What is a Personal Loan for Travel?

Personal loan is one of the most popular and asked for loan product in India. Many leading banks and NBFCs offer a personal loan to their customers to fulfill their various personal wishes. It’s easily available and does not require hefty documentation or longer time to get approved. One does not require disclosing the reason behind taking a personal loan to the lender. But many ask for a specific personal loan for travel.

Travelling in old days was easier. Very few people used to travel for leisure. But now-a-days people travel around the globe for months, weeks and even for weekends just to get away from their regular monotonous lives. As the travelling rate of people in India is increasing, so are the prices related to travel. Be it transportation, accommodation, food or shopping, one requires specific amount of money to fund their trip. Be it a solo trip, a family trip, a couple’s trip or a tight budget trip with your friends, you can’t get away from spending minimums on food, accommodation and transport. We believe that you should enjoy all the experiences you may get in your travel without missing out on anything due to low budget. Here a personal loan for travel proves to be a life saver.

You can pay for expensive flight tickets, live in luxurious hotels, enjoy exquisite meals and pay for various entrance fees at your dream destination by taking a personal loan for travel. You don’t want to spend all your savings on one trip alone which may leave you without any savings if any emergency situation occurs. You can travel to international as well as domestic destinations by taking a personal loan for travel.

The personal loan for travel amount starts from merely Rs. 1 lakh. The loan is approved by a bank or NBFC as per the loan applicant’s financial history, credit score and ability to pay it back. The personal loan for travel is approved in 3* working days after submitting all the right documents and 1* working day for disbursal.

What are the eligibility criteria to avail a Personal Loan for Travel?

This is the eligibility criteria required by the banks/NBFC to approve a personal loan for travel:

Particulars Salaried Borrowers Self-Employed Borrowers
Age 21 years to 60 years 23 years to 60 years Income
Income Rs. 15,000* (Rs. 20,000 in metros) Turnover of minimum Rs. 24,00,000* (differs for professional and non-professional)
Minimum Loan Amount Approved Rs. 75,000* Rs. 75,000 to Rs. 3,00,000*
Maximum Loan Amount Approved Rs. 15,00,000* Rs. 15,00,000 to 20,00,000*
Loan Tenure 12-72 months 12-48 months

*The eligibility criteria differ from lender to lender. The above details are generic, not specific.

What are the documents required to avail Personal Loan for Travel?

Particulars Salaried Borrowers Self-Employed Borrowers
Identity Proof Passport, Driving License, Voters ID or PAN Card Passport, Driving License, Voters ID or PAN Card
Address Proof Passport or utility bills Passport or utility bills
Bank Statement Rs. 75,000* Rs. 75,000 to Rs. 3,00,000*
Maximum Loan Amount Approved Latest 3 months of Salary Account Last 6 months
Additional Documents Salary slips for last 3 months Proof of highest professional degree
2 year employment continuity document Latest Income Tax Return Balance sheet
Profit and Loss for last 3 years certified by CA

*The list of documents differs from lender to lender. The above given list is generic, not specific.

How can you repay the Personal Loan for Travel?

You can easily pay back your personal loan for travel by opting for EMI (equated monthly installment). Banks and NBFCs charge a minimum fees if you miss an EMI or opt for pre-payment of the personal loan for travel.



How to Apply For a Personal Loan for Travel?


Applying for a personal loan for travel on Ruloans involves few easy steps:


STEP 1

Go to the Personal Loan for Travel page on our website and click on Apply Here button

STEP 2

Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.

STEP 3

Our loan calculator presents you a list required document, processing fees, interest rates etc.

STRP 4

Our loan calculator presents you a list required document, processing fees, interest rates etc.

STEP 5

Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.

FAQ's

A. You pay the loan via EMI i.e. equated monthly installments.
A. It is not mandatory to apply for a bank account before taking a loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide you additional services along with relationship discount.
A: Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
A. For your loan-related queries, you can call our representative on 1800 2667576 or mail us at support@ruloans.com

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