All you need to know about a personal loan for travel

19 February, 2019

by Abhijeet Kumar

There is a popular saying which goes like – “Jobs fill your pocket, but adventures fill your soul.”
And that’s true for most of us, isn’t it? A good vacation relaxes your body and mind, and it trims down the stress levels too. You learn about different people, their lifestyle, way of thinking, eating, their culture and find many uncovered secrets of the world. But you can’t always be traveling. It costs you money, real money and a lot of planning. While you can’t do anything to cut down the planning phase, you can definitely do something so that money isn’t a hurdle in going to your dream vacation. And that thing would be to take a travel loan online.

What is a Travel Loan?

Travel or personal loan for travel is a type of unsecured loans provided by the financial institutions. These are personal loans provided without collateral. You apply for a loan online, get approval and then, find it in your bank account within a few hours for use. Go where you always wanted to, and cover your expenses, accommodation, sightseeing, transportation and everything with the loan amount. To cover all your travel expenses, you can opt for a loan from Monexo anywhere between ₹50,000 and ₹5,00,000. And here are the benefits of online personal loans for travel:

1. It requires no collateral

Travel loans are easy personal loans that don’t require you to submit documents of your car or home to the loan provider. All you need to do is to agree with the loan terms and conditions, and you get an instant loan.

2. Quick processing for a trouble-free traveling experience

Because of minimal documentation requirement, the loans for travelling are usually approved in a matter of few hours. So, you don’t have to cut down your expenses just because you couldn’t manage the finances on time. Monexo, for example, is a P2P lending platform which enlists your requirement upon approval. The lenders then, pick it up to fund it. Additional Read: P2P borrowing vs. Bank loans? What is the Difference?

3. Stress-free EMIs

Most online loans for travel come with a flexible tenure anywhere between 6 months and 36 months or more. So, you can have fun and not be stressed about finance while planning and enjoying your vacation. Choose the term as per your convenience. You can always make an early repayment and closure if it seems plausible.

4. Low interest rates for cost-effective holidays

Apart from getting flexible repayment duration, the travel loan interest rates are low which facilitates an individual to have affordable EMI options. So, enjoy the joy rides to your heartful without wondering about towering interest amounts. Also, since the mode of operation of Monexo is completely online, it further cuts down costs and results in lower personal travel loan rates. You can get a travel loan online with an interest rate as low as 12.98%.

Can I get a Travel Loan?

Monexo, the online P2P personal loan provider simplifies the process of getting a loan. With minimum document requirement and a straightforward process, you can get a loan easily. Here are the eligibility criteria • A monthly salary of ₹15,000 (should be credited to your bank account). • Last two months’ salary slips. • Bank statement showing the salary of the last three months. • Address proof. • Copy of your PAN card. • Copy of your Aadhaar card. That’s all Monexo requires to process your loan application. And you can even choose Monexo for your first loan and thus, get a chance to build your credibility. Additional Read: Instant Personal Loans Online to Give You the Credit You Deserve Now, that you have got sufficient information about the process of the online loan, apply for your travel finances.