Do you often find yourself looking out for foreign destinations to go on some exotic vacations? Do you want to experience luxurious outings such as cruise vacations, island hopping, forest adventures etc.? Usually, you might save for an entire year to go on such an annual trip. Yet there are budget constraints because of which you would want to cut back on the expenses.
Now don’t let budget constraints hold you back from making amazing memories and quenching your wanderlust. You can consider taking a travel loan for your vacation.
A travel loan is a type of personal loan which you can take to manage your expenses for the vacation. It is an instant personal loan intended for the purpose of travel. You can use a travel loan to cover different travel-related expenses such as accommodation, airfare, food, buying travel accessories, money for travel insurance etc. Here’s everything you need to know about travel loans.
Where Can One Get a Travel Loan?
You can avail a travel loan from any Bank or NBFC that provides a personal loan for travel.
How Does a Travel Loan Work?
A Travel loan is an unsecured personal loan for travel. This means that you do not need to keep anything collateral. You can avail a loan for a maximum amount of Rs 15 Lakhs. As there is no collateral the process to avail a travel loan is faster. You can choose the loan tenure based on your repayment capacity.
How Much Time Does It Take to Avail a Travel Loan?
Because of technological improvements, you can now avail an instant personal loan for your travel needs. It stays true to the word. You can easily avail a travel loan online by visiting the lender’s website or by downloading the mobile application. All you need to do is fill in the basic details, upload documents and you get approval in minutes and the money is disbursed soon after.
Advantages of A Travel Loan
- A Travel loan is a cheaper option than a credit card
- The application process is swift and hassle-free
- Instant disbursal of money
- You can avail a loan for the amount which includes your expenses plus travel insurance
- No need to save for the holidays as the travel loan can help you spread the spread out the cost over the tenure of the loan
- No restriction of the type of travel or destinations
- The added advantage of withdrawing cash without worrying about the cash advance fees
How Is Travel Loan Paid to The Customer?
Once your travel loan gets approved, you get the money disbursed directly into your bank account. There is no travel agent involved.
How to Repay a Travel Loan?
You can choose a flexible tenure as per your repayment capacity. Before you apply for a travel loan you can calculate your EMI based on the total amount. You can do this by using the personal loan EMI calculator which is a handy tool to calculate EMI for a personal loan. A personal loan EMI calculator only requires details such as the loan amount, tenure and interest rate charged. Once you get an estimate of your EMI you can plan the tenure according and repay the loan.
Consider taking a travel loan for your next vacation and experience how smooth and stress-free your travel can get. Happy Travels!