Travel Loan
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Top Banks & NBFCs Providing Travel Loan in India
It’s important to compare rates from different lenders to secure the most favorable interest rate for your specific needs. Find the best loan for traveling by exploring our list of top banks and NBFCs.
| Personal Loan by Bank/ NBFCs | Interest Rates Per Annum | Processing Fee |
|---|---|---|
| SBI Personal Loan | 11% onwards | Up to 1.50% |
| HDFC Personal Loan | 10.50% onwards | Up to 2.50% |
| ICICI Personal Loan | 10.50% onwards | Up to 2.25% |
| Citibank Personal Loan | 10.99% onwards | Up to 0.5% |
| Axis Bank Personal Loan | 10.49% onwards | Up to 2% |
| Tata Capital Personal Loan | 10.99% onwards | Up to 3% |
| Bajaj Finserv Personal Loan | 11% onwards | Up to 3.93% + GST |
Note: The interest rates mentioned above are subject to change at the lenders’ discretion
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Travel Loan Interest Rates & Charges
The travel loan interest rates start from 11.99%p.a. The interest rates vary based on factors like creditworthiness and market conditions. Lower rates are typically offered to individuals with good credit scores and lower risk.
Here is the table showing the highlights of travel loan interest rates & charges:
| Fee | Charges Applicable |
|---|---|
| Interest rates | 11.99% p.a. onwards |
| Processing fees | Up to 2% of the loan amount |
| Overdue EMI interest | 2% p.m. on EMI or principal overdue |
| Prepayment/Foreclosure Charges | 0% ( If paid from own sources) |
| Late Payment Charges | 2% per month |
| Stamp Duty | As per applicable laws of the state |
Travel Loan EMI Calculator
A travel loan EMI calculator is a helpful tool that assists in estimating your monthly payments for a travel loan.
Using a vacation loan EMIsimply enter the loan duration and interest rate.The calculator will generate the estimated monthly EMI for your travel loan.
EMI Calculator
Eligibility Criteria for Travel Loans
Eligibility criteria for travel loans may vary across different banks, but the general guidelines for determining travel loan eligibility are as follows:
| Particulars | Eligibility Criteria |
|---|---|
| Age | 21 to 65 years |
| Nationality | Indian |
| Employment Type | Salaried or Self-employed |
| Employment status | Employed at least 1 year with current employer or in business for at least 2 years. |
| Minimum Income | ₹21,000 per month |
| Tenure | 6 months to 60 months |
| Credit Score | 750 & above |
Reasons to Take a Personal Loan for Travel
Travel loan is a type of personal loan that brings you many benefits. Here are some of the reasons why you should take a personal loan for travel.
- Helps to finance domestic and foreign trips without depleting your savings
- You can avoid a large one-time expenditure on a luxury vacation
- Allows you to retain investments like Fixed Deposits (FD) or Recurring Deposits (RD)
- Suitable for individuals who prefer taking a travel loan for foreign vacations
- Help avoid postponing vacation plans with loved ones due to a temporary cash crunch
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Travel Loan Features
Here are the key features & benefits of a travel loan:
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Documents Required to Apply for Travel Loan
The documents required to apply for a travel loan may vary among different lenders. Here is a general list of documents required for travel loan.
- Identity Proof: Passport, driver’s license, Aadhaar card, Voter ID
- Address Proof: Utility bill (electricity, water, or gas), bank statement
- Income Proof: Recent payslips, Income Tax Returns (IT returns)
- Photographs: Recent passport-sized photographs
Types of Travel Loans in India
Whether for foreign or domestic trips, travel loans can be utilized based on your preferences and requirements. Here are 2 types of travel loans available based on your eligibility criteria:
International travel loan: Loan to travel abroad- are designed for individuals planning to travel abroad. These loans cover expenses such as air tickets, lodging, sightseeing, and tours. Borrowers can apply for themselves and their relatives, with higher loan amounts compared to other types of travel loans.
Domestic travel loan: Domestic travel loans- cater to individuals traveling within their native country. The loan amount for domestic travel is typically lower than that of foreign travel loans. Borrowers can utilize these loans to cover expenses for themselves and their relatives during domestic trips.
Travel Loan Interest Rates
The travel loan interest rates start from 11.99%p.a. The interest rates vary based on factors like creditworthiness and market conditions. Lower rates are typically offered to individuals with good credit scores and lower risk. It’s important to compare rates from different lenders to secure the most favorable interest rate for your specific needs.
Improve Chances of Getting Travel Loan
Here’s a table outlining the Do’s and Don’ts before applying for a travel loan to improve your travel loan eligibility:
| Do’s | Don’ts |
|---|---|
| Maintain a good credit score | Apply for multiple loans simultaneously |
| Demonstrate a stable income | Provide incomplete or inaccurate information |
| Pay off existing debts | Exceed your repayment capacity |
| Research and compare lenders | Neglect to check eligibility requirements |
| Provide necessary documents | Misuse funds or provide false justifications |
| Apply within your repayment ability | Ignore loan terms and conditions |
Steps to Apply for a Travel Loan with Buddy Loan
Here’s the step-by-step process that you can follow to apply for a travel personal loan on Buddy Loan:
- Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (Including company name, years of service and Designation)
- Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
- Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
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Travel Loan Repayment
Travel loan repayment refers to the process of repaying the borrowed amount along with the accrued interest within the agreed-upon tenure. Lenders provide different modes of payment to facilitate easy and convenient repayment options for borrowers: pre-payment and part-payment.
- Pre-payment allows borrowers to make an early repayment of a lump sum amount, reducing the loan principal and the interest burden.
- Part-payment involves making partial repayments towards the principal amount, helping to lower the overall interest paid and shorten the loan tenure.
3 Modes of Travel Loan Repayment
Here are the three modes of payment for a travel loan:
- EMI (Equated Monthly Installment): You can repay the loan amount and interest in fixed monthly installments over the agreed tenure.
- Online Payment: You can make loan repayments through online platforms or mobile applications using net banking, debit cards, or mobile wallets.
- Cheque or Demand Draft: You can also choose to repay the travel loan by issuing a cheque or demand draft in favor of the lender for the specified loan amount.
Frequently Asked Questions
Find answers to common questions about this topic