Travelling to new locales, especially to international ones, is a delightful experience. You get a break from your daily life and a chance to explore new regions, new culture, new cuisine and new experiences. Moreover, if you travel with family, you can also spend quality time with your loved ones. Travelling, though delightful, requires money. You need to spend a considerable amount of money on planning a trip and if you travel overseas, the expenses multiply. Does this mean that you cannot enjoy the thrill of international vacations?
No, it doesn’t. There are travel loans which help you travel and see the world with your own eyes. Do you know about them?
Travel loans are personal loans which you can avail for meeting travelling related expenses. Some lenders offer specialised travel loans while others offer personal loans for meeting your travel requirements.
Features of travel loans
There are certain aspects of travel loans which you should know about. These include the following –
- There is an eligibility criteria
Travel loans are not available for everyone. They have specified eligibility criteria and only if you meet the criteria can you avail the loan. The criteria state that you should be aged at least 21 years and a maximum of 65 years when applying for the loan. You should have a minimum income of INR 15, 000 if you live in any non-metro city and INR 20,000 if you live in a metro city. You should have a total work experience of at least one year and should be employed with the current employer for the last 6 months at least. Businessmen need an annual turnover of INR 3 lakhs and a business vintage of at least 3 years to avail the loan.
- Your credit score should be above average
Travel loans also require you to have good credit scores. A minimum score of 650 is required to avail the loan.
- Use of the loan
You can use the loan for any type of expenses incurred on travel whether it is travel ticket booking, hotel booking, sightseeing or anything else.
- Your documents would be required
Another parameter for availing a travel loan is the submission of your documents. The loan requires your identity proof, address proof, income proof, occupation proof and bank statements.
- Interest rate and other fees
Travel loans have a higher interest rate because they are a kind of personal loan. This is because of the fact that the loans are allowed easily and are unsecured. The interest ranges from 10.75% to 33% depending on the lender and your eligibility qualifications. Along with the interest, a processing fee is also required to be paid along with the loan application. The fee would depend on the loan amount.
So, if travelling is on your wishlist, make your wish come true with travel loans. The loans are hassle-free and are allowed instantly for any travel related expenses that you incur.