Is it a Good Idea to get a Personal Loan for TravelA personal loan practically acts as a helping hand whenever there is shortage of funds. A personal loan can be taken for various reasons such as wedding expenses, home renovation, medical emergency, education and many others.
Besides, a personal loan can also be taken for leisure and travel. Utilizing personal loan for travel is undoubtedly a good idea. For instance, taking a travel loan for emergency travel, travelling for higher studies or spending on your dream destination can be the reasons to choose a travel loan. Achieve your travel goals with easy to manage travel loans and create memories for a lifetime.
Why Take Personal Loan for Travel?
With the development of online personal loan apps and official credit websites, borrowers are just a click away from the simple personal loan process using their smart phones.
There are various advantages of personal loan for travel:
- Zero Collateral- No worries of mortgaging assets, property or any other collateral against the loan.
- Quick Approval- A personal loan for travel is instantly approved once the application process is verified and validated.
- Instant Funds- Once the application process is approved, the requested funds get credited within 24 hours into your bank account.
- Minimal Documentation- The online loan process requires minimal documents in paperless format that saves a lot of time in loan processing.
- Flexible Repayment Tenure- With flexible repayment options, you can enjoy a stress-free travel. Avail a tenure that ranges from 12-24 months and does not stress on your pocket while repaying the loan amount.
Documents Required for Personal Loan for Travel
Collating personal documents old and new for the loan application was a time-consuming task earlier. Thanks to the instant loan apps, documentation is accepted digitally. The mandatory personal and professional documents include for travel loan are:
- Identity Proof which would include either Aadhar Card or Driving license
- PAN card is required for your financial details
- Bank account statement of last 6 months for salaried individuals
- Bank statement for the last six months for self-employed individuals
Persona lLoan Eligibility Criteria for Travel
The eligibility criterion for a personal loan for travel is minimum for easing out your travel loan process:
- Borrower must be a citizen of India
- Borrower must be salaried or self-employed with a minimum income of Rs.15,000
- Borrower should fall in an age group between 21-58 years
- Job stability of minimum 6 months is mandatory for a loan application
An instant personal loan app like Simply Cash makes travel bookings easy with quick loan approval and paperless documentation. Fly to your dream destination without the stress of organizing extra finance for travel. Use the in-built EMI calculator tool in the Simply Cash app to get the desired EMI on travel loans, based on the loan amount, interest and tenure.
Follow the stepwise process to avail quick travel loans:
- First, download the instant loan app from Google Play Store on your android phone
- Register your mobile number or email id for OTP verification
- Verification of KYC documents