In today’s fast-paced lifestyle, people try to plan at least one holiday in a year. However, some people fail to do that due to lack of funds. Saving money for travelling is a wise option, but often the situation is not in our control. In case you have a dream of travelling to far off destinations, but you are unable to go because of cash crunch, then, you can avail travel loan to fund your vacation. Travel loan provides you with instant funds to make your trip a memorable one.
Whether you are a salaried professional or self-employed, you can repay your travel loan in affordable EMIs. Thus, you can increase your budget to make your travel plans extravagant. Nowadays, people prefer to take a travel loan instead of using credit cards for travelling because travel loans come with lower interest rates. Apart from that, travel loans require minimal documentation and come with flexible repayment options.
What is a travel loan?
A travel loan is an unsecured type of personal loan, which is provided for travel purposes. This kind of credit can help you to cover the costs that are associated with travel like accommodation charges, airfares etc. Generally, a lump sum amount of money is transferred into your bank account directly so that you can plan your trip conveniently. You can repay the money with monthly installments. Being an unsecured form of loan, documentation plays a crucial role in the approval process of travel loan. The list of documents required to avail travel loan are discussed below.
List of Documents Required
By availing a travel loan, you can travel to any place you want without having to spend all your savings. Being an unsecured loan, it involves a rigid documentation process. The documents needed for a travel loan approval are as follows:
- The applicant must be above 21 years of age to be eligible for a travel loan. So, you have to submit documents that prove your age.
- You have to be employed for at least for six months before applying for a travel loan. Thus, you have to submit documents that can prove your job stability.
- This is an unsecured loan, so all the banks and NBFCs check your repayment capability before providing the loan. You need to submit your last six months bank statements and at least the previous three month’s salary slip to be eligible for a travel loan.
- Some banks have specific salary criteria for approving a travel loan. In case you are a self-employed professional, then you can submit your bank statements of current and savings account. Along with that, you have to submit income proof documents such as IT returns or payslips etc.
- The applicant needs to submit his or her passport size photographs along with the application form.
- It is essential to provide identity proof documents like Aadhaar Card, PAN Card, Voter ID Card, passport, driving license etc.
- For the approval of an unsecured loan, banks always ask for residential proof. So, you should submit your address proof documents that include Ration Card, any utility bill, Aadhaar Card, passport etc.
The documents needed for availing a travel loan may vary from lender to lender. . You must check the bank’s official brochure or website to know the exact eligibility details. The above-mentioned documents will help you know which documents are required to avail a travel loan.