Embark on your dream vacation effortlessly with Buddy Loan! Buddy Loan assists you in navigating a hassle-free loan transaction through their lending partners. Uncover the best travel loans in India with flexible repayment tenures of up to 5 years and interest rates of 11.99% p.a.
It's important to compare rates from different lenders to secure the most favorable interest rate for your specific needs. Find the best loan for traveling by exploring our list of top banks and NBFCs.
| Personal Loan by Bank/ NBFCs | Interest Rates Per Annum | Processing Fee |
|---|---|---|
| SBI Personal Loan | 11% onwards | Up to 1.50% |
| HDFC Personal Loan | 10.50% onwards | Up to 2.50% |
| ICICI Personal Loan | 10.50% onwards | Up to 2.25% |
| Citibank Personal Loan | 10.99% onwards | Up to 0.5% |
| Axis Bank Personal Loan | 10.49% onwards | Up to 2% |
| Kotak Personal Loan | 10.99% onwards | Up to 3% |
| Tata Capital Personal Loan | 10.99% onwards | Up to 3% |
| Bajaj Finserv Personal Loan | 11% onwards | Up to 3.93% + GST |
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Note: The interest rates mentioned above are subject to change at the lenders' discretionThe travel loan interest rates start from 11.99%p.a. The interest rates vary based on factors like creditworthiness and market conditions. Lower rates are typically offered to individuals with good credit scores and lower risk.
Here is the table showing the highlights of travel loan interest rates & charges:
| Fee | Charges Applicable |
|---|---|
| Interest rates | 11.99% p.a. onwards |
| Processing fees | Up to 2% of the loan amount |
| Overdue EMI interest | 2% p.m. on EMI or principal overdue |
| Prepayment/Foreclosure Charges | 0% ( If paid from own sources) |
| Late Payment Charges | 2% per month |
| Stamp Duty | As per applicable laws of the state |
A travel loan EMI calculator is a helpful tool that assists in estimating your monthly payments for a travel loan.
Using a vacation loan EMIsimply enter the loan duration and interest rate.The calculator will generate the estimated monthly EMI for your travel loan.
Eligibility criteria for travel loans may vary across different banks, but the general guidelines for determining travel loan eligibility are as follows:
| Particulars | Eligibility Criteria |
|---|---|
| Age | 21 to 65 years |
| Nationality | Indian |
| Employment Type | Salaried or Self-employed |
| Employment status | Employed at least 1 year with current employer or in business for at least 2 years. |
| Minimum Income | ₹21,000 per month |
| Tenure | 6 months to 60 months |
| Credit Score | 750 & above |
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Travel loan is a type of personal loan that brings you many benefits. Here are some of the reasons why you should take a personal loan for travel.
Here are the key features & benefits of a travel loan:
There is no need for collateral or security
Choose your preferred repayment tenure
Get your loan amount insatantly disbursed to your bank account
You can avail of a loan online in just few clicks.
Get your travel loan approved with minimum documentation
No hidden charges and no prepayment penalties
The documents required to apply for a travel loan may vary among different lenders. Here is a general list of documents required for travel loan.
Whether for foreign or domestic trips, travel loans can be utilized based on your preferences and requirements. Here are 2 types of travel loans available based on your eligibility criteria:
International travel loan: Loan to travel abroad- are designed for individuals planning to travel abroad. These loans cover expenses such as air tickets, lodging, sightseeing, and tours. Borrowers can apply for themselves and their relatives, with higher loan amounts compared to other types of travel loans.
Domestic travel loan: Domestic travel loans- cater to individuals traveling within their native country. The loan amount for domestic travel is typically lower than that of foreign travel loans. Borrowers can utilize these loans to cover expenses for themselves and their relatives during domestic trips.
The travel loan interest rates start from 11.99%p.a. The interest rates vary based on factors like creditworthiness and market conditions. Lower rates are typically offered to individuals with good credit scores and lower risk. It's important to compare rates from different lenders to secure the most favorable interest rate for your specific needs.
Here's a table outlining the Do's and Don'ts before applying for a travel loan to improve your travel loan eligibility:
| Do's | Don'ts |
|---|---|
| Maintain a good credit score | Apply for multiple loans simultaneously |
| Demonstrate a stable income | Provide incomplete or inaccurate information |
| Pay off existing debts | Exceed your repayment capacity |
| Research and compare lenders | Neglect to check eligibility requirements |
| Provide necessary documents | Misuse funds or provide false justifications |
| Apply within your repayment ability | Ignore loan terms and conditions |
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Here’s the step-by-step process that you can follow to apply for a travel personal loan on Buddy Loan:
Ready to take next step ?
Travel loan repayment refers to the process of repaying the borrowed amount along with the accrued interest within the agreed-upon tenure. Lenders provide different modes of payment to facilitate easy and convenient repayment options for borrowers: pre-payment and part-payment.
Here are the three modes of payment for a travel loan:
A travel loan is a type of personal loan specifically designed to finance travel-related expenses such as airfare, accommodation, sightseeing, and other travel-related costs.
The benefits of a
You can get money for traveling through various methods such as saving in advance, using personal funds, applying for a travel loan through Buddy Loan, or utilizing credit cards with travel rewards or installment payment options.
Yes, you can finance your trip by utilizing personal funds, applying for a travel loan, or using credit cards with installment payment options or travel-specific benefits.
Yes, many banks offer travel loans specifically designed to finance travel expenses. You can apply for a travel loan with the bank and fulfill their eligibility criteria to secure the loan.
Obtaining a travel loan with no credit history might be challenging. Lenders typically consider credit history as a factor in loan approval. However, some lenders may offer travel loans with relaxed credit requirements or consider alternative factors to assess your creditworthiness.
To avail of EMI (Equated Monthly Installments) for travel, you can either opt for a travel loan through Buddy Loan which offers flexible EMI repayment or utilize credit cards that provide travel-specific EMI options.
To get a travel loan in India from Buddy Loan, you can visit their official website or mobile application. Fill out the loan application form, provide the required documents, and complete the application process. Ensure that you meet the eligibility criteria to increase your chances of approval.
Yes, you can get a loan for traveling abroad. Many lenders provide specific travel loan options for financing expenses related to international travel. You can apply for such loans and fulfill the lender's eligibility requirements to secure the loan.
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