Apply for Instant Travel Loan – Its Benefits, Eligibility and How to Apply Online
Travelling helps one relax and break the monotony of life. It also helps individuals connect with their families and spend quality time with them. Travelling, however, needs sufficient funds. You need money to book travel tickets, accommodation and even to plan your itinerary. If you have sufficient funds you can easily plan your trip. However, if you don’t have the required funds at your disposal, you can avail holiday loans that are available in the market.
What Is a Travel Loan?
A travel loan is a type of personal loan that you can avail of for meeting the financial costs of a trip. The loan can be used to pay for:
- Travel tickets
- Hotel bookings
- Sightseeing expenses
- Visa costs if you are planning an international trip
- Any other miscellaneous costs associated with travelling
Navi offers personal loan that you can avail of for personal leisure, and when you plan your travel trip.
Navi is a highly rated loan provider with a rating of 4.4 stars on the Google Play Store (as of December 2020). You can get a personal loan from Navi’s mobile application which would also double up as an instant travel loan. Here are some simple steps with which you can apply for a personal loan through the Navi app:
- Download the Navi app and simply register with your mobile number
- On the home screen choose the ‘Apply’ button to start the application process
- Provide the following details –
- Your full name
- Age
- Marital status
- PIN code of your residential area
- Type of employment –salaried, self-employed or others
- Monthly income amount
- Provide your PAN card number to complete the application process
- Once the application process is completed, Navi would use a digital tool to check your eligibility and approve a loan amount that you can avail
- You can, then, select the loan amount that you need, the repayment tenure and the EMI that you can affordably pay
- Then you would need to complete the KYC process by clicking your Selfie and then verifying your Aadhaar card number.
- In order to complete the loan application process, you need to link your bank account with the application, where the loan amount would be transferred
- Once the details are digitally verified by Navi, your loan amount would be transferred to your bank account within minutes
The Navi cash loan for travel is easy to avail. Moreover, it offers the following features and benefits:
- Get Funds On-the-go
To avail of a travel loan online you can choose Navi’s personal loans that you can avail of from the mobile app right from your Smartphone. You can, therefore, get the funds on the go from anywhere in India - Collateral-free Loan
The loan is unsecured in nature and does not need any collateral security or third-party guarantee. You can, thus, easily get the loan without having to pledge any asset as security. - Online EMI Calculator
The Navi loan EMI calculator helps you calculate the potential EMI of the loan before applying. The calculator also allows you to change the loan details to find the right EMI amount which is affordable[A1] - Quick Funds
With Navi, you can get a personal loan in less than 20 minutes thereby giving you an instant source of funds. - Multi-purpose Use
Navi offers personal loans that can act as multipurpose vacation loans. You can use the loan for meeting any type of expense that you incur in planning the trip. - Easy Documentation
You can apply for a loan with your Aadhaar Card, PAN Card and by uploading your selfie. The loan process is, therefore, quick, simple and instantaneous. - High Quantum of Funds
The quantum of loan available with Navi ranges from Rs.10,000 to Rs.5 lakhs. Thus, you can easily plan a domestic or international vacation with personal loans offered by Navi.
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Travel Loan Eligibility
If you are looking for a travel loan, lenders usually specify some eligibility criteria that you need to fulfil. In the case of Navi’s personal loan, however, there are no eligibility criteria. Navi screens you through a technology-driven model and offers a loan without any fixed eligibility requirement. So, you can download the Navi app and check your loan eligibility instantly.
In the case of other lenders, the eligibility parameters usually include the following –
| Age | You should be aged between 18 and 65 years. In some cases, the minimum age requirement can be 21 years onwards too |
| Occupation | You should have an active occupation as a salaried employee or as a self-employed individual |
| Income Level | You need to have a monthly minimum income level as stipulated by the lender |
| Credit Score | Your credit score should be at least 650 and above to apply for a travel loan |
| KYC Compliance | You should meet the KYC norms of the lender |
Why Do You Need a Travel Loan?
Travel loans help you fund your travel without draining your bank account or disturbing your savings. Vacation loans are an effective solution to fund your trip easily. Here are some reasons why you need holiday loans:
- You can take the foreign vacation that you have been dreaming of for a long time
- You can go on a trip with your entire family and spend some quality time with them
- You can celebrate special occasions by travelling to exotic places and create memories
- You can stick to your financial plan without putting a strain on your budget
So, if you are planning your next holiday, you should opt for a personal loan for travel and travel without financial worries. Here are some tips to follow when you finance your vacation:
- Even though travel loans offer easy travel finance, choose a destination within your budget
- Plan your trip itinerary well in advance to save on the cost of travel tickets and hotel accommodation
- Make a budget and spend according to the same when you travel
- Do not overspend when shopping on the trip. Keep your expenses in check
- You can also use your credit card for booking your travel. However, do remember that credit cards have high-interest charges and a personal loan is a better alternative
- If travelling abroad, convert the costs into foreign currency to find out the funds required for the trip
So, if travel is on your mind, plan your trip and leave the financial worries to a travel loan. Use Navi’s platform to get a personal loan with the simplest of processes.
Final Word
If you’re planning for a vacation and are in need of instant funds, you can apply for personal loans for travel. Check your eligibility and credit score before applying. For instant travel loans, you can apply for a Navi Personal Loan. Just download the Navi app, apply in a 100% paperless manner and get the amount disbursed into your account within minutes.
FAQs
Ans: No, you can avail of one personal loan for travel to cover the costs of multiple destinations that you would cover on your trip.
Ans: If you apply through Navi you would have to submit only your Aadhaar card and PAN card along with a selfie. However, other lenders might require you to submit an identity proof, age proof, address proof, bank account statements and income proof with your loan application.
Ans: No, the interest rate is fixed over the repayment period. When you avail of the loan the interest rate is specified and that rate remains the same throughout the repayment period.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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