Travel Loans and Vacation Loans in India

Last Updated 25th Feb 2018

Travel Loan Interest Rates in India Feb 2018

A personal loan for the purpose of financing a vacation or travel in India or abroad is known as a travel loan or a vacation loan. Popular vacation loan schemes offered by banks in India are:

  • Axis Bank Holiday Loan
  • Bank of India Star Holiday Loan
  • HDFC Bank Travel Finance
  • SBI Holiday Savings Account
  • ICICI Bank Personal Loan for Travel
Apply Personal Loan @ 10.75%*

Interest Rates, EMI on Travel and Vacation Personal LoanFeb 2018, Best rates

Bank Personal Loan Interest Rates Processing Fee
SBI Personal Loan 12.50% In the range of 2% to 3%
HDFC Bank Personal Loan 10.99% Min 0.99%, Max 2.50% Up to Rs. 10,000
ICICI Bank Personal Loan 10.99% Starting from 0.99%, Up to 2.25%
Bajaj Finserv 11.99% Starting from 1.50%, Up to 3%
Citibank 10.99% Upto 0.5%
IDFC Bank 11.00% Starting from 0.75%, Up to 2%
Axis Bank 11.25% 1.50% to 2.00%
Tata Capital 11.99% Flat fee of Rs. 999*, Upto 2%
Fullerton India 14.00% Upto 6.50%
IndusInd Bank 11.99% Min 1% to Max 2.50%
Kotak Bank 11.50% Upto 2.5%
RBL Bank 13.99% Upto 2%
IIFL 12.99% 1 - 2%
HDB Financial 13.99% Upto 2% of loan amount
Karur Vysya Bank 13.90% 0.40%
PNB 11.70% 1.8% + taxes
Vijaya Bank 12.50% 0.25%, Max. Rs. 10000 + ST
Union Bank of India 14.40% 0.5%, Min Rs. 500
Syndicate Bank 14.20% 0.5%, Min Rs. 500
Standard Chartered Bank 10.99% 1.00%
Indian Overseas Bank 12.70% Rs. 204 per lakh
Andhra Bank 13.05% Case to Case
Bank of Baroda 11.60% 2%, Min Rs. 250
Bank of Maharashtra 15.10% 1%, Min Rs. 1,000
Canara Bank 13.65% 0.50%
Corporation Bank 12.75% 1.5%, Min Rs. 500
Dena Bank 13.00% 1%
Federal Bank 13.32% 0.5%, Min Rs. 500
IDBI Bank 13.20% 1%
Allahabad Bank 12.95% 1.06%, Min- Rs. 1068
Indian Bank 14.35% 0.5%, Min- Rs. 508
Yes Bank 10.75% Starting at 0.99%, Up to 2%

When and why should you take a travel loan for vacation?

You should opt for a vacation loan if:

  • You are keen to enjoy life with your loved ones and no longer want to postpone your holiday plans due to want of immediate funds
  • You are reluctant to spend lump-sum money on luxury vacation expenses
  • You are not willing to liquidate your savings and lose interest income on long term savings instruments such as Fixed Deposits, NSCs to spend on your holidays
  • You are placed in a well paying profession and are confident of repaying your loans/dues on time

What are the various options to avail loan for travel and holidays?

Leading travel companies such as Thomas Cook, and offer travel loan packages to their customers through their partnerships with credit card companies and leading banks in India. However, it may be beneficial to check the best personal travel loan deals offered by banks directly or on online platforms like MyLoanCare. There are two popular options for financing travel:

  • Unsecured Personal Loan from Banks
  • Banks and other lenders offer personal loans to fund holidays. Key features of such personal loans are:

    • Loans for travel in and outside India
    • Loans of up to Rs 5 lakh, subject to the limit of actual travel expenses and eligibility
    • Option to enhance holiday loan amount eligibility by offering security of liquid instruments such as Fixed Deposits, NSCs, Kisan Vikas Patras (KVPs) etc
    • Quick processing with minimal paperwork
    • Loans available for tenure of 3-24 months, payable in easy EMI’s
    • Interest rate from 14% -20%
    • Loan processing fees of 1% -3%
  • Credit Card based EMI Loans
  • Here, you can for travel using your credit card and convert the outstanding amount to a credit card EMI loan. These loans carry relatively higher interest rates compared to personal loans, but have lesser paper work. Key Features of these loans are:

    • Travel expenses converted into credit card EMIs
    • Hassle free loans with no or minimal paper work
    • Loans offered for a tenure of 3 to 12 months
    • Interest rate ranges from 24%-36%
    • Loan amount eligibility limited to the credit limit on your card and also on the destination of travel

What are the alternatives to travel loans?

  • Save money for your travel and time your dream vacation when you have enough cash to spend on it
  • Open a recurring travel deposit account with a bank, and set aside a fixed monthly amount to finance a pre-booked holiday package. The deposit account typically covers all your expenses and carries an interest rate of 7% -8% thus allowing you to save and hedge against inflation.
Why MyLoanCare???

Nowadays, banks give various offers on Personal Loan to give the best rates to individuals. To get Personal Loan with lowest interest rate and lowest EMI, compare new rates and offers of all banks at MyLoanCare. You can do rates comparison, check your eligibility, apply online and get the cheapest rate on Personal Loan. MyLoanCare helps you throughout the loan process from the day you apply to the time you get complete disbursement. You can even track your loan status after getting registered with us. MyLoanCare make it easy for you to get hassle free Personal Loan with ultimate cashback and refer and earn benefits. So, apply for Personal Loan today and enjoy the benefits.

*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.
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