Its All About Knowing Travel Loans Better

Things You Need to Know About Travel Loans

Many of you will agree on the fact that planning a vacation is always a fun experience for every individual. Yes, whether you are willing to go on a pilgrimage trip or looking forward to visit an exotic tourist destination, it’s always and exciting to plan a vacation with family or friends. But, sometimes due to lack of sufficient funds, you have to cancel or postpone your much awaited vacation. However, the good news is that today plenty of leading banks or lenders offer flexible travel loans to fulfill the dreams of all the vacationers. Yes, banks with their special travel packages, designed for vacationers, provide the best travel loan services. Moreover, one of the biggest advantages offered by these reputed banks is the fact that they help you pay for all sorts of travel related expenses. Yes, right from booking your air tickets to finding the cost of staying in a hotel, these lenders or banks do it all for you, and make your travel experience more enjoyable. Some of the banks offer you travel loan under the title of personal loan. In those banks you can apply for a personal loan to enjoy your much desired travel. However, the rate of interest, tenure and terms and conditions of the loan remains same as of travel loan. So, apply for a personal loan from any the private or public sector bank.

So, if you are getting confused what things to look out, before applying for the travel loan in leading banks, nothing to worry as this article will share all the useful information with you. Yes, read below to compare travel loan interest rates, EMIs, tenure, loan amount, etc. for travel loan in different banks.

Bank Name Interest Rate Lowest EMI per Rs. One lakh Tenure Age Loan Amount Processing Fee
Axis Bank 13.25% – 24.00% Rs. 2,288 12 months to 60 months 23 years-65 years Rs. 50,000- Rs. 2,500,000 Upto 2.00%
Citi Bank 12.75% – 15.75% Rs. 2,263 12 months to 60 months 23 years-58 years Rs. 100,000-Rs. 2,000,000 Upto 1%
HDFC Bank 11.49%- 20.00% Rs. 2,199-Rs. 2,419 12 months to 60 months 21 years-65 years Rs. 50,000 -Rs. 2,500,000 0.25% to 1.50%
ICICI Bank 11.49%- 19.50% Rs. 2,199-Rs. 2,275 12 months to 60 months 23 years- 65 years Rs. 100,000-3,000,000 0.25% to 1.50%
IndusInd Bank 12.99%- 23.00% Rs. 2,275- Rs. 2,327 12 months to 60 months 23 years-65 years Rs. 50,000 -Rs. 2,000,000 0.25% to 2%
Kotak Bank 13.00% – 18.00% Rs. 2,275 12 months to 60 months 23 years-58 years Rs. 100,000-Rs. 1,500,000 1.0% to 2.0%
Standard Chartered Bank 12.99% – 15.50% Rs. 2,275 12 months to 60 months 23 years-58 years Rs. 100,000-Rs. 1,500,000 0.50% to 1.00%
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Now that you know what different banks have to offer you when it comes to travel loan, you need to read this article below to know more about this topic.

When and Why Should You Go for Travel Loan?

  • You should take travel loan, if:
  • If you are looking for immediate funds to spend some quality with your loved ones on holiday.
  • If you are willing to spend the lump-sum money for your luxury vacation expenses.
  • If you are looking to liquidate your net savings by losing the interest income on long- term savings instruments like fixed deposits and NSCs.
  • If you are in a well paying profession and are confident enough to repay your loan amount on time.

What are the Available Options to Get the Travel Loan?

There are plenty of travel companies available in the market that offer flexible and lucrative travel loan packages to all the applicants. Apart from this, there are numerous leading banks also that offer you personal loan for travel purpose. So, if you are looking a best finance option to plan your travel, following are the two options available:

Avail Unsecured Personal Loan for Travelling Abroad:

Many banks happily offer personal loan to fund your holidays, so following are the key features of personal loan to fund your travel needs

  • Get travel loan to travel in and outside the country
  • You can get maximum loan amount up to Rs 3 lakh in some banks, depending up on your eligibility criteria and expenses.
  • You will get an option to increase your loan amount eligibility by providing the security of liquid instruments like-fixed deposits, NSCs etc.
  • With minimum papaerwork and quick processing, you can avail the loan.
  • You can get the tenure of 12 months to 60 months to pay your loan amount with easy monthly EMIs.
  • The applicant can get the interest rates ranging from 11.49%-24%.
  • You can avail the loan with processing fee ranging from 0.25%-2%.
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Credit Card based EMI Loans

With the help of using credit cards, you can fund your travel expenses, and can easily convert your loan amount to a credit card EMI loan. However, these kinds of loans have comparatively higher interest rates, but they required minimal paper work. Folllowing are the key features of these loans:

  • You can convert your travel expenses into the easy EMIs through credit card.
  • You can avail hassle-free loans with minimum paper work.
  • You can get the loan tenure of nearly up to 3 to 12 months.
  • The applicant can get the interest rates ranging from 24%-36%.
  • The eligibility of your loan amount is limited to your credit card limit, and also the place you are travelling to.

What are the Alternative Ways to Travel Loans?

  • You can save your money, and then plan your dream vacation. Once you have enough cash in hand, it becomes easy for you to visit your favourite destination without any hassle.
  • With the help of opening a recurring travel deposit account in a bank, you can have a fixed monthly amount so as to get a finance your pre-booked holiday. This deposit account basically includes all your expenses with the interest rate of 7%-8%, hence you can save more and have the hedge against the inflation.

Loan for Travelling Abroad

However, if you don't have enough funds ready with you so as to plan your travel with these websites, you can also avail travel loan for that. There are many lenders available in the market, which are known for offering the personal travel loans to those who want to travel the world instantly. If you are in urgent need of funds so as to travel abroad, you can rely on these lenders and fulfill your wish of travelling abroad with family or friends.

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Travel Loan Interest Rates

When it comes to interest rates offered by lenders, different lenders come to you with different rates for travel loan that usually ranges between 11.49%-24% p.a. If you have finalized one lender, before blindly trusting him in order to avail the loan, ensure to update yourself with the latest interest rates. Visit bank's website for assurance and get to know the exact rates to grab the best deal for travel loan.

Travel Loans in India

In India, it is easy to avail loans so as to travel to your favorite destination without any hassle. In case, you don't have enough money so as to fund your travel needs and expenses, there are are plethora of lenders available in market, known for offering you travel loans on best interest rates. You can either visit the branch or apply for it online. In both the scenarios, the loan is easy to avail with less formalities and documentation.

Travel Loan Scheme

When it comes to travel loan, there are plenty of lenders available in the market, known for offering you best of loans so as to fulfill all your travelling expenses. With the help of these lenders, you can easily avail the loan at low interest rates and less processing fee, hence can enjoy your travel to the fullest. Moreover, the best thing about these lenders is the fact that they provide you various travel loan schemes, wherein depending upon your needs you can select a scheme that suits you well. Many times, these schemes come to you with lucrative deals and discounts, hence allow you to avail the loan at lowest interest rates and charges.

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Personal Loan Interest Rates September 2023
Fullerton India12.00% - 24.00%
HDFC Bank10.75% - 14.50%
ICICI Bank10.75% - 19.00%
IndusInd Bank10.25% - 26.00%
Kotak Bank10.99%
RBL14.00% - 23.00%
Standard Chartered Bank11.49%
Tata Capital10.50% - 24.00%
Home Loan Interest Rates September 2023
Axis Bank8.75% - 9.15%
Bank of Baroda8.50% - 10.60%
Citibank8.75% - 9.15%
HDFC8.50% - 9.40%
ICICI Bank9.00% - 9.85%
Indiabulls Housing Finance Limited8.65%
Kotak Bank8.85% - 9.40%
LIC Housing8.50% - 10.50%
Piramal Capital & Housing Finance10.50%
PNB Housing Finance8.50% - 10.95%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI9.10% - 9.65%
Tata Capital8.95% - 12.00%