The world has started opening. As offices and schools go back to normal, travel restrictions are also being rolled back slowly. With sufficient savings and more remote working opportunities, Indian millennials are more open to exploring travel opportunities and experiences. With a newfound appreciation for their personal lives, they are taking advantage of the innovative payment options available as they seek out new experiences that won’t burn through their savings.
While traveling, most people tend to spend more than their budget allows. It can be due to traveling with credit cards with high credit limits and spending beyond their savings.
While it seems like fun at that moment, it piles up credit card bills and interest rates that will remain a financial burden for the next few months or years. When you come back from a vacation, it’s better to have good memories rather than the stress of credit card repayments.
Travel Loan – The Best Bet for Travelers:
Most travelers are in the habit of saving for big events like travels and celebrations. Saving for a dream holiday is as important as any other investment they make.
While many people cannot save enough for the desired travel experience, they have the option of taking a travel loan. It will provide the money needed in more effective and efficient ways than simply choosing to pay for the vacation through credit cards.
Travel loans are financial products that have been designed for travelers to meet the eligibility standards set by the lending institution. Tourists applying for such a loan don’t need a pre-approved loan or card limit.
Also, they apply for these loans specifically when they need them, unlike credit cards which start generating bills and interest rates almost immediately after activation regardless of when they travel.
A travel loan is designed for a specific purpose, like a home loan or car loan. It allows customers a closer grip on their finances and ensures better fund management.
Apply for a Travel Loan
Whether you like traveling solo or you’re planning a family vacation, many lending institutes have you covered. Make traveling to your dream destination a reality with our loans that cover all your immediate financial needs.
You can use the travel loans towards flight bookings, hotel bookings, travel gear purchases, and other necessities. Additionally, pay for fund tour packages with the help of a loan.
Benefits of Travel Loan:
Instant approval:
All you need to do is check if you are eligible for the loan, fill out an online form, and upload your documents. Your loan gets approved instantly. You can also use our online personal loan EMI calculator to understand how much you are borrowing and what you will pay back each month.
Online account access:
Use a customized online portal while managing your travel loan anytime, anywhere.
Loan disbursal in 72 hours:
Once your loan is approved, the funds you’ve requested get sent to your account within 72 hours.
Avail up to INR 25 lakhs:
Borrow up to INR 25 lakhs for your travel plans with a loan tenure ranging from 12 months to 5 years.
Eligibility Criteria for Your Travel Loan:
Before you can get immediate loan approval, you must meet a few criteria to determine your eligibility. The general ones are:
- You must be a resident of India.
- You must be between 21 and 60 years of age.
- You can avail a travel loan from SMFG India Credit if you are a salaried professional or self-employed.
- As a resident of Delhi or Mumbai, you must have a minimum monthly income of Rs. 25,000. As a resident of any other part of India, your minimum monthly income must be Rs. 20,000.
- For self-employed professionals, a minimum profit per annum is considered.
Travel Loan Interest Rates:
Plan your next family vacation with interest rates that can start as low as 11.99% on your travel loan. Several factors affect the interest rate you are charged, such as
- Credit score
- Your existing relationship with SMFG India Credit
- Loan amount
- Loan tenure
- Nature of employment or income sources
- Many lenders charge a processing fee
Last Words
It is important to conduct thorough research on the features of a travel loan before applying for one.
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