All About Travel loans and its Type

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TRAVEL LOANS
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WHAT IS TRAVEL LOAN?

• Travel loans are nothing, but personal loans
  taken for the specific purpose of travelling.
• Travelling is a highly desired activity, many
  people often avoid or postpone it due to shortage
  of funds. Travel loans are now offered by many
  popular lenders in the market so that money is
  not a hindrance when it comes to taking your
  dream vacation.
• Most lenders in the market provide travel loans
  for both domestic and foreign travels.

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TYPES OF LOANS

• Foreign travel Foreign travel loans are usually
  
  available for high
  amounts and cover travel related
  
  expenses such as airfare, bus/train fare,
  sightseeing,
  accommodation, pilgrimage,
  excursions, tours etc.
  
  Individuals can claim the loan amount for them
  and
  their
  dependents/relatives.
• Domestic travel Similar to foreign travel loans,
  these are also available to individuals and their
  families as per individual criteria of different
  banks. These are generally available for a lower
  amount than foreign travel loans.
• Senior citizens There are a few schemes
  available that cater specifically to the travel
  expenses requirement of senior citizens. These
  loans are available at preferential interest
  rates.
• Personal loan A personal loan can also help you
  with your traveling expenses. These are Unsecured
  Loans that are offered by almost every bank in
  India. The funds from these loans can be used for
  various purposes including traveling

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ELIGIBILITY TO GET A TRAVEL LOAN
ELIGIBILITY TO APPLY FOR TRAVEL LOANS

• Age Must be 25 years or above
• Income Monthly income of 25,000 or more
• Loan amount Loan amount varies for different
  banks. Some banks offer loan up to 25 lakhs.
• Employment 2 years of work tenure with 6 months
  in the same organization. In case of
  self-employed, 3 years in the same business.

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DOCUMENTS REQUIRED FOR TRAVEL LOAN

• Proof of identity PAN card, Voter ID, Driving
  license, Aadhaar card,
  Passport, Ration card .
• Proof of address Any document with current
  address printed such
  as Rent agreement, DL, Passport, Voter
  ID, Aadhar card,
  elephone/electricity bill.
• Age Proof Birth certificate, class X Passing
  Certificate or any other document carrying the
  Date of Birth.
• Bank statements Bank statements of an individual
  can ensure the lender of the borrowers repayment
  capacity and personal savings.
• Salary slips Last 3 months salary slip
  (applicable to the working class individuals).
• Certified balance sheet This is for the
  self-employed.

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TIPS TO REMEMBER BEFORE APPLYING FOR TRAVEL LOAN

• Estimate your travel expense Once you finalize
  the destination,
  estimate your total expense including your
  tickets, accommodations
  and local travels as it will give you an idea
  that how much amount you
  need to borrow from the bank. . A friendly advice
  is to borrow as per your needs, not beyond
  your limits.
• Keep an eye on credit score While you are
  applying for a travel loan, make sure you have a
  good credit score. It provides quick approval.
• Compare the interest rates Though the interest
  rate on travel loans are slightly low as compared
  to other loans, but it is advisable to check the
  rates provided by different lenders, so as to get
  the best deal.
• Loan duration Make sure the repayment tenure
  that you select is as per your convenience,
  neither too short nor too long.

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BENEFITS OF TRAVEL LOAN

• Collateral-Free A personal loan for travel is
  collateral-free. Mortgaging legal assets is not
  required. Hence, it is also known as an unsecured
  loan.
• Hassle-Free There is no need to visit any banks
  or NBFCs to Get a Personal Loan. A travel loan is
  just a click away. Apply online and get your
  money within few hours.
• Minimal Documentation With the advent of digital
  technologies, financial institutions
  now ask for very few documents. Now
  with one or two documents you will be able to
  avail yourself with a travel
  loan.
• Fixed Interest Rate The repayment amount rate
  will stay the same.
• Flexible Loan Tenure You can choose from a loan
  period of 1 to 5 years to repay
  the loan(differs from bank to
  bank).
• Quick Disbursal Once approved, the loan amount
  will be deposited to your bank
  account within 24 hours.
• Multiple Repayment Options You can repay the
  loan through EMIs
  using various methods.
  Such as Post-dated Cheques (PDCs), ECS or
  
  through online debit of EMIs using net banking.

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For More Details visit https//www.mymoneystore.in
/travel-loan