As 2020 is coming to an end, there are a few good things that all of humanity is witnessing, and one of them is the start of the COVID-19 vaccination process by leading nations. Although this step is just a stepping stone in a long-drawn process, it is enough to rekindle our hopes of getting back to our normal lives and with it our wish to travel and see this beautiful world we call home.
If you, too, are excited about traveling in 2021 and you are looking for ways to finance your ambitious plans, this article is for you. In today’s article, we will share with you exactly how you can get a travel loan to finance your dreams of traveling the world.
Let’s get started.
What Is a Travel Loan?
One of the first and most important aspects to take note of is the meaning of a travel loan. Also known as a personal loan for travel, this is a financial instrument through which you can borrow a certain amount of money, usually between ₹10,000 to ₹500,000, and use it to finance any of your needs. One of the best things about a personal loan for travel is the fact that it arrives with competitive rates of interest and a flexible repayment schedule such that you do not come under a lot of financial strain by taking this loan.
Why Should You Take a Travel Loan?
Now that you know exactly what is a travel loan let us take a look at a couple of reasons as to why you should take one.
- Instant Availability of Funds: One of the first and most intriguing reasons for taking a personal loan for travel is its feature of instantly disbursing funds. This means that once you have calculated the loan amount you will require for traveling, you can easily and conveniently apply with a lender of your choice and get the money in your account in no time.
- Easy Repayment Plans: The second reason why you should take advantage of a travel loan is because of its easy repayment plans. Unlike traditional loans, which come with a fixed repayment plan, most personal loan lenders allow you to fine-tune both the EMI amount as well as EMI date, thus offering you a greater deal of financial flexibility and also reducing your financial stress.
- Hassle-Free & Online: If you have researched about loans anytime in the past, you are well aware of the fact that most traditional loans in India are infamous for their long application process and also for their long wait times to disburse the loan amount. However, luckily for you, personal loans in India come with a completely online and hassle-free application process, meaning that you can fill out the application form and get the money in your bank account right from the comfort of your home.
- Low Rates of Interest: Last but not least, most traditional loans in India charge an interest rate which is upwards of 5%, meaning that you have to spend a significant amount of money in the long run for repayment of the due interest. On the other hand, most personal loans offer very competitive and low-interest rates starting from 1.13%, thus enabling you to save more money while enjoying the benefits of a personal loan.
How to Get a Personal Loan for Travel?
Well, now you know what exactly is a personal loan and also some of the significant reasons as to why you should apply for one today. Now let us understand how you can go about the process of applying for a personal loan for travel.
Step 1: Research on Available Lenders
The first and most important step in securing a personal loan for your travel is to research the available lenders in the market. Initiate the process by searching for the keyword “travel loan india,” and you will come across multiple lenders who offer this service. Visit the website of the top 5 search results and go through the details of each of the loans available, starting with the loan amount available all the way to the interest rate being charged and repayment schedule available.
Step 2: Settle on a Lender of Your Choice
The next step of the process is to settle on a lender of your choice and initiate the application process. Start by sharing your phone number and email address with the lender. Thereafter you will receive an OTP, and you need to share this with the lender to proceed to the next step.
In the next step, add your personal information, that is, your first name, last name, current address, residential address, pin code, etc. Click on next and proceed to the following step.
Step 3: Share Your Income Information
In this step, you need to share your income information with the lender. Start the process by selecting your employment type that is salaried or self-employed. Depending on your choice, enter your monthly in-hand income, followed by uploading supporting documents such as your salary slip, income statement, ITR returns, bank statements, etc.
Please note that for both salaried as well as self-employed professionals, there is a minimum monthly income criterion you should meet to become eligible for the loan. So make sure to check this beforehand, as mentioned in step 1.
Step 4: Share your eKYC Details and Loan Amount
In the last and final step, you need to share your eKYC or electronic Know Your Customer details with the lender, which includes your Aadhar Card number and PAN Card number. Once you have shared these details, enter the loan amount you require, following which the lender will assess your application.
Upon acceptance, you will receive an email with the loan details such as interest charged and repayment tenure, both via SMS and Email for your reference. All you need to do is go ahead and accept the offer, and the money will be disbursed to your bank account in less than 24 hours.
Traveling the world and witnessing the many beautiful destinations it holds is a dream for many of us, and luckily with a travel loan, we can easily and conveniently finance our dreams. So go ahead and apply for a personal loan for travel from a lender of your choice today.