Holiday (Travel) Loans India Scheme, Interest Rates, EMI Offers

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HOLIDAY (VACATION) LOAN

Holiday (Vacation) Loan Details 

Holidays are the time when people forget all the troubles and worries of their life. 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 holiday loan.

Holiday 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.

Benefits of Holiday Loan 

1. Holiday loans are unsecured, thus there is no need to worry about guarantor or collateral.

2. There you will have fixed monthly installments (EMIs) to repay your loan amount.

3. The tenure of the loan usually ranges between 1 to 5 year.

4.   Simple documentation is required, and it gets quickly processed by the banks.

5. This loan amount which you will  get can be used for booking air tickets, paying the hotel bills or any other travel expenditure.

6. Prepayment of loan is available as per banks regulations

7. Provide loan amount from Rs.10000 upto Rs.2 lakh.

8. Affordable interest rate range starts at 16% per annum onwards.

Fee and Charges of Holiday Loan 

To apply for a holiday loan you have to pay fees and charges applied by the Bank. It covers all charges and fees made by a bank to their customers. The following charges are taken from Holiday Loan i.e. processing fee, prepayment charges etc.

1. Processing fee : 1.50% to 2% of the loan amount

2. Prepayment Charges : 3% to 4% of the principal outstanding amount

Eligibility Criteria for Holiday Loans

Before applying for a holiday loan you should fulfil all basic eligibility criteria as prescribed by the bank. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.

  • Salaried employees, self employed are eligible to take this loan.

  • The borrower must be at least 21 years to 60 years of the age.

  • 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 15,000 salaries per month is better.

  • Must be an Indian Resident.

  • Employed/In-business for at least 2 years and at least 1 year with current employer/business

Documents Required for Holiday Loan

Any applicant who is going to avail a holiday loan must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.

  • Identity proof

  • Address proof

  • Last 3 months salary slip as income proof

  • Latest 3 months bank statement

  • Photographs

  • Signature proof

  • Application form

  • Loan agreement duly signed

  • Post Sanction/ pre-disbursement documentation

"How Holiday Loans Work And How it is Paid "

Holiday Loan used for holiday 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 5 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.

How to Apply for Holidays Loan

There are two ways to apply for a holiday loan :

1. Offline Method : By visiting the nearest bank branch 

2. Online Method : 

  • 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 

How to calculate EMI of Holiday Loan 

The following way to calculate EMIs of holiday loan i.e.

The mathematical formula to calculate EMI is: 

EMI = P × r × (1 + r)n/((1 + r)n - 1) 

Where, 

P= Loan amount 

r= interest rate 

n=tenure in number of months

Financials products offered by Bank 

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

Holiday Loan Frequently Asked Questions 

1. What is a Holiday loan?

Holiday 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. 

2. How to apply for a Holiday loan?

You can apply online or offline by visiting the nearest bank branch.

3. Which formula is used to calculate the EMIs of Holiday Loan?

The mathematical formula to calculate EMI is EMI = P × r × (1 + r)n/((1 + r)n - 1) Where, P= Loan amount, r= interest rate, n=tenure in number of months.

4. What is the minimum and maximum age the customer is required to take a Holiday Loan?

The minimum age is 21 years and maximum age is 60 years is required to take a Holiday Loan.

5. How much processing fee is provided in Holiday Loan?

1.50% to 2% of the loan amount processing fee is charged in holiday loans.

6. Who is eligible to take a holiday loan?

Salaried employees and self-employed are eligible to take holiday loans.

 

Last Updated on : 25/Aug/2020

Know More About

Holiday Loans

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

Holiday Loans Interest Rates

Updated on 25 Nov 2017

Holiday Loans Details
Interest Rate (Monthly reducing balance) 15.5% - 0%
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

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

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1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959