Travel Loans and Vacation Loans in India

Interest Rates, EMI on Travel and Vacation Personal Loan Jan 2017

Last Updated 17th Jan 2017
Bank Travel Loan Interest Rates* Lowest EMI per lakh for max tenure
HDFC Bank
4.2/5
167 votes
11.29% - 20.00% Rs. 2,189 for 60 months Explore More
SBI
3.4/5
4 votes
12.50% - 16.60% Rs. 2,658 for 48 months Explore More
ICICI Bank
4.1/5
22 votes
11.59% - 22.00% Rs. 2,204 for 60 months Explore More
Axis Bank
3.9/5
30 votes
13.50% - 24.00% Rs. 2,301 for 60 months Explore More
Bajaj Finserv
3.6/5
25 votes
11.99% - 15.50% Rs. 2,224 for 60 months Explore More
Standard Chartered Bank
3.8/5
7 votes
11.49% - 20.00% Rs. 2,199 for 60 months Explore More
IDFC Bank
4.6/5
5 votes
11.99% - 19.50% Rs. 2,224 for 60 months Explore More
Fullerton India
2.7/5
4 votes
16.00% - 34.00% Rs. 2,834 for 48 months Explore More
Kotak Bank
3.3/5
11 votes
11.50% - 24.00% Rs. 2,199 for 60 months Explore More
Citibank
4.3/5
42 votes
11.49% - 18.00% Rs. 2,199 for 60 months Explore More
IndusInd Bank
4/5
27 votes
11.49% - 19.00% Rs. 2,199 for 60 months Explore More
Bank of Maharashtra
0/5
0 votes
15.10% - 15.10% Rs. 3,471 for 36 months Explore More
Canara Bank
0/5
0 votes
13.65% - 13.65% Rs. 2,715 for 48 months Explore More
Dena Bank
0/5
0 votes
13.00% - 14.00% Rs. 3,369 for 36 months Explore More
Union Bank of India
3.3/5
1 votes
14.40% - 14.40% Rs. 2,348 for 60 months Explore More
Vijaya Bank
0/5
0 votes
12.70% - 13.70% Rs. 2,260 for 60 months Explore More
Yes Bank
0/5
0 votes
11.99% - 20.00% Rs. 2,224 for 60 months Explore More
Tata Capital
4.5/5
1 votes
13.00% - 18.00% Rs. 2,007 for 72 months Explore More
Andhra Bank
0/5
0 votes
13.85% - 15.10% Rs. 2,319 for 60 months Explore More
Allahabad Bank
0/5
0 votes
13.10% - 13.10% Rs. 2,280 for 60 months Explore More
IDBI Bank
0/5
0 votes
13.20% - 13.75% Rs. 2,286 for 60 months Explore More
Indian Bank
0/5
0 votes
14.50% - 17.00% Rs. 3,442 for 36 months Explore More
Indian Overseas Bank
0/5
0 votes
12.70% - 15.25% Rs. 2,260 for 60 months Explore More
PNB
0/5
0 votes
12.25% - 15.25% Rs. 2,237 for 60 months Explore More
Karur Vysya Bank
0/5
0 votes
13.90% - 16.40% Rs. 3,413 for 36 months Explore More
Syndicate Bank
0/5
0 votes
14.20% - 14.20% Rs. 2,337 for 60 months Explore More
Bank of Baroda
0/5
0 votes
14.10% - 14.10% Rs. 3,423 for 36 months Explore More
Federal Bank
0/5
0 votes
13.32% - 15.12% Rs. 2,699 for 48 months Explore More
Corporation Bank
0/5
0 votes
13.45% - 14.45% Rs. 3,391 for 36 months Explore More
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What is a Travel Loan or Vacation Loan?

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
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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, Yatra.com and makemytrip.com 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.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.