A Personal Loan for vacation is a popular choice for an individual who is planning their dream vacation. There can be various reasons why your vacation is still pending whether it’s financial issues or professional or personal commitments. A Personal Loan for vacation is the best choice for individuals who don’t want to disturb their monthly finances or dig into their savings to pay for the trip. A Personal Loan for vacation provides you with the comfort of additional financial assistance so that you can enjoy your vacation without any financial hassle or shortfall. With numerous lenders present in the market, availing of a Personal Loan has become easier than ever. Before applying for a Personal Loan, you must do proper research about all the lenders who are offering a Personal Loan.
Reasons to apply for a Personal Loan for vacation
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Higher loan amount
A higher loan amount suffices all the requirements for travel especially when you are planning to travel outside India. To avail of a higher loan amount, you must meet the eligibility criteria set by the lender. A borrower with a higher credit score has a higher chance of availing of the desired loan amount with a lower interest rate. Hence, you should ensure that you have a credit score of more than 750.
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No collateral requirement
Being Collateral-free is one of the biggest advantages of a Personal Loan for travel. A collateral-free loan allows the borrower to avail of a loan without pledging any asset as security. To avail of a collateral-free loan, you must meet all the eligibility criteria set by the lender. A borrower with a lower credit score will not be able to avail of a collateral free loan.
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Instant approval & Quick disbursal
With digitalization and automation, travellers can plan their vacations promptly as they can enjoy the feature of instant approval and quick disbursal. There are times when you will not have enough time to plan your travel due to professional or personal commitments. Instant approval and quick disbursal will make your travel plan a success. However, you must first meet the eligibility criteria set by the lender and prepare all the required documents beforehand. You will save a lot of your time and effort by doing this.
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Easy to apply
Applying for a Personal Loan is easier than ever, you can just visit the lender’s website and follow the instructions. There are majorly two ways that a borrower can apply for a Personal Loan – Online and offline method. If you are not comfortable applying for a Personal Loan online, you can directly visit the lender’s nearest branch and apply for a loan. However, applying for a loan using the online method will save a lot of time and effort. Below are the steps you can follow to apply for Personal Loan online:
Step 1: Visit the lender’s official website and search for Personal Loan for travel.
Step 2: Click on ‘Apply Now’ and fill up the loan application form.
Step 3: Enter basic details and upload all documents listed by the lender.
Step 4: Await verification and assessment of the application.
Step 5: Upon successful loan approval, receive confirmation.
Step 6: Approve and authorize the disbursal of the loan amount.
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Minimal documentation
The documentation process is simple and easy to follow as there is no collateral requirement while applying for a Personal Loan. You should submit the list of the following mentioned documents – KYC documents like the Aadhaar/PAN Card of the company and key person(s), current address proof (Passport/Utility bills/Rent Agreement), bank statements from the last three months, and business registration proof and business address proof.
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Eligibility criteria
If you are applying for a Personal Loan for travel, you must meet the following mentioned criteria – as a borrower, you must be between the age of 24 and 58 years. Secondly, you should have an overall work experience of at least 24 months and a minimum of 6 months with the same company. Thirdly, you should have a monthly income of at least ₹40,000. Lastly, you need to have a credit score of more than 750.
To Conclude
The above-mentioned factors make a Personal Loan for vacation a popular choice for a borrower from different regions especially if you are looking for applying for a personal loan in Bangalore.
