Today many loan apps offer you instant travel loans at the click of a few buttons. This has made managing your travel finances easier than ever. However, before you apply for a travel loan through a personal loan app, you must know the important features of a travel loan.
What is a travel loan?
A travel loan is a type of personal loan that you can avail for accommodating your travel expenses. Today, most lenders in the market offer travel loans for both domestic and international travels. This loan will help you cater to the expenses related to flight booking, accommodation, food, transport and much more. You can easily apply for this loan through a loan app.
A travel loan is an unsecured loan, which means you do not have to submit any collateral to avail this loan. The maximum loan amount depends on your eligibility and the lender of your choice, while the minimum loan amount can be as low as Rs. 3000.
Because there are so many lenders in the market, it is important to know the best features and benefits of a travel loan. This will help you choose the best lending partner.
Features of a Travel Loan
Listed below are the common features of personal travel. Going through these features will provide you a fair understanding of how to choose the best travel loan.
No restriction on use
A travel loancomes with zero-restriction to end use.This meansyou can use the loan amount to meet any kind of expenses related to your trip. The lender do not seek justification on your expenses. You can use this loan amount to book your flight tickets, hotel bookings, transport, food and other travel activities.
No collateral required
Travel loans are unsecured. This means that to avail a travel loan, you are not required to pledge any collateral or security. This makes it an easy credit tool.You are not obligated to put any of your assets or resources as security, this makes a travel loan accessible for all.
If you meet the eligibility criteria for a personal loan, then the approval of a personal loan does not take much time. With loan apps, you can apply for a travel loan online at any time, from anywhere. Once the documents are verified and the loan is approved, the loan amount is transferred to your bank account instantaneously.
One of the best features of availing a travel loan is that you need only some basic documents. If you apply through a personal loan app, then you can just submit your identity proof, address proof, and income proof. The process can be easily completed by uploading the relevant documents and following the instruction given in the loan app.
Choice of loan amoun
You can avail a travel loan of any amount you want through a loan app.Personal loan apps allow you to avail a loan as low as Rs 3,000 to as high as 20 – 25 lakhs. The upper limit of the loan depends on your eligibility and the choice of lender. So, whether it is a weekend getaway or a dream holiday you can get necessary funding for your travel plans.
Competitive interest rate
Today, many financial institutions offer travel loans at competitive interest rate. The rate of interest may vary from lender to lender. That’s why, it is important to conduct an indepth market research before applying for a loan. Personalloan apps may provide you the loan at a lower interest rate as compared to conventional lenders. But you can also avail a line of credit loan through a bank and pay interest rate only on the amount you use.
Easy repayment terms
One of the best features of a travel loan is the easy repayment term. Whether you borrow cash from a friend or family, you have to return them the money in lump sum. This might be a big burden to bear. With travel loans, you get the luxury of paying back the loan in easy monthly instalments. The EMI on your loan would depend on your loan amount, loan tenure and interest rate levied by the lender. You can use an online loan calculator to estimate the EMI. This will help you plan your repayment in a better way.
With the advent of digitalisation, it is no wonder that financial services have also gone digital. You can now instantly apply for a personal loan using an online loan app. These personal loan apps can be accessed 24×7, from any part of the world. If at the last moment, you realise that your finances are not enough to fund your travel plans or there is a last-minute revision to your plans, you can easily apply for a travel loan using a personal loan app.
Fulfil all your travel aspirations with a travel loan. These loans are easily accessible, instantly processed and are offered at competitive rates. Whether it is a planned travel expense or an unplanned one, a travel loan can come to your aid in all situations.