Want to explore the world and cut down the items on your bucket list? Or having a hard time and wanting to go on an exclusive dreamy trip with your family and special ones? Or are you a newly married couple and wanting to spend a great time in the Maldives with your eternal love? are you just a traveller by heart? We understand your travel goals and also, the fact that traveling nowadays is very expensive. However, you can achieve your travel dreams inspite of a lack of funds through a personal loan for travel. If you cannot afford to pay a heavy amount to fund your trips, you have an attractive option of availing a travel loan India.
What is a Travel Loan?
A travel loan is a personal loan for funding your travel expenses such as any vacation, holiday, honeymoon, or any casual trip, without putting up any collateral. It is a loan for tourism, designed only for fulfilling the applicant’s travel expenses such as flight bookings, hotel bookings, trip packages, food and drinks packages, etc. If you do not want to exhaust your entire savings on a single trip, you may opt for a loan for travel.
Tour loan comes with longer repayment loan tenures and attractive travel loan interest rates. You do not have to keep putting off your travel dreams due to a lack of finances. You can pay for your travel expenses through the loan for travel, and then pay off the debt with time in the form of monthly instalments. Only need to search, compare and then select the best travel loan India for you in the market.
Here is a quick review of the travel loan interest rates provided by different banks.
|Banks||Travel Loan Interest Rates|
|HDFC Bank Travel Loan||10.50% - 20.40%|
|ICICI Bank Travel Loan||10.50% onwards|
|Axis Bank Travel Loan||10.49% onwards|
|Bajaj Finserv Travel Loan||13% onwards|
|Kotak Mahindra Travel Loan||10.25% onwards|
HDFC Holidays Loan
- Funds under an HDFC tour loan are instantaneously available for pre-approved HDFC Bank customers. Non-HDFC Bank customers, on the other hand, can access funds in less than four hours.
- HDFC Personal Loans for travel are available with low EMIs, flexible repayment options, and loan terms of up to 60 months. You have the option of repaying the loan with a check, an internet transfer, cash, or a credit card.
- The process of obtaining an HDFC Bank Personal Loan for travel requires little or no documentation. You may apply for travel loans online, and there are step-by-step instructions to guide you through the process.
- The HDFC travel loan interest rate starts at 10.50 percent. If you are a current HDFC Bank customer with an excellent credit and payback history, the bank may be able to offer you further interest rate discounts as well as lower Personal Loan processing fees.
- With a Personal Loan for travel from HDFC Bank, you can also get insurance coverage.
ICICI Travel Loan
- ICICI Travel Loans provide you with loans for travel with minimum documentation, no collateral, and speedy processing and disbursement.
- To get a personal loan for travel from ICICI Bank, you’ll need a monthly salary of 30,000 rupees. It guarantees a travel loan with minimal documentation and no collateral requirements.
- You can apply for an ICICI loan for tourism through internet banking, using ICICI iMobile application, visiting the nearest branch or you can also SMS PL to 5676766.
- You can avail a travel loan of amounts ranging from 50,000 INR to 25 Lakhs.
- The documentation procedure of ICICI Travel loans is minimum and simplified.
- The ICICI Travel Loan financing gives you the freedom to choose your desired destination while also covering your travel expenses.
Axis Bank Travel Loan
- You can get a tour loan from Axis Bank ranging from 50,000 INR to 15 lakhs.
- The Axis Bank Travel loan facilitates the borrower with a two months moratorium facility in which no EMI will be charged. The EMI will start from the third month.
- The repayment tenure of the Axis Bank Travel Loans will range from 12 to 60 months.
- This tour loan has zero foreclosure charges.
- The Axis Bank travel loan interest rates start from 15.75%.
- This loan also facilitates minimal documentation and quick approval.
- The Axis Bank loan for tourism also comes with many value-added offers to make your travel experience even more delightful. Foreign Travelers are provided with exclusive and complimentary forex cards in which they get the following benefits –
- Locked IN exchange rate
- 3 ATM fee waivers
- 3.5% currency saved on each swipe
Bajaj Finserv Holidays Loan
- You can apply for the Bajaj Finserv Travel Loan online. It facilitates quick approval of the loan within 5 minutes as its eligibility criteria are simple and minimum.
- After your travel loan is approved and documents verified, you can the funds instantly within 24 hours.
- Bajaj Finserv Holiday loan has a unique feature of Flexi Personal Loan in which you can prepay your loan according to your comfort and repayment capacity.
- You can have enough funding for your hotel accommodations, flight tickets, food packages, and many more with the Bajaj Finserv Travel loan of amounts up to 25 Lakhs.
- The existing customers of the Bajaj Finserv are facilitated with pre-approved travel loan offers and can get access to quicker travel funds.
- You can manage your Bajaj Finserv Travel loan account digitally in which you can pay your EMIs, make prepayments, download statements, and many more.
- It also provides the borrower with a longer loan repayment tenure of up to 60 months.
Kotak Mahindra Travel Loan
- The travel loan offered by Kotak Mahindra offers loan amounts ranging from Rs. 50,000 to 15 lakhs.
- The loan tenure is flexible and you can choose to repay the loan according to your desired tenure that can be from 1 to 5 years.
- The borrower is also facilitated with the option of a fixed interest rate facility throughout the loan tenure. This can help the borrower to budget his EMIs in the loan period to avoid default payments or cash deficiency.
- Kotak Mahindra Holiday loan provides you with quick approval and instant disbursal in just a few hours. The existing customers of the bank are provided with the pre-approved offers in which the loan disbursal can be done in seconds also.
The Bottom Line
Travel is not only a hobby for people, but it is a feeling, an emotion, and a whole new experience. You should not keep postponing your trips just due to the lack of finances. You have the option of a travel loan to go for, only need to carefully search and choose the lender that is providing with the best offers and choose the travel loan from the above list based on your needs and repayment capacity. Also apply for a travel loan online and choose the best deal for you.