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Travelling is a dream for many of us. However, the major obstacle that comes in the way is often the cost. With the increase in the cost of living, it is difficult for people to save enough money to travel abroad. But, what if you could take a loan for travelling abroad? In this article, we will discuss everything you need to know about getting a loan for travelling abroad.
What is a Loan for Travelling Abroad?
A loan for travelling abroad is a type of personal loan that you can take for the purpose of travelling. This loan can be used for various expenses related to travelling such as airfare, accommodation, visas, and other expenses. This loan can be taken from banks, NBFCs or other financial institutions.
Types of Loans for Travelling Abroad
There are two types of loans that you can take for travelling abroad:
| Loan Type | Description |
|---|---|
| Secured Loan | A secured loan requires collateral such as property or gold. The interest rate for a secured loan is usually lower than an unsecured loan. |
| Unsecured Loan | An unsecured loan does not require collateral. The interest rate for an unsecured loan is usually higher than a secured loan. |
Eligibility for a Loan for Travelling Abroad
The eligibility criteria for a loan for travelling abroad may vary from lender to lender. However, some common eligibility criteria are:
- You should be a citizen of India
- You should be at least 21 years old
- You should have a stable source of income
- Your credit score should be good
Documents Required for a Loan for Travelling Abroad
The documents required for a loan for travelling abroad may vary from lender to lender. However, some common documents that are required are:
- ID Proof (PAN Card, Aadhaar Card, Passport)
- Address Proof (Aadhaar Card, Passport, Utility Bills)
- Income Proof (Salary Slip, Bank Statement)
- Travel Itinerary
Interest Rates and Fees for a Loan for Travelling Abroad
The interest rates for a loan for travelling abroad may vary from lender to lender. However, the interest rates for a personal loan usually range from 10% to 24%. Additionally, there may be processing fees, prepayment charges, and other fees associated with the loan.
How to Apply for a Loan for Travelling Abroad
The application process for a loan for travelling abroad may vary from lender to lender. However, some common steps are:
- Check your eligibility for the loan
- Gather all the required documents
- Compare the interest rates and fees of different lenders
- Apply for the loan online or visit the lender’s branch
- Submit the application with the required documents
- Wait for the lender’s approval
FAQs
1. Can I get a loan for travelling abroad without collateral?
Yes, you can get an unsecured loan for travelling abroad without collateral. However, the interest rate may be higher than a secured loan.
2. Can I repay the loan before the end of the tenure?
Yes, you can repay the loan before the end of the tenure. However, there may be prepayment charges associated with the loan.
3. How much loan can I get for travelling abroad?
The loan amount for travelling abroad may vary from lender to lender. However, the loan amount usually ranges from Rs. 50,000 to Rs. 25 lakhs.
4. How long does it take to get a loan for travelling abroad?
The time taken to get a loan for travelling abroad may vary from lender to lender. However, it usually takes around 2-7 days for the loan to get approved and disbursed.
5. Can I use the loan for other purposes?
No, the loan for travelling abroad is meant for the purpose of travelling only. You cannot use the loan for any other purposes.
Conclusion
Travelling is an enriching experience that broadens our horizons and opens our minds. However, the cost of travelling can often be a deterrent. By taking a loan for travelling abroad, you can fulfil your dream of travelling without worrying about the cost. However, it is important to do your research and choose the best lender that offers the most favourable interest rates and fees. With the right planning and financial discipline, you can make your dream of travelling abroad come true!