Travel Loan

Travel Loan can help you cover expenses related to solo trips, family vacations, honeymoon plans and international travel without disturbing your savings. Applicants can apply for travel loan from multiple banks and NBFCs and choose the best option based on interest rates, eligibility and repayment tenure. The entire application process can be completed online with quick approval and fast disbursal for selected applicants.

Why Choose Tax Intelligence for a Travel Loan for your Holiday Expenses?

You should choose Tax Intelligence for a travel loan to meet your holiday expenses for the following reasons:

• Provides comparison of offers from multiple lenders on a single platform.
• Shows customized offers based on your credit profile.
• Pre-approved personal loan offers available.
• You can check your credit score and eligibility free.
• Personal loan EMI calculator available to assess your loan affordability.
• Loan details including the interest rate, processing time, EMIs, loan tenure, approval chances, loan amount, etc. from each lender are available.
• Minimal documentation required.
• Quick approval and faster disbursal of loans.

Travel Loan Amount - How Much Can You Borrow?

• Lenders usually offer travel loans to their applicants based on their repayment capacity which is assessed depending on their income and EMI/NMI ratio.
• Most banks consider applicants having their EMIs up to 55% of their net monthly income, including the existing EMIs and EMI of the proposed personal loan.
• Applicants exceeding this limit are either rejected or offered lower loan amounts.
• Some lenders may use the multiplier method wherein the loan amount is determined based on a pre-set multiple, ranging from 10 to 24 times, of an applicant’s net monthly income.

Travel Loan Eligibility

Here are some of the common sets of personal loan eligibility criteria used by most lenders:

• Age: 18 – 60 years
• Salary: At least Rs. 15,000 per month for salaried customers.
• Income: At least Rs. 5 lakh p.a. for self-employed customers.
• Credit Score: Preferably, 760 and above.
• Employment Stability: Usually 1 year, with some lenders requiring longer work experience.
• Business Continuity: Usually 3 years of business continuity, with some lenders requiring a longer period of business continuity.
• Employment Type: Salaried employees working with the government, public sector undertakings, MNCs and other reputed corporates.

Travel Loan vs Credit Card EMI - Which is Better?

The interest rates of a credit card loan are usually higher than travel loan interest rates offered by any lender to the same individual. Thus, the EMI and eventually the borrowing cost would be higher for those availing credit card loans for their travel expenses. In that case, it is advisable to opt for travel loans over credit card loans when needed.

Travel Loan for International vs Domestic Travel

Travel Insurance and Travel Loan - Should You Get Both?

Yes, you can take both, a travel loan as well as a travel insurance. A travel loan provides funds to the applicants to meet their travel expenses making their travel convenient. A travel insurance, on the other hand, provides financial safety net against unexpected emergencies such as lost luggage, medical issues, trip cancellations, accidental death, etc. Therefore, it is advisable to opt for a travel insurance along with a travel loan when planning a holiday.