Travel loan

Embark on your dream vacation effortlessly with Buddy Loan! Buddy Loan assists you in navigating a hassle-free loan transaction through their lending partners. Uncover the best travel loans in India with flexible repayment tenures of up to 5 years and interest rates of 11.99% p.a.

Top Banks & NBFCs Providing Travel Loan in India

It's important to compare rates from different lenders to secure the most favorable interest rate for your specific needs. Find the best loan for traveling by exploring our list of top banks and NBFCs.

Personal Loan by Bank/ NBFCs Interest Rates Per Annum Processing Fee
SBI Personal Loan 11% onwards Up to 1.50%
HDFC Personal Loan 10.50% onwards Up to 2.50%
ICICI Personal Loan 10.50% onwards Up to 2.25%
Citibank Personal Loan 10.99% onwards Up to 0.5%

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Note: The interest rates mentioned above are subject to change at the lenders' discretion

Travel Loan Interest Rates & Charges

The travel loan interest rates start from 11.99%p.a. The interest rates vary based on factors like creditworthiness and market conditions. Lower rates are typically offered to individuals with good credit scores and lower risk.

Here is the table showing the highlights of travel loan interest rates & charges:

Fee Charges Applicable
Interest rates 11.99% p.a. onwards
Processing fees Up to 2% of the loan amount
Overdue EMI interest 2% p.m. on EMI or principal overdue
Prepayment/Foreclosure Charges 0% ( If paid from own sources)
Late Payment Charges 2% per month
Stamp Duty As per applicable laws of the state

Travel Loan EMI Calculator

A travel loan EMI calculator is a helpful tool that assists in estimating your monthly payments for a travel loan.

Using a vacation loan EMIsimply enter the loan duration and interest rate.The calculator will generate the estimated monthly EMI for your travel loan.

Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Eligibility Criteria for Travel Loans

Eligibility criteria for travel loans may vary across different banks, but the general guidelines for determining travel loan eligibility are as follows:

Particulars Eligibility Criteria
Age 21 to 65 years
Nationality Indian
Employment Type Salaried or Self-employed
Employment status Employed at least 1 year with current employer or in business for at least 2 years.

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Reasons to Take a Personal Loan for Travel

Travel loan is a type of personal loan that brings you many benefits. Here are some of the reasons why you should take a personal loan for travel.

Travel Loan Features

Here are the key features & benefits of a travel loan:

No Collateral

There is no need for collateral or security

Flexible Repayment

Choose your preferred repayment tenure

Quick Loan Disbursal

Get your loan amount insatantly disbursed to your bank account

100% Online Process

You can avail of a loan online in just few clicks.

Minimum Documentation

Get your travel loan approved with minimum documentation

Zero Hidden Charge

No hidden charges and no prepayment penalties

Documents Required to Apply for Travel Loan

The documents required to apply for a travel loan may vary among different lenders. Here is a general list of documents required for travel loan.

  • Identity Proof: Passport, driver's license, Aadhaar card, Voter ID
  • Address Proof: Utility bill (electricity, water, or gas), bank statement
  • Income Proof: Recent payslips, Income Tax Returns (IT returns)
  • Photographs: Recent passport-sized photographs

Types of Travel Loans in India

Whether for foreign or domestic trips, travel loans can be utilized based on your preferences and requirements. Here are 2 types of travel loans available based on your eligibility criteria:

International travel loan: Loan to travel abroad- are designed for individuals planning to travel abroad. These loans cover expenses such as air tickets, lodging, sightseeing, and tours. Borrowers can apply for themselves and their relatives, with higher loan amounts compared to other types of travel loans.

Domestic travel loan: Domestic travel loans- cater to individuals traveling within their native country. The loan amount for domestic travel is typically lower than that of foreign travel loans. Borrowers can utilize these loans to cover expenses for themselves and their relatives during domestic trips.

Travel Loan Interest Rates

The travel loan interest rates start from 11.99%p.a. The interest rates vary based on factors like creditworthiness and market conditions. Lower rates are typically offered to individuals with good credit scores and lower risk. It's important to compare rates from different lenders to secure the most favorable interest rate for your specific needs.

Improve Chances of Getting Travel Loan

Here's a table outlining the Do's and Don'ts before applying for a travel loan to improve your travel loan eligibility:

Do's Don'ts
Maintain a good credit score Apply for multiple loans simultaneously
Demonstrate a stable income Provide incomplete or inaccurate information
Pay off existing debts Exceed your repayment capacity

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Steps to Apply for a Travel Loan with Buddy Loan

Here’s the step-by-step process that you can follow to apply for a travel personal loan on Buddy Loan:

  • Step 1: Visit or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Ready to take next step ?

Travel Loan Repayment

Travel loan repayment refers to the process of repaying the borrowed amount along with the accrued interest within the agreed-upon tenure. Lenders provide different modes of payment to facilitate easy and convenient repayment options for borrowers: pre-payment and part-payment.

3 Modes of Travel Loan Repayment

Here are the three modes of payment for a travel loan:

Frequently Asked Questions on Travel loan

A travel loan is a type of personal loan specifically designed to finance travel-related expenses such as airfare, accommodation, sightseeing, and other travel-related costs.

The benefits of a travel loan include immediate access to funds for your trip, the ability to finance your travel expenses without disrupting your savings, and the flexibility to repay the loan in affordable installments.

You can get money for traveling through various methods such as saving in advance, using personal funds, applying for a travel loan through Buddy Loan, or utilizing credit cards with travel rewards or installment payment options.

Yes, you can finance your trip by utilizing personal funds, applying for a travel loan, or using credit cards with installment payment options or travel-specific benefits.

Yes, many banks offer travel loans specifically designed to finance travel expenses. You can apply for a travel loan with the bank and fulfill their eligibility criteria to secure the loan.

Obtaining a travel loan with no credit history might be challenging. Lenders typically consider credit history as a factor in loan approval. However, some lenders may offer travel loans with relaxed credit requirements or consider alternative factors to assess your creditworthiness.

To avail of EMI (Equated Monthly Installments) for travel, you can either opt for a travel loan through Buddy Loan which offers flexible EMI repayment or utilize credit cards that provide travel-specific EMI options.

To get a travel loan in India from Buddy Loan, you can visit their official website or mobile application. Fill out the loan application form, provide the required documents, and complete the application process. Ensure that you meet the eligibility criteria to increase your chances of approval.

Yes, you can get a loan for traveling abroad. Many lenders provide specific travel loan options for financing expenses related to international travel. You can apply for such loans and fulfill the lender's eligibility requirements to secure the loan.

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