Do you have a bucket list of your favourite destinations around the world? But the overall vacation cost is beyond your budget, what can be done during such times! It is your dream destination and you don’t want to miss visiting this exotic place. The most practical way to balance out this situation is to apply for a personal loan online.
Personal loans are not specific to a single purpose. It can be used to finance various needs, out of which travel personal loans are quite common. Individuals seek personal loans for travel to fulfil a dream of visiting their favourite destinations in India and abroad.
To determine the amount of travel loan you should apply for, it is important to create a travel budget. Consider the following to comprehensively create a travel budget for clarity on the amount of personal loan required:
Explore Destinations: Get insights on your dream destinations through travel blogs, magazines, websites etc. These sources will suggest the popular places that you can visit. Accordingly, a travel itinerary should be made, inclusive of calculations and costs linked to the vacation.
Break Down the Budget: If you are planning your own trip, it is better to cover all the travel charges in your budget such as transportation, tickets, food, shopping, accommodation etc. The second option is to rely on a travel agent for a complete budget given under a travel package for a specific number of days.
Check for travel rewards, if any: Many financial institutions and credit companies collaborate with the airlines and hotels to gain a competitive edge and offer good travel deals. An advantage can also be in the form of reward points that you can redeem during the bookings.
Travel Loan via Instant Loan App An instant personal loan app like HeroFinCorp makes travel bookings easy with quick loan approval and paperless documentation. Fly to your dream destination without the stress of organising extra finance for travel. In few easy steps, apply for a travel loan through the HeroFinCorp instant loan app:
- First, download the instant loan app from Google play store on your android phone
- Register your mobile number for OTP verification
- Verification of KYC documents
- In the absence of Aadhar card, you can submit PAN card details/Smartcard Driving license
- Age eligibility should be between 21-58 years
- Salaried or self-employed individuals should earn at least 15,000/- and submit income statements including 6 months of salary slip for salaried and 6 months’ bank statement for self-employed
Features and Benefits of Travel Loan A
travel loan is an easy to acquire a loan that is much safer than taking commercial loans. So, it is advisable to get clarity on the features and benefits of a travel loan to make the most out of this loan facility:
Open for All Borrowers: Travel loan is available even to those borrowers having low credit scores.
Collateral Free: Being an unsecured personal loan, no security or assets are required to be mortgaged against the loan.
Online Application: Quick registration, submission of paper-less documentation and real-time verification makes online travel loan application a preferred choice.
Flexible Payback Time: Personal loans give you a minimum of a year’s time to pay off the debt. The loan is further broken into manageable monthly payments. This ease of repayment is not applicable with other types of loans that demand clearance probably in weeks or months.
