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.
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.
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.
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.
*Terms and conditions may vary from bank to bank.