Do you dream of wandering through the streets of London, savouring a delicious meal with your family in Milan, or relaxing on a multi-line cruise across the Atlantic? Whether it’s Europe or the US, these foreign locations are packed with incredible attractions, but the cost can be a barrier for many. The good news is that you don’t have to let finances hold you back anymore— consider taking a Personal Loan for travel, better known as a travel loan!
Going on vacations with your family can be expensive, and while you may have saved up for your trip, a travel loan can give your budget a solid boost. That’s right — a travel loan could make your family adventure even more amazing with great ease and comfort.
Easy Online Loan Availability
New-age non-banking financial companies (NBFCs) like Hero FinCorp can offer a travel loan of up to Rs 5 lakh. You can apply for these loans online. They are approved in minutes. The interest rates are competitive, and repayment tenures are flexible.
Here is a stepwise procedure to apply for a travel loan online:
- Download and install the loan app from the Google Play Store.
- Select your loan amount (up to Rs 5 lakh) and your preferred EMI.
- Provide your Name, Income, Purpose of loan, and PAN Card number.
- Perform KYC verification by uploading the required documents.
- Enter your bank account information for the loan credit.
- Receive instant approval based on your application and KYC.
- Sign the eMandate and loan agreement digitally.
- The loan amount is transferred to your bank account.
While it might sound unconventional, even if you are new to the credit scenario, you can also secure an instant loan without CIBIL. Most of the reputed online lenders provide instant Personal Loans to applicants with no CIBIL scores. You can easily avail the funds through the mobile app and enjoy your vacation without stretching your finances.
Availing Instant Loans without CIBIL Score
As a standard operating procedure, lenders require a good CIBIL score as part of their eligibility criteria. Here’s how individuals who lack a CIBIL score can avail of travel loans online:
- Apply with an NBFC: Unlike traditional financial institutions, NBFCs often have more flexible policies for applicants with a low or no CIBIL score.
- Proof of Income: Providing documents of your monthly income can help lenders consider your application for an instant loan, even without CIBIL.
- Co-Applicant: Including a co-applicant with a strong credit score and stable income can improve your chances of securing an instant loan, even if your credit score is low.
- Smaller Loan Amount: Opting for a smaller loan amount can increase your chances of approval.
- Lenders as Partners: Some lenders have corporate partnerships offering travel loans as personal loans through direct access to your income information
- Secured Loans: You can apply for a secured loan to build your credit profile. Secured loans are a good option to maintain a decent credit score.
- Use Online Platforms: For short-term loans, look for apps that offer loans with low or no credit scores. These loan apps can help you secure financing even if you do not have a credit history.
The ongoing trend of going for extravagant vacations and having quality time has led to a growing demand for ‘Travel Now Pay Later’ schemes. The increasing number of working professionals across the country is making good use of the travel loans being made available online. The recent surge in the demand for travel loans paved the way for lenders to offer instant loans even with low or without CIBIL scores.
