In today’s day and age, people, especially millennials are seeking money-borrowing options to fund their lifestyle and goals. As COVID-19 vaccines roll out, the majority of people are dreaming of a weekend trip or family vacation. For those struggling financially, travel loans are coming out to be quite helpful to fund their dream holidays with their loved ones.
Getting travel loans is a great way to deal with financial distress hindering you from achieving your traveling goals. However, obtaining funds from banks can be a hectic and troublesome process. But, an online option like TripMoney is quite intriguing for the traveling fraternity.
In case you are looking for some safe and secure ways to fund your vacation, make sure you know these things about travel loans in India.
Things to Consider While Travelling Loan
Here are some of the key points you need to consider while applying for a traveling loan.
Select Vacation Spot & Budget
The foremost step is to choose a destination you want to spend the vacations that comes under your budget. For this, you can take the advice of your friends or family that have visited that place already. It would help you decide the target locations to visit and things you can do during the trip by which you can easily make a budget within your means. Once the budget gets decided, you can move on to the next point for applying for the loan.
Expenses Covered
You may be surprised to know that travel loans not only cover your ticket expenses but also the accommodation, sightseeing, and excursion. The travel loans come with no restrictions on where you spend the funds allocated specifically for your travel goals. Furthermore, you can apply for travel loans for both domestic and international tours.
Rate of Interest
The majority of vacation loans fall under the personal loan category, and with myriads of options available, it would be prerogative to compare the interest rates on the principal amount. While applying for the traveling loan always make sure to compare the interest rates from other companies also.
You can get the travel loan at a monthly interest rate as low as 1.7% based on your CIBIL score. However, before zeroing in on any option, check the pre-approved offers, processing fee, or prepayment charges.
Credit Card vs. Travel Loan
A credit card may be a great option for funding your dream vacation with your family, but they have certain downsides that can put an additional burden on your pocket. These limitations include lower credit limits and high-interest rates. In contrast to this, travel loans are a hassle-free option characterized by low-interest rates and high credit limits. You can get up to 1 lakh if your credit limit allows you to avail such a hefty amount.
Maximum Repayment Duration
The repayment duration depends on the loan provider’s terms & conditions. You can get a travel loan with up to 12 months of repayment duration. Make sure that you always keep the duration of repayment of the loan shorter as it won’t turn into a burden on future investment options. Also, try to get a travel loan from a lender that offers the lowest prepayment charges.
Eligibility Criteria
The eligibility criteria for getting the travel loan without much ado. Any Indian national who is either salaried or self-employed with at least two years of employment record can apply for a vacation loan. The CIBIL score of 750 is preferred by the majority of fund providers.
Unsecured loans with no guarantor
Traveling is a type of loan that requires no collateral or security. If the loan amount is huge, you would be asked for some security. However, in traveling loans, there is no need for such type of guarantor.
Online Loan Application
Online application is very convenient to apply for a traveling loan without the need to visit any branch. Not only it is less time-consuming but has the advantage of getting noticed over offline applications.
Post-sale service & transparency
Always prefer the companies that provide the best post-sales service to customers, including 24/7 support. It would help clarify doubts if you have any. The after-sales service is important for a personal loan.
Travel Dream Location with TipMoney?
TripMoney is a loan provider company that provides traveling loans to financially aided people. The company helps to provide instant loan credit of up to 1 Lac to needy ones with an interest rate of 1.7% per month. The repayment tenure is for 12 months, and it’s a great time to repay the loan amount.
One of the great things is that you don’t have to put collateral as a security under this type of personal loan. The customers can pay the ticket flights, book hotel rooms, or make long-awaited holiday bookings using the traveling loan by TripMoney.
Bottom Line
Traveling is the best medicine that heals your soul and mind effectively. According to a study, people who travel more live a happy & long life and stay away from various diseases.
However, many people due to financial problems dismiss their traveling plans. That’s the reason TripMoney is here to provide traveling loans to people that can’t follow up their travel dreams. It’s an option in gaining remarkable popularity among the urban populace, and certain banks have introduced it as a separate loan category.
Apply only when you can repay the loan amount within the agreed duration to keep yourself stress-free and your credit score unharmed. You can contact the team of TripMoney for any assistance regarding funding your vacations.
