All About Travel Loan

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ALL ABOUT TRAVEL LOAN
ALL ABOUT TRAVEL LOAN
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WHAT IS A TRAVEL LOAN ?

• A travel loan is simply a type of Personal
  Loan that is intended for travel purposes. It can
  help cover the costs associated with your
  holiday, such as airfares, accommodation, tours
  and even new travel accessories.
• An Unsecured Personal Loan used for travel works
  in the same way as an Unsecured Personal Loan.
  You can borrow depending on your circumstances,
  and you can choose a loan term between 1 and 7
  years.
• The length of the loan will determine your
  repayment amount. You can choose the frequency of
  your repayments - weekly, fortnightly or monthly
  to help with your cash flow.

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TYPES OF TRAVEL LOAN

• 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/relative
  s.
• 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

• 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 organisation. In case of
  self-employed, 3 years in the same business.

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DOCUMENTS REQUIRED FOR A TRAVEL LOAN

• Proof of identity PAN card, Voter ID, Driving
  license, Aadhaar card, Passport, Ration card
• Proof of address Any document with the current
  address printed on it can be taken as a valid
  address proof such as Rent agreement, DL,
  Passport, Voter ID, Aadhar card,
  telephone/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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BENEFITS OF TRAVEL LOAN

• A personal loan is a potential way to take the
  holiday you have been dreaming of without having
  to spend a lot of time building up your savings.
  Other benefits of using a personal loan for
  travel are
• Fixed interest rate, meaning your repayment
  amounts will stay the same, making it easier to
  budget and also gives you a clear structure for
  repayment. You know exactly what your financial
  commitments are and what the set end date is.
• Once approved the funds are generally deposited
  into your account within 5 days so you can be on
  your way pretty quickly.
• Unlike a credit card, a personal loan gives you
  the flexibility to withdraw cash without being
  hit with a cash advance fee.
• A personal loan allows you to spread out the cost
  of your holiday over the life of the loan.

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THANK YOU !!

• For More Details visit https//www.purposeloan.in