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Travelling is the most fun and thrilling activity every person desire to experience. it is a once in a while opportunity where you meet new people and learn about new cultures, traditions, and everything exciting about a place. Just like solo travel, exploring new places with friends or family is also a great way to strengthen your bond from within. Travel is always a good idea when your relationship needs a little mending.
So, while travel is something you might need and have been wanting for a while now, are you also a person who has been delaying your vacation plans just because you are short on funds. Or are you a person who just waste life till retirement to create travel fund? But what if, you can travel today when you are young and erupting with enthusiasm.
We are living in 2019 and there should be nothing, especially money, to hold you back in exploring your fun-side. We live only once, and we need to enjoy it and there are many ways by which you can say “yes” to the wanderlust. Travelling is not only for rich people to enjoy, but it is also for all those people who work hard and want to enjoy life to its fullest.
And your way to a perfect vacation is through travel loan. Travel loans can help you to achieve your desired budget and getting a Travel loan is now possible anywhere, anytime! You can learn more from https://upwards.in/personal-loan-for-travel. Here’s how you can avail a travel loan.
Eligibility criteria
A travel loan are very similar to personal loans you get to enjoy the benefit of not backing up the loan with any collateral. If you are self-employed professional with a steady income here is how you can check your eligibility for a travel loan. This is a common procedure followed currently by the lenders while providing a loan-
- Applicants must be above 21 years of age.
- A person seeking a loan must be employed at least for about 6 months.
- Credit score as required by lender or bank, if your credit score is 700 and above you might be able to enjoy more options.
- Specific income criteria that are regulated by a lender or bank check if you meet the income criteria.
- If you are already a customer of the bank then only you can apply for a pre-approved loan.
Note: If only you meet above-mentioned condition than only you can apply for a travel loan.
How to apply for a travel loan?
Following is a step-wise process to apply for a travel loan online:
Online Loan Application
For an instant loan, you need to follow these steps-
Step 1: Fill in your personal, financial, and employment details.
Step 2: Select the loan amount and tenor that you want.
Step 3: Upload the required documents and get approval on your loan within hours.
Step 4: Once your documents have been verified, receive the money in your account in 24-48 hours.
The benefit of travel loans
By opting for a travel loan one can enjoy similar benefits that are of any unsecured loans-
- No need for a collateral or guarantor.
- Flexible interest rates.
- Easy fixed monthly EMI loan repayments option.
- Less tenure, ranging from 1-5 years depending on the lender and your eligibility criteria.
- Instant approvals and smooth procedure.
- Less paperwork due to simple documentation.
How to plan for a travel loan?
There is a need for proper planning before applying for travel loan as they are unsecured loans-
- Take a good guess, refer travel planners to get a rough idea of your travel expense. The budget should be inclusive of basics like a hotel, flight ticket, and food expenses, etc. See if you have any savings you can use to fund your travel. See if you can manage its repayment.
- Rate of interest is higher as you are not putting anything as collateral, the loan availed to you is only provided on your goodwill. Research market to find the best-suited options and different interest rates.
- Plan about how you are going to pay your EMI, make a monthly budget to avoid becoming a defaulter.
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