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Travel Loan

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What is a Travel loan?

As against the popular perception, the richest people are actually those who have enriched their lives by exploring new places, meeting new people and trying out new things. Travelling to new places involves experiences that often stay with the person for his/her lifetime. Back in the days people used to plan and save money throughout the year for that one family trip each year. However, the present generation has a slightly different approach. It doesn’t believe in awaiting an entire year to relish that experience. Nowadays, travelers don’t hold back because of financial reasons and use all kinds of means to live their travel dreams to the fullest.

Whether it’s a last-minute backpacking plan, an upgrade of the honeymoon trip, a vacation with kids or merely a weekend getaway, a travel loan can put ample amount of money into your hands, so that you make the most of what life and our planet has to offer to us. A travel loan is nothing but a type of personal loan which is taken specifically for travelling purpose. Majority of banks and financial institutions offer such holiday loans for both foreign as well as domestic vacations. The loan amount can range anywhere from a few lakh rupees to 40 lakh and upwards depending upon how well you meet the eligibility criteria and the type of vacation you are interested in.

What is its eligibility criteria?

As travel loans are essentially unsecured personal loans, they can be easily availed by salaried individuals and self-employed professionals in the country. Although the eligibility criteria might vary from lender to lender, below-provided are the basic requirements put forth by majority of the lenders:

  • The person’s age must be minimum 21 years and maximum 58 years at the time of loan application
  • Salaried individuals should have been in their current job for at least 6 months in order to apply for a travel loan
  • Majority of lending establishments prefer people with a credit score of 700 and upwards
  • Most banking establishments ask for a specific minimum income, normally a minimum of 20,000 per month
  • You will be required to furnish pertinent documents such as income proof, photo ID proof, address proof, salary slips, bank statements, employment certificate etc. to prove your eligibility for the travel loan

Probable interest rate & loan tenure

The interest rate offered for a holiday loan or a travel loan might vary depending upon the terms and conditions laid out by the lenders. In general, the interest rate for such loan starts at around 11% p.a. and can go up to 24% and even higher based on how well you meet the eligibility criteria. The tenure of a travel loan normally ranges from 36 months to 72 months.

How to avail a Travel loan in India?

Although you can directly apply for a personal travel loan with any of the banks or NBFCs in India, it is highly recommended that you compare best offers from all such lenders at a top-rated website like GoSahi.com. It is only after you consider and compare multiple factors like interest rate, fees & charges, tenure, quantum of loan etc. that you will be able to pick the best travel loan offer. Not just that, the experienced team at GoSahi can walk you through the entire process, right from the application stage till the actual disbursal of the holiday loan, making it a total cakewalk!