A Complete Guide to Apply for Travel Loans in 2023

Travelling has become expensive, and one cannot afford to travel abroad on their own. A visit to a foreign land can cost heavily to your pockets. For satisfying your travel desires, you can take travel loans from banks and financial institutions. Whether you want a vacation to escape your monotonous, boring life or want to travel abroad to meet your family and friends, or travel for any other purpose, you can obtain a travel loan. This way, you do not have to use up your savings, for planning a trip. 

What is a Travel Loan?

A travel loan is provided by financial institutions and banks for traveling. You can take travel loans without having to pledge any personal assets. It is a personal loan that you can get instantly after getting your eligibility criteria checked. You can apply for travel loans online with minimum documents required to be submitted. You would not have to face any trouble at all in obtaining a travel loan. 

Travel Loan Conditions

• A travel loan is an unsecured loan that you can borrow without any collateral. This means that you can borrow loans without pledging any of your assets.
• You can apply for travel loans online. You do not have to waste your time and energy and go to banks physically to obtain travel loans. You can get all the necessary details online and get your loan disbursed within a few seconds. You can monitor the whole process online. Even the documents required can be submitted online.
• You need to know the terms and conditions before taking a travel loan. There is a limit on the maximum amount that you can borrow.
• You can use the funds borrowed for a variety of purposes. It can be borrowed for flight bookings or hotel accommodations. The borrowed amount can be repaid in monthly EMIs with a minimum interest rate charged every month.
• Applying for travel loans is an easy and convenient process. Travel loans have flexible repayment options, and you can repay the loan within 1 month to a maximum of 12 months. Availing of travel loans is a paperless process, and you can get the loan approved within minutes after the verification is done.
• Travel loans are a better alternative to credit card loans. Although credit card loans may be disbursed instantly, the interest rates and the processing fees are comparatively higher as charged by banks and financial institutions.

Steps to Follow When Applying for Travel Loans

Travelling is done for relaxation, but managing the finances can be difficult and be a reason for causing stress. Travel loans can fund your trip, and you can travel without worrying about spending up all your savings. 

Some steps which you should follow when applying for a travel loan are listed below:

Select the Location and Get an Estimate of the Budget

The primary step for you to take is to choose a vacation spot. You can consult your family and friends for selecting the perfect vacation spot. Then you can decide the budget. Make a list of the activities you want to participate in and the places you want to visit. Setting up a budget will help you to plan your vacation within your financial limit. 

Look for the Best Discounts and Deals

Once the destination is settled, you can look online for the best packages and discounts on hotel and flight bookings, sightseeing tours, and so on. Sometimes buying tickets online can be economical. Flight and hotel booking sites offer amazing deals and discounts. You can compare the various packages and select the best-suited deal that offers affordable food, sightseeing, itinerary, and accommodation.

Manage Your Finances

After deciding on the package and planning a detailed trip, you can organize your finances. It is important to reflect on your monthly income, your expenses, your savings, investments and decide on how much you want to borrow. You also have to keep in mind the expense of EMIs that you have to pay monthly. Manage your finances wisely so that you do not have to stress out on the EMIs.

Select the Best Loan Plan

Review the market and lookup for lenders who provide travel loans at the best suited conditions. Browse online through the websites of lenders and see which option is the best for you. Choose the most affordable one having a low-interest rate. TripMoney by MakeMyTrip lends you up to Rs. 1 lac at a monthly interest rate of 1.7%. After selecting a lender, you need to go through the eligibility criteria and arrange all the documents required to get your loan approved. 

You should pick a lender with minimum requirements, letting you apply online and giving fast approvals. 

Make Sure you Match the Eligibility Criteria and Have the Documents

The eligibility criteria depend on the lender but mostly have certain common criteria such as the borrower should be an Indian citizen and be within a specified age group. The applicant also needs to submit documents such as PAN card, Aadhar card, and Date of Birth proofs. 

Apply for the Loan and Get Approval

If you have fulfilled the eligibility criteria and have all the required documents, you can apply for the travel loan. You need to fill up the application form, submit the documents and wait for loan disbursal. 

Why Choose TripMoney for Travel Loans?

TripMoney by MakeMyTrip offers you to take a travel loan with zero down payment required. You can borrow up to Rs. 1 lac at a 1.7% interest rate and repay the loan within 12 months at max. You can get the loan online instantly with minimum documentation. You can extend the credit limit by maintaining good repayment behavior. You can link your bank account to your TripMoney account so that the monthly EMIs get deducted automatically when the date is due.  

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Travel loans allow you to enjoy your trips without having to worry about finance, and you can repay the money you borrowed slowly through monthly EMIs installments instead of having to pay the whole amount at one go. 

Also, Read How Personal Loan Fulfill Your Financial Needs?

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