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Travel Loan

Apply for Holiday Loan at Low Interest Rates

Last Updated 23rd May 2022

  • A Personal Loan for Travel is an unsecured loan that you can avail to finance your vacation.
  • ICICI Bank offers the best interest rate for travel starting at 10.25% .
  • Get an instant holiday loan online with paperless approval and quick processing.
  • You do not require a collateral or security to avail a tourist loan.
  • A travel loan can be availed by salaried individuals or self-employed professionals.
  • Check your eligibility for best vacation loans online with a personal loan eligibility calculator.
  • Apply for travel or holiday loan online and get Voucher upto ₹ 1,000*.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Voucher

What is Travel Loan?

A travel loan is an unsecured personal loan used for meeting the financial requirement for travelling. As these are unsecured, you don’t have to submit any collateral to get this loan. Also, most banks and financial institutions provide vacation loans for both foreign trips and travels and travels within the country. You can take a travel loan for a period of upto 5 years for a wide range of expenses, including funds for hotel accommodation, flight/train bookings and others. Further, you can avail of vacation loan for upto ₹ 75,00,000.

Compare Travel Loan Interest Rate 2022

BanksInterest RateProcessing Fee
SBI Travel Loan
Compare
9.60% - 15.65%Nil
HDFC Bank Travel Loan
Compare
10.25% - 22.00%Upto 2.50% Min ₹ 999
ICICI Bank Travel Loan
Compare
10.25% - 22.00%upto 2.25% of the loan amount
Bajaj Finserv Travel Loan
Compare
12.99% - 15.50%Starting from 1.50%, Up to 3%
IDFC First Bank
Compare
10.49% - 22.00%Upto 2.00%
Axis Bank
Compare
10.49% - 17.25%Rs.4,999
Tata Capital
Compare
10.49% - 17.99%Upto 2.50% of Loan Amount
Fullerton India
Compare
11.99% - 18.99%2%
IndusInd Bank
Compare
10.49% - 20.00%Min 0.75% to Max 1.75%
Kotak Bank
Compare
10.45% - 17.99%Starting from Rs.999

Eligibility Criteria for Travel Loan

To get a holiday loan, you must follow the following eligibility criteria:

  • The applicant must be a minimum of 21 years of age to get a loan for travel in India.
  • Salaried professionals must be employed in the job for a minimum of 6 months before getting a travel assistance loan.
  • An individual’s credit score must be acceptable to the banks. Most banks prefer individuals with a credit score of a minimum of 650 for a loan for holiday package.
  • Most lenders ask for a monthly income of at least ₹ 20,000 to give vacation loans

Documents Required For Travel Loan

  • Identity proof.
  • Proof of Residence: Aadhaar Card, Electricity Bill, Ration’s Card, Passport, Driving License etc.
  • Proof of Income: Salary slip, Form 16, Bank statements of the last six months, Profit and loss statements etc.
  • Signature proof
  • Photograph

Travel Loan Features and Benefits

A personal loan for vacation offers the following features and benefits for travel:

  • Unsecured Loan:Vacation loans are unsecured loans and thus does not require you to submit any security or collateral.
  • Flexible Tenure:You can avail of a holiday loan online for a flexible tenure ranging between 12 months and 60 months.
  • Instant Approval:Top banks & NBFCs offer instant travel loans if you have a good existing relationship and CIBIL score.
  • Minimum Documentation:A personal loan for traveling abroad or India can be taken with minimum documentation such as identity proof, address proof & income proof.

Process to Apply for a Travel Loan

The process to apply for loan for vacation trip in India or abroad is simple. You can apply for a vacation or holiday loan by visiting the official website of an online marketplace like MyLoanCare. With MyLoanCare, you can compare the best offers from top lenders, check eligibility and calculate EMI for a travel loan to get the best vacation loan rates based on your eligibility.

Why Should You Consider Availing a Travel Loan?

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 a lack of immediate funds.
  • You are reluctant to spend lump-sum money on luxury vacation expenses.
  • You are unwilling to liquidate your savings and lose interest income on long-term savings instruments such as fixed deposits and 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 of Loans for Travel and Holidays?

While you may get Makemytrip travel loan or from other leading vacation loan. However, it may be beneficial to check the best personal travel loan deals offered by banks directly or on online platforms like MyLoanCare.

Here are a few benefits of availing personal loans for holiday from MyLoanCare:

  • Compare best offers from top banks and NBFCs in one place.
  • Calculate eligibility for vacation loan using an online Eligibility Calculator.
  • Know Travel Loan EMI for top lenders at lowest rates.
  • Get personalised assistance throughout the process of availing holiday loans.

3 Important Points to Know Before Applying for Holiday Loans

Below-mentioned are essential things that you must consider before applying for a personal loan for travelling:

  • Ensure to get an accurate estimate on the correct budget for your travel before applying for a loan. Significantly, you do not miss out on expenses such as accommodation, tickets, food, etc. In addition, it is better to set the loan amount at least 20% higher than the estimated trip budget.
  • Since personal loans are typically offered at higher interest rates, you must thus compare the best travel loans to get the lowest rate on a personal loan for travel.
  • Also, do not apply for trip loans for a higher loan amount. Instead, ensure that the EMI amount fits within your monthly budget. If you cannot afford the EMI within your monthly budget, you will face difficulties repaying the loan to the lender.

FAQs

Which bank is best for a travel loan?

As per the current rates, ICICI Bank offers the lowest rates on travel loans and can be considered the best bank for a personal loan for travel.

What is the interest rate of a personal loan on travel?

The interest rate on a personal loan for travel ranges from 10.25% to 36.00%. You can get the lowest rates on a travel loan if you have a good CIBIL score and income sources.

Do we need income proof to avail loan for travel?

Yes, banks and NBFCs need documents for Income Proof to finance your travel as a personal loan for travel is an unsecured loan and the bank needs assurance that you can repay your dues on time.

How do travel loans work?

A travel loan works just like a personal loan and helps you borrow money for travel. It is an unsecured loan, and the amount for loan for tour varies from ₹ 1,000 to ₹ 75 Lakh.

Is a travel loan tax-free?

The income tax law provides for an LTA exemption to salaried employees. However, the exemption doesn’t include costs incurred for expenses such as shopping, entertainment and leisure. Also, you can claim LTA twice in a block of four years.

Do I have to mention my reason for travelling?

No, most banks are not concerned about the reason for travelling. Also, a personal loan for travel has no-end usage restrictions and can be used for any purpose.

When can I avail a travel Loan?

Individuals are advised to apply for the travel loan a few weeks before the final planning of the trip. Banks may also provide you an instant loan for holiday if you have a good existing relationship with the bank.

Is it necessary to have a co-applicant for a holiday loan?

No, it is not necessary to have a co-applicant to apply for the travel loan.However, if you have a low CIBIL score and want to improve your eligibility for a travel loan online, you can apply for a bank loan for travel with a co-applicant.

How do I check my eligibility for a personal loan for travel from MyLoanCare?

The eligibility for a personal loan for holiday loans online depends on age, income, CIBIL score etc. You can use a MyLoanCare personal loan eligibility calculator to check your eligibility online.

What are the repayment modes available for travel loans?

You can repay the personal loan for for holiday trip using multiple online and offline repayment modes such as online bank transfer, post-dated cheques, or setting standing instructions.


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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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