Travelling is what feeds a person’s souls and fills them with the rejuvenating energy required to carry on with the regular life routine. Travelling is no longer about visiting a place and ticking off the places of interest there, people have not started exploring new locations in-depth, find unexplored gems, taking adventure trips at the most sporty locations, and even choosing the option of just relaxing in a scenic location for a few days while just cutting off from the everyday hustle. Not everyone is still a full-time traveler with the only goal of completing their bucket lists or filling their life with experiences.
There are still people who follow a perfect 9-5 schedule, live their city lives, and travel just for a break. With the Covid 19 pandemic restricting travel for almost over a year, people are now even more eager to travel and get out of their monotonous schedules. Surely, everyone needs a break, be it in the hills or at the beaches or even a staycation at a gorgeous resort with games, fun activity, and a pool. This relaxation is much needed by most people after staying inside for a year.
The youth of today is even more involved with the idea of traveling and traveling more frequently. The generation believes in earning and spending on travel and life experiences. Although this isn’t a bad idea, your earnings should be saved for any emergencies or urgent situations that might spring up. To get over this problem, a travel loan or a personal loan for travel can be opted for. Loan borrowing, these days, is no longer a tiresome task that involves a huge amount of paperwork or too many rounds of the bank or money lender. It is a simple online procedure like most other services that can be availed digitally. The youth of today being tech-savvy can easily apply for a personal loan and avail themselves of the required amount to fund their solo trips or execute the travel plan with their friends that they have always waited for. You can even fund your family holidays with the help of a personal loan for travel.
If you are a travel enthusiast, this article will help you answer what a travel loan is, how to apply for one, travel loan for students, and even help you find out if you can get an interest-free travel loan.
Table of Contents
This article is the ultimate guide for all the travel lovers out there and you can read about the following topics in the upcoming sections:
- What is Loaney?
- Personal loan for travel
- How does a personal loan for travel work?
- Benefits of using a personal loan for travel
- What Loaney offers?
Before we conclude, we will help sort all your queries by answering the most common questions regarding the travel loan meaning, travel loan calculator, and interest-free travel loan, to help you apply for the best option of travel loan for your needs.
What is Loaney?
Travelling is one of the most common hobbies and passions of the younger generation. Surely, it is a life-changing experience and also teaches so many lessons for the life ahead and makes you unlearn so much that is wrong with your prejudices and mindsets. A lot of people believe in saving up and then funding their travel and trips which might take a long time and they might spend a lot of years just saving up for the right trip, while the prices might keep increasing continuously. To avoid such a situation you can borrow a personal loan to fund your travels. A personal loan can easily be availed of online using multiple platforms or even your own trusted banks or money lenders. Your money lending option must be reliable and you must not end up being scammed.
Loaney is one of the most trusted digital portals for borrowing a personal loan for all your needs. You do not need to specify a reason before applying for a personal loan on Loaney and hence you can easily use the borrowed amount to fund your dream vacation or even an adventurous trip. This is an unsecured debt that is there will be no security or collateral tied to the loan. You will not require many documents or much paperwork and even present a guarantor while applying for a personal loan on Loaney. With just your ID proof, photograph, and bank account with an internet banking facility, you can get your personal loan approved within a few minutes following an easy process. The loan amount applied for is then transferred to your bank account and can be used by you as and when needed.
The benefits of Loaney personal loan include a low interest rate that is charged for a shorter repayment period. The applicant’s information remains confidential. You can borrow a personal loan of small amounts up to Rs. 15,000 for a time period of repayment of up to Rs. 15,000.
Personal Loan for Travel
An unsecured debt, with no collateral or guarantor involved, is called a personal loan. This type of loan can be borrowed without submitting a reason for borrowing and can be used by the borrower for a variety of purposes like higher education, medical emergencies, funding a wedding, investing in a small business, or even renovating your dream home. The advantage of this type of loan is the comparatively lower interest rates and shorter repayment periods. The eligibility criteria to get a personal loan approved are very simple to meet and not much documentation or paperwork is asked for.
A travel loan is a type of personal loan that can be used for funding the expenses of your travel and vacations including ticket charges, accommodation, tours or even investing in new travel accessories. Most money lenders these days offer a travel loan for both domestic and international travel. If you wish to fund your dream vacation or take your family out to the destination of thor choice and are falling short on funds, a travel loan can be a good option to choose and not get disappointed. You can easily use a travel loan calculator available on most money lending portals and find the amount you are eligible for and apply for a personal loan for travel of your choice.
How does a Personal Loan for Travel Work?
Now that we have understood travel loan meaning, we must move ahead and look at how this loan works, the documentation required, the eligibility criteria, and also the interest rates at which travel loans are offered in India. We will also be looking at how travel loans can be applied for and travel loans for students as a feasible option.
Like most unsecured debts, a travel loan can be applied for without collateral and minimum documentation. You can borrow the amount offered by your moneylender and before choosing the lender, compare the loan amounts offered and the interest rate at which it is offered. Currently, the interest rate varies from 10.75% to 12.00%. You can use an online travel loan calculator to calculate the amount you will be required to pay back to the lender. But before you apply for a travel loan, you must know the total amount that you wish to borrow. Let us now look at how to get a travel loan. By following these few easy steps, you can apply for a travel loan:
- Visit the online portal of the moneylender of your choice and visit their personal loan/ travel loan section.
- Fill up the provided application form with the necessary details.
- Select the loan amount and the repayment period as per your convenience.
- Upload the required documents and submit the completed application form.
- The application will be reviewed and verified and then the loan will be approved.
- The amount borrowed will be transferred to your bank account for your use.
To apply for a travel loan, you will have to present the following documents:
- A photo ID proof such as pan card or Aadhar card
- A copy of your address proof such as a recent telephone or electricity bill, voter id card, or driving license
- Your bank account details
- A picture of the applicant
- Salary slip (Not all moneylenders might require this document)
As you can see you do not require much documentation for applying for a travel loan online. Before we go on to the benefits of a travel loan let us look at the eligibility criteria so that you can find out if you are eligible for applying for a personal loan for travel.
- The applicant must be an Indian citizen who is at least 22 years old and a maximum of 55 years old.
- You must have a minimum CIBIL score of 750 and not be on the CIBIL defaulters list
- You must have a minimum income of at least Rs. 30,000.
Benefits of Using a Personal Loan for Travel
The benefits of borrowing a personal loan for travel are as follows:
- Instant loan approval and faster transfer of funds to the applicant’s bank account.
- Flexible repayment plans are offered by most moneylenders.
- Minimum documentation and paperwork involved.
- No security, collateral, and guarantor are involved.
What Loaney offers?
As we have already discussed Loaney as a reliable platform for money borrowing, let us look at some of the offerings of this platform that make it a suitable option. The platform offers 100% confidentiality of client data and the interest rates are low. The repayment plans are pre-generated and simple. Loans of smaller amounts can be borrowed using Loaney. There are no hidden charges and transparency is guaranteed by the platform. There is no requirement of a salary slip or income proof making travel loans for students a feasible option. You can use the loan calculator on the platform to find the amount you can borrow and the amount you will have to repay.
1. Can you get a loan for traveling?
Yes, you can avail of a personal loan and the amount borrowed can be used for funding your travel and vacations.
2. How does a vacation loan works?
Travel loans are easy to borrow and work similarly to any other personal loan. You can use the borrowed amount for funding your holidays and repay the amount with interest to the moneylender within the stipulated time period.
3. Do banks give loans for holidays?
Yes, banks do offer personal loans and the amount hence borrowed can be used for funding your holidays.