We have "Holiday Loans" for you
We have "Holiday Loans" for you
Each and every one of us wants to spend our holidays in exotic places but most of us can’t afford the expense. To overcome this problem many lenders provide holiday loans or you can say that travel loan. In travel, they are easy to get and have a good rate of interest or it’s a kind of unsecured loan. Now having these type loans you can travel all over the world with your family and friends. Now just choose your destination without any worries and plan your journey through a vacation loan.
Vacation Loan is simply a type of Unsecured Personal Loan that is intended for travel purposes. It can help cover the costs related to your holidays, such as tour, airfares, accommodation, and even new travel attachment. Then pay back the loan amount to the lender in deciding time with interest. Holiday loans or Travel loans don’t have to be used for just traditional gifts. They can be used for holiday trips for the family or trips as gifts. They can be given during the vacation and used at another time of the year. They can be used for student tuition or other types of financial aid. They can be used for wedding gifts.
Travel Loan used for travel works in the same way as an Unsecured Personal Loan. You can make any amount of money depending on your circumstances, and you can choose a loan term between 1 and 7 years. The length of the loan will determine your repayment amount. You can choose the time of your repayments - weekly, every two weeks, or monthly to help with your cash flow.
Your loan will be paid to you in one mass sum, generally directly into your bank account, so you can easily get your money and start to arrange your trip. Your loan comes with a set repayment plan for the time period of the loan. Every repayment you make will go towards paying off the amount you borrowed and the interest. Repayments will automatically be directly debited from your nominated bank account at your chosen time for the life of the loan, so you don’t need to worry about accidentally missing a payment.
For everyone be eligible for the loan and after that some crucial documents required for further process.
The borrower must be at least 21 years of age.
Salaried professionals must be employed in the job for at least 6 months before they can apply for these loans.
Your credit score must be acceptable to the lender. Most lenders prefer individuals with a credit score of at least 700.
Most banks have a particular income process for applicants to pass these loans. Having 20,000 salaries per month is better.
These are some basic things a person must have for the loan applied.
Identity proof(Adhar card or Pan Card)
Firstly visit the lenders website from which you want to get the loan.
Fill the application form and read all the term and conditions
Attach all required documents with the application form
After submitting form lenders will let you know that you eligible or not for the loan
You can check EMI calculation through Banksathi EMI Calculator.Last Updated on : 05/Jun/2020
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You're eligible for a Holiday Loans if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Holiday Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
|Holiday Loans Details|
|Interest Rate (Monthly reducing balance)||15.5% - 24%|
|Processing Fees||Varies with bank|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||Varies with bank|
|Guarantor Requirement||Varies with bank|
Holiday Loans EMI Calculator