Embark on your dream vacation effortlessly with Buddy Loan! Buddy Loan assists you in navigating a hassle-free loan transaction through their lending partners. Uncover the best travel loans in India with flexible repayment tenures of up to 5 years and interest rates of 11.99% p.a.
Whether you're exploring the breathtaking landscapes of India or jetting off to exotic destinations abroad, Buddy Loan has got you covered. Choose from Buddy Loan’s list of travel loans in India, offering interest rates as low as 11.99% p.a. and flexible repayment tenures of up to 5 years.
It's important to compare rates from different lenders to secure the most favorable interest rate for your specific needs. Find the best loan for traveling by exploring our list of top banks and NBFCs.
| Personal Loan by Bank/ NBFCs | Interest Rates Per Annum | Processing Fee |
|---|---|---|
| SBI Personal Loan | 11% onwards | Up to 1.50% |
| HDFC Personal Loan | 10.50% onwards | Up to 2.50% |
| ICICI Personal Loan | 10.50% onwards | Up to 2.25% |
| Citibank Personal Loan | 10.99% onwards | Up to 0.5% |
| Axis Bank Personal Loan | 10.49% onwards | Up to 2% |
| Kotak Personal Loan | 10.99% onwards | Up to 3% |
| Tata Capita Personal Loan | 10.99% onwards | Up to 3% |
| Bajaj Finserv Personal Loan | 11% onwards | Up to 3.93% + GST |
The travel loan interest rates start from 11.99%p.a. The interest rates vary based on factors like creditworthiness and market conditions. Lower rates are typically offered to individuals with good credit scores and lower risk.
Here is the table showing the highlights of travel loan interest rates & charges:
| Fee | Charges Applicable |
|---|---|
| Interest rates | 11.99% p.a. onwards |
| Processing fees | Up to 2% of the loan amount |
| Overdue EMI interest | 2% p.m. on EMI or principal overdue |
| Prepayment/Foreclosure Charges | 0% ( If paid from own sources) |
| Late Payment Charges | 2% per month |
| Stamp Duty | As per applicable laws of the state |
A travel loan EMI calculator is a helpful tool that assists in estimating your monthly payments for a travel loan. It considers factors such as the loan amount, interest rate, and loan tenure to calculate the equated monthly installment (EMI).
Using a vacation loan EMI calculator is easy. Simply enter the loan amount, loan duration and interest rate.The calculator will generate the estimated monthly EMI for your travel loan.
Eligibility criteria for travel loans may vary across different banks, but the general guidelines for determining travel loan eligibility are as follows:
| Particulars | Eligibility Criteria |
|---|---|
| Age | 21 to 65 years |
| Nationality | Indian |
| Employment Type | Salaried or Self-employed |
| Employment status | Employed at least 1 year with current employer or in business for at least 2 years. |
| Minimum Income | ?21,000 per month |
| Tenure | 6 months to 60 months |
| Credit Score | 750 & above |
Here are the key features & benefits of a travel loan:
Get your loan
approved within minutes.
Get fund without
risking your assets.
Starting from 11.99% p.a.
Can be used for a variety of purposes.
Choose your preferred
repayment tenure.
No hidden charges
and extra penalties.
The documents required to apply for a travel loan may vary among different lenders. Here is a general list of documents required for travel loan.
Whether for foreign or domestic trips, travel loans can be utilized based on your preferences and requirements. Here are 2 types of travel loans available based on your eligibility criteria:
International travel loan: Loan to travel abroad- are designed for individuals planning to travel abroad. These loans cover expenses such as air tickets, lodging, sightseeing, and tours. Borrowers can apply for themselves and their relatives, with higher loan amounts compared to other types of travel loans.
Domestic travel loan: Domestic travel loans- cater to individuals traveling within their native country. The loan amount for domestic travel is typically lower than that of foreign travel loans. Borrowers can utilize these loans to cover expenses for themselves and their relatives during domestic trips.
The travel loan interest rates start from 11.99%p.a. The interest rates vary based on factors like creditworthiness and market conditions. Lower rates are typically offered to individuals with good credit scores and lower risk. It's important to compare rates from different lenders to secure the most favorable interest rate for your specific needs.
Here's a table outlining the Do's and Don'ts before applying for a travel loan to improve your travel loan eligibility:
| Do's | Don'ts |
|---|---|
| Maintain a good credit score | Apply for multiple loans simultaneously |
| Demonstrate a stable income | Provide incomplete or inaccurate information |
| Pay off existing debts | Exceed your repayment capacity |
| Research and compare lenders | Neglect to check eligibility requirements |
| Provide necessary documents | Misuse funds or provide false justifications |
| Apply within your repayment ability | Ignore loan terms and conditions |
Step 2 - Fill out the application form including the loan amount, the tenure months, and contact details.
Step 3 - Fill out the eligibility form and provide:
Step 4 - Cross verify the given information and submit the application.
Travel loan repayment refers to the process of repaying the borrowed amount along with the accrued interest within the agreed-upon tenure. Lenders provide different modes of payment to facilitate easy and convenient repayment options for borrowers: pre-payment and part-payment.
Here are the three modes of payment for a travel loan:
Travel loan is a type of personal loan that brings you many benefits. Here are some of the reasons why you should take a personal loan for travel.
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