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 Loans:
Your personal loan limit will be determined by your income and repayment capacity. Starting from as low as Rs.20000, the travel loans 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 Loans:
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 Loans Application:
Travel loans 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 Loans:
- 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 Some of Banks Offering Travel Loans:
* Terms and conditions may vary from bank to bank.
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| By Venugopal (on Oct 20, 2011 04:05 PM) Please send more details on US trip travel loan
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