Everyone needs a break once in a while to unwind and relax due to hectic schedules and busy lifestyles. However, sometimes due to prior commitments and unexpected emergencies, we are not able to go on our dream vacations. Unexpected expenses can arise anytime, but that does not mean you have to compromise on your wishes and plans.
This is where Personal Loans come into the picture. You can get a Personal Loan to fulfill all your financial requirements without any compromises. There are several banks and Non-Banking Financial Companies (NBFCs) that offer these loans at attractive terms.
Personal Loans are unsecured credit instruments, so you don’t have to worry about pledging assets to avail of funds. In addition to this, these loans come with no end-use restrictions unlike other secured loans such as home loans or auto loans.
Personal Loan for Travel
As Personal Loans can be used as per your requirements, you can use the funds to cover your holiday expenses. Holiday expenses not only just include flight bookings but also include various expenses including hotels, food, activities, and more.
Various lending institutions and NBFCs are offering Personal Loans at attractive rates of interest. The eligibility criteria for these loans are easy to fulfill and you don’t have to submit hefty paperwork or any collateral with the lender.
Below are the eligibility criteria for loan for holidays.
| Age | The applicant should be of minimum 22 years of age while applying for the loan and a maximum of 58 years of age at the time of loan maturity. |
| Citizenship | The applicant must be a citizen of India. |
| Employment | The applicant must be employed full-time with the central or state government, PSU, MNC, Listed, Unlisted Public Ltd., Private Ltd Company, LLP, schools or colleges, or companies that are listed internally. |
| Work experience | The applicant needs to have at least 1 year of work experience along with at least 2 months of stable employment with the current employer. |
| Monthly income | The applicant must have a net monthly take-home salary of at least ₹20,000. |
Documents Required for Personal Loan for Travel
Following are the documents required if you wish to get a Personal Loan.
| KYC documents | Aadhaar card or PAN card |
| Current address proof | Passport/ rent agreement/ utility bills |
| Income proof | Salary slip (latest) |
| Financial documents | Salary credit statement for the last 3 months |
| Employment proof | Official email ID confirmation/ Employee ID card (if the email is not available) |
How to Apply for a Personal Loan?
Most lending institutions and NBFCs are operating digitally today. They are offering easy-to-access online applications for those who wish to get a Personal Loan. The online application has made applying for loans easier than ever. You just have to visit the lender’s website and submit the online application. Below are the steps to apply for a Personal Loan online.
Step 1: Visit your lender’s official website.
Step 2: Go to the dedicated page for Personal Loans
Step 3: Click on ‘Apply Now’.
Step 4: Fill out the online application.
Step 5: Upload the soft copies of the supporting documents.
Step 6: Await verification and confirmation.
Step 7: Get funds disbursed into your account.
If you have a healthy credit score, your Personal Loan application will be approved faster. Your credit score is one of the most important factors considered by lenders to approve your loan request. Having a credit score within the range of 700-900 will help you get loan approval faster.
Moving Ahead
Personal Loans can be used as a loan for holidays as these loans come with no end-use restrictions. You can get a Personal Loan online without any hassle and hefty paperwork. Due to the availability of online Personal Loan applications, you can apply from the comfort of your home and office.
The eligibility criteria for these loans are simple and easy to fulfill. Besides this, you only have to upload soft copies of the required documents and there is no need to visit a branch. If you have a high credit score, you can get a Personal Loan at attractive interest rates. So, plan your dream vacation with a Personal Loan today!
