Planning your dream trip can be a liberating affair. Many of you save adequate funds to attain this short-term financial goal of traveling abroad. However, despite saving funds, you may face monetary mismatches. In such scenarios, you may avail of a travel loan, a variant of a personal loan. Just like a personal loan, a travel loan is a collateral-free loan that comes at an attractive personal loan interest rate and requires minimal documentation. Read on here to learn how to fund your vacation abroad with a travel loan.
How to get an instant travel loan?
As the term suggests, an instant travel loan is a credit option you can avail of in the shortest time possible. Such loans do not require any cumbersome procedure of physically visiting the lender and submitting many documents. Also, such loans are usually approved and disbursed quickly, usually on the same day of making the application.
Three simple steps of applying for an instant personal loan for travel purposes
Check your eligibility for the loan.
Before you hit the personal loan, apply the online button on any lender’s website and check if you are qualified. To be eligible for the loan, you must be a salaried or self-employed individual falling between the age group of 21 and 60 years with a minimum educational qualification of graduation. Your credit score must be at least 750 to qualify for the personal loan instantly. You can check your score by visiting the online financial marketplaces or the concerned credit bureau to fetch your credit report.
To check your eligibility for a personal loan, you may even consider visiting online lending marketplaces. You must input your preferred loan details to get various offers per your eligibility and requirement. You can compare the recommendations depending on individual loan interest rates, repayment tenures, processing charges, loan amount, and other terms and conditions to zero in on the best loan deal per your affordability.
Start with your application process for the loan.
Once you have decided on a suitable lender, you can start with the loan application. For this, you can instantly apply for the loan with the preferred lender through the online lending marketplaces or directly on the lender’s site by navigating its instant loan section. Once you select the instant loan tab, an online form may pop up, which you must fill out. You must fill out all the basic and major details in the state. Such information includes name, address, contact number, email, net monthly income, etc.
Submit the required documents
After filling out the form, please review it and submit it along with the required scanned documents requested by the lender. Records required by the lender include valid identity proof like a passport, PAN, voter’s ID, driving license or Aadhaar, a valid residence document like your current utility bills, passport, etc., bank statements of the past three months containing your income details, salary slips of the past three months in case you are a salaried professional, and a passport size photo.
Attach these crucial documents with your form and pay the application fee, if any. After receiving your loan application, the bank will assess your details and, if you are eligible, will contact you for further processing. Once the lender gets you, ensure to compute your preferred personal loan EMI, interest rate, and repayment tenure using the online personal loan EMI calculator. Knowing the selected figures allows you to negotiate better with the lender to get the desired individual loan interest rate and tenure.
Now that you know how to avail yourself of a travel loan instantly, you may apply for it to fund your leisure trip. Banks typically offer a speedy disbursal of proceeds in your savings bank account. The loan approval and disbursal may take place within hours in the case of an instant travel loan, which you must pay back in the form of comfortable EMIs over flexible repayment tenures stretching up to 5 years.