submit KYC details and income documents.
- Wait for document verification in real-time.
- On loan application approval, money is transferred to the bank account within 24 hours of a working day.
Once you know the basics of a personal loan application, applying for travel loans online is easy. The procedure is totally hassle-free, and you can save considerable time/effort invested in applying for physical travel loans.