Personal Loan for Travel: Benefits, Eligibility, and How to Apply
A Personal Loan for travel can provide you with financial support for your dream vacations. With travel loan, you don’t have to put your travel plans on hold since they provide great benefits at affordable prices and tenures
that are comfortable for you.
But what are these benefits, and are you eligible for a travel loan? Let us find out.
What is a Travel Personal Loan?
A Travel Personal Loan, also known as a holiday, tour, or tourist loan, caters to funding your travel plans. These loans are perfect for your vacation plans since they have a long tenure, giving you a comfortable repayment option.
These are unsecured loans and require no collateral whatsoever. You can use them to fund your tickets, accommodation, food, and all other travel expenses, to make your dream vacation a reality.
What are the features and benefits of Travel Personal Loans?
Hassle-free Personal Loan
The nil documentation and quick approval process offer you an easy application experience, ensuring a hassle-free journey for your travel loan.
Choose the loan amount
You can plan your travel and stay expenses by getting an instant travel loan between Rs 50,000 and Rs 40 lakh.
No collateral required
There is no need for any collateral while applying for travel loans, making the approval and verification time much shorter.
Determine the tenure
With a pocket-friendly tenure of 12 to 60 months, choose the tenure of your Personal Loan for travel according to your preference.
Convenient interest rates
Affordable interest rates make your holiday plans easier. Axis Bank provides travel loan options with interest rates starting at as low as 10.75% per annum.
Transfer current loans
You can also opt for greater flexibility in interest rates on your travel loan by transferring your high-interest travel loans to Axis Bank.
Instant approval
The no-hassle process of Personal Loans for travel allows you to get your sanctioned amount within 24 hours of application.
Long tenure
Personal Loans for travel offer tenure as long as 84 months, giving you ample time to plan your loan repayment.
What is the eligibility for a travel loan?
- The minimum age required to apply for a Personal Loan for travel is 21 years.
- The maximum age at maturity should be 60 years, meaning you cannot avail of a 5-year loan after 55 years of age.
- A credit score of over 720 to 750 is preferred.
- You either need to be a salaried employee of any public, private, or government institution with at least 1 year of work experience.
- A minimum of Rs 15,000 (for existing Axis Bank customers), or Rs. 25,000, in case of non-Axis Bank customers, in net monthly income is expected to be eligible for a travel loan. However, this amount can increase in the case of
a larger loan.
- 1 year of work experience in the same organisation is a prerequisite to ensuring your EMI and loan repayment capacity.
What documents do you need?
One can apply digitally without any documentation, by providing all required details via a quick, 2-minute process, here (CTA with link). However, keep the following documents handy during the process and make a note of possible requirements.
- Documents for KYC (Aadhaar card, passport, driver's licence, or voter ID)
- Proof of age (Aadhaar card, passport, driver's licence, birth certificate, school leaving certificate, or PAN card)
- Salary slips from the past 2 months
- Bank statements from the past 2 months
- Itinerary for travel and booking details
- Net Banking or Debit Card details for e-mandate set-up
- E-sign/E-stamp for faster approval and fund transfer
What are the interest rates and charges?
With interest rates starting at 10.75% per annum, travel loans can be pocket-friendly. However, the processing fees can reach up to 2-4% of the loan amount, impacting the overall cost. However, processing fees is a one-time expense.
Note that the RBI prohibits fees on floating interest rates but allows charges on fixed rates. Many lenders impose penalties of up to 5% on outstanding amounts, and some limit prepayments until a set number of EMIs are repaid.
How to apply for a Personal Loan for travel?
Before initiating your travel Personal Loan application, it is important to assess your eligibility criteria. Calculate your eligibility with Axis Bank here
After assessing your eligibility, follow these steps to apply for your Personal Loan for travel:
- On the official Axis Bank website or mobile app, click on “Apply Now”.
- Go to "Instant Personal Loans" under the Retail section.
- Fill in your relevant personal details and submit.
- If you have a pre-qualified offer, proceed with the online process for instant funds.
- If your offer isn’t qualified yet, fill in a few basic details to get your loan offer
- For additional support or in-person assistance, visit your nearest Axis Bank branch or contact Axis Bank customer care (Toll-free number - 1800 103 5577)
How to find Personal Loans in your city?
Applying for a Personal Loan for travel is now easy with Axis Bank! Apply for the loan and access your funds in a matter of minutes. You can apply for an Axis Bank Travel Personal Loan from anywhere in India, and secure your financial
needs immediately.
