Planning a vacation with family and
friends has never been more easy. Procurement of sufficient funds to
bear travel expenses has been made smooth with quite a few banks
offering easy travel loans. The loan meets any kind of travel expense
such as cost of ticket, hotel stay, visa, airport tax, purchase of basic
travel quota, etc.
Maximum Loan offered by Banks for Travel Loan:
Your personal
loan limit will be determined by your income and repayment capacity.
Starting from as low as Rs.20000, the travel loan can stretch up to as
high as Rs. 1000000, depending on the income of the customers, his
repayment capacity, tenure of loan. The repayment can be extended to as
long as four years.
Interest Charged by Bank on Travel Loan:
The rate of interest
varies from bank to bank, depending on the current market conditions and
their policies. It is generally between 14-16%. Normally banks charge
interest on a reducing balance.
Process of Travel Loan Application:
Travel loan can be
obtained by simply filling a form at the bank premises and providing the
necessary documents. A nominal processing fee is charged by banks, which
can sometimes be waived off.
Documents Required for Travel Loan:
- Copy of Passport (for overseas travellers)
- Copies of Rail-tickets/Bus tickets/Air tickets and visas(for
overseas travellers)
- Copy of consolidated invoice containing ticket charges, insurance
charges, other sundry charges, etc.
- Passport size photograph
- For salaried individuals Latest salary slip and Form 16
- Self-employed individuals and Professionals IT returns for the
last two financial years.
- Proof of Residential address
This can include home and establishment certificate/Lease
deed/Telephone Bill.
List of Leading Banks Offering Travel Loans:
