Know Your Eligibility Criteria and Documentation Required to Apply for Travel Loan
Last Updated : March 25, 2016, 11:27 a.m.
All of us like holidays or like to visit dream destinations, right? But there are times when the limitations of budget enable us to travel to a destination. Thus, to keep you away from that hassle, the unmatched travel loan services are here. That’s right, these days numerous leading banks or lenders available in the marketplace which finance all your travel costs and help you to get the funds to travel anywhere.
Whether it’s your honeymoon trip, taking the kids to the Disney World or experiencing a sightseeing trip to Paris, nowadays it is quite easy to get the travel loan through many reputed banks or lenders. Featuring easy financing solution and quick services, these travel loans with their various features are apt for all the travelers around the world. To meet your travel needs, many banks offer you travel loans with low interest rates, minimal processing fees and flexible payback options. All you need to do is just check and compare interest rates and eligibility criteria online, across all banks and avail the deal that is just perfect for you. Whether you are salaried or self-employed, banks provide flexible EMIs option to all and make your trip extravagant. However, one thing that needs to be mentioned here is the fact that there are many lenders that offer you personal loan for trave l. So, instead of going for travel loan, you, you can apply for personal loan for them as both are same so as to fulfill all your travelling needs. With its best of features and benefits, a personal loan makes you enjoy your trip to the fullest.
But, before you go for the travel loan, you need to be aware about the list of documents required and the eligibility criteria for travel loan. For travel loan, the first and foremost thing is to fulfill the eligibility criteria of banks. Different banks have different eligibility criteria, and being an applicant, you need to meet that. So, read this article below to keep yourself updated with the eligibility criteria and list of documents required to apply for travel loan.
Here is the eligibility criteria that one should suffice to avail the travel loan:
- The age of the applicant should be between 23-58 years.
- The applicant should be salaried, professional or self-employed with having the minimum turnover of Rs 40 lakhs.
- The monthly salary of the applicant should be minimum Rs. 20,000
- Minimum 2 years of experience in current occupation is required by the applicant.
- The applicant should have minimum 1 year of residing in current home address.
For quick and speedy approvals of travel loan, you need to keep these below documents handy:
| Documents | For Salaried | For Self-Employed |
|---|---|---|
| application form and your latest photograph (2) | yes | yes |
| proof of identity for residence: copy of passport/voter ID card/driving license/PAN card | yes | yes |
| proof of address: leave and license agreement / utility bill (not more than 3 months old) / passport | yes | yes |
| house ownership proof: property documents/maintenance bill/electricity bill | yes | yes |
| Office Address Proof: maintenance bill, utility bill | no | yes |
| office ownership proof: property documents, maintenance bill, electricity bill | no | yes |
| business existence proof: saral copy for 3 yrs, shop establishment act, any tax registration copy, company registration license | no | yes |
| income proof | salary slip for last 3 months/ current dated salary certificate with the latest Form 16 | latest 2 years income tax returns including computation of income, profit and loss account, balance sheet, audit report, etc., |
| bank statement | last 3 months bank statement | latest 1 year bank statement both current and savings |
| investment proof (if any): please submit if any investment like, fixed deposit, shares, fixed assets, etc. | yes | yes |
| existing emi: if any existing loan, please submit sanction letter, payment track record | yes | yes |
Loan for Travelling Abroad
When it comes to travelling abroad, with the help of availing a loan you can enjoy your holidays to the fullest. Yes, travel loan is here to make your travel experience enjoyable. You can easily avail travel loan offered by various lenders of the country and make your dreams true. Be it travelling within the country or abroad, travel loans allow you to fulfill all your wishes by offering loans at low interest rates, flexible tenure and minimum processing fee.
So, now you know the eligibility criteria and list of important documents required to apply for travel loan.