Holiday is a therapy people use to unwind from their busy schedules. It’s all about making memories and connecting with near and dear ones. It has becoming easier to organize travels and accommodations based on your budget. The tourism industry is booming as the number of domestic and international travelers are increasing.
Travelling for pleasure was considered a luxury at one time, but with younger generation becoming more drawn to exploring new places, the trend has changed drastically. People usually tend to put off their holiday plans due to budget constraints, but now, Travel Loan is being offered by major banks and institutes at very attractive interest rates. This makes it possible and easy to plan trips without letting money be the deciding factor.
Can you get Loan for Travel?
Travel Loan is a form of Personal Loan that is available specially for travel purposes. These loans are easily available in the market from most major lenders. You can avail loans for both domestic and international travel and holidays. You can use the loan amount for flight bookings, accommodation, sightseeing, local activities, shopping, and any other travel expense that you may want to make.
The maximum loan amount depends on your credibility and the terms of the lender. The rate of interest may vary from lender to lender and may range upto 21 %. No security or collateral is required for this type of loan, but you may have to bear the processing fee for the procedure.
Should you opt for a Travel or Holiday Loan?
Travel Loan is becoming the most favorable form of credit because these are available at a lower rate of interest than credit cards. Plus, there is the added benefit of faster and easier loan disbursal, a boon for working professionals who value time as much as money! Travel Loan from LoanTap also offer the benefit of unmatched flexibility in repayment terms, which makes it easy for the borrower to take the loan without the pressure of preset and rigid repayment terms.
Before you apply for a loan, you must consider using your savings and figure out how much you need to borrow to explore your dream destination. So, based on your estimated travel expenditure, available liquidity (the money that you already have and want to spend on the travel), and your eligibility, you can avail this facility and start packing your bags! Another thing you must consider is the repayment schedule or terms. Go through these very carefully and pick the one that suits you best without causing unnecessary stress to the pocket.
What are the benefits of Travel Loan?
Travelling to exotic locations was a prerogative of the rich and privileged in the past. Young, middle-income individuals who aspired to see the world were severely limited by their budget. Now, with easy accessibility to travel & holiday loans, millennials are able to live to their fullest and roam the world without having to worry about insufficient funds. There has been a drastic change in the tourism economy. With personal travel loan, offering better rates of interest than credit cards, the younger generation is veering toward this trend of holiday loans, smartly comparing tenures, loan amounts, and terms among lenders and choosing the one that suits them best.
Credit Card EMI Vs Travel Loan – Which is a better option?
Major travel websites provide packages for domestic and international travels which come with various EMI offers. These offers are in partnership with banks and credit card companies.
Though Credit card-based EMI offers are increasingly becoming popular due to the marketing push, one must compare the bank rates directly before borrowing from these lenders.
The interest for such credit card EMI offer usually ranges from 24% to 36%, and the payment tenure ranges from 3 to 6 months. There maybe various hidden processing charges and fees. This usually ends up being a much more expensive instrument while offering no flexibility in payment terms. Travel Loan are hence a much better option!
At LoanTap, we understand your love for travel. This is why we have come up with our travel loan product to ease your journey. With Travel and Holiday Loan from LoanTap, you can enjoy flexible payment option – for the first 3 months you are required to make interest-only payments followed by fixed EMI for the rest of your tenure. The flexi loan repayment options and competitive rates of interest allow you to enjoy your vacation without any stress about repayment. You can avail this loan with minimum documentation and fast approvals. Our holiday loan amounts range from ₹50,000-5,00,000, depending on your eligibility. We offer competitive rate of interest of just 1.5% per month. There are no foreclosure or prepayment charges post 6 months.
Eligibility for Travel Loan
Since Travel Loan is a form of Personal Loan, it is extended to salaried professionals with a steady income. Some of the common eligibility criteria for availing Travel Loan is mentioned as follows:
- The applicant should be at least 21 years old.
- You must be employed for at least 6 months at a public/private limited company or in a government job.
- The minimum income requirement is ₹30,000.
Opting for pocket-friendly and easy-to-obtain Travel Loan makes it possible to dream big, travel farther, and enjoy to the fullest! Get started on your next adventure with Travel and Holiday Loan from LoanTap.
