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Tuesday, July 23, 2024

Fund Your Dream Holiday with Travel Loan

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Who doesn’t love to travel? If people have time and money, they would be vacationing to their dream destinations most often. Time is not a big constraint as many people get monthly leaves and holidays that can be utilized for vacationing. However, money is the bottleneck that often prevents people from realizing their dream of travelling.

What if we tell you that money will not be a hindrance anymore?

If you have been dreaming of a vacation to your favourite place for a long time, don’t let money hold you back. Instead, apply for a Travel Loan (which is a kind of Personal Loan for travel) and go on that long awaiting trip with your friends or family.

The market is full of plenty of options when you think of a travel loan. Among the various alternatives available, HDFC bank personal loan always ranks first due to the several benefits it has to offer.

Features of HDFC Bank Personal Loan for Travel 

Loan amountRs. 50,000 – Rs. 40 lakhs
Repayment tenure1-5 years
Interest rate10.50% – 21%
Processing chargesUp to 2.50% of the sanctioned loan amount (maximum of Rs. 25,000 for salaried applicants)
Prepayment chargesPrepayment is allowed only after repayment of 12 EMIs @2% – 4% of principal outstanding.

Why Opt for HDFC Vacation Loan?

Here are some of the top reasons to avail of a Personal Loan for Travel:

  • Instant funds available: Existing HDFC Bank customers can avail of pre-approved personal loan for travel purpose and receive funds in just 10 seconds. For non-HDFC Bank customers, the funds can be disbursed in just 4 hours.
  • Flexible tenure: You can repay your loan in 12 to 60 months as per your convenience.
  • Affordable EMIs: The HDFC Personal Loan EMI starts from as low as Rs. 2149 per lakh.
  • Hassle-free process: The bank requires minimal or zero documentation for the loan.
  • Repayment options: You can repay your loan EMIs by cheque, online transfer, credit card or even cash.

Eligibility to Apply for HDFC Personal Loan

  • Employment: Employees working with private limited companies and public sector undertakings (central, state, & local bodies).
  • Age: Individuals aged between 21 and 60 years.
  • Work experience: Individuals having at least 2 years of work experience in total, with a minimum of 1 year at the current employer.
  • Income: Individuals earning a minimum net monthly income of Rs. 25,000.

Documents Required for HDFC Travel Loan

  • Identity proof: A copy of passport/driving license/aadhaar/voter ID card.
  • Address proof: A copy of passport/voter ID card/aadhaar/driving license.
  • Financial documents: Bank statements of the previous 3 months or passbook of the previous 6 months.
  • Income documents: Latest 2 salary slips or current dated salary certificate along with the latest Form 16.

How to Estimate the Travel Loan Amount You Require?

To assess how much Holiday Loan amount you should take, create a complete travel budget first. Below are the steps to do that:

  • Research the destination: Firstly, find out the place you want to travel to. You can do the research work by looking at travel websites or contacting travel agents. Choose one destination you want to explore. It could be a beach destination like Maldives, snow-laden beautiful mountains of Switzerland, a wildlife safari in Africa, and so on.
  • Make a to-do list: Make a list of all the things you want to do there, including their estimated costs. For instance, if you want to go to the Maldives, look for the cost of a ferry ride/air transfer from the airport to the chosen island, scuba diving, snorkelling, cruise, and other activities you want to enjoy there.
  • Create a budget estimate: Assess your total trip cost based on your research, including meals, fights, local transportation, sightseeing tickets, visa fees, lodging, etc. You can also contact a travel agent and ask for an all-inclusive package with a quotation. Add 20% to 30% to your estimated budget for calculating the total trip cost.
  • Check available funds: After budget estimation, check how much you can arrange from your own pocket. Check your bank accounts, savings, annual bonus or dividends due on investments.
  • Apply for a travel loan: Once you come up with the total cost of your trip, contact your nearest HDFC Bank to apply for a personal loan for travel. Submit all the required documents along with the loan application. Once you are eligible, you will be given the loan amount.
  • Get funds & make bookings: Once you receive funds, start booking for the holiday. Start with booking return tickets, then hotel stays, internal travel and sightseeing tours. You can also transfer funds to the travel agent for making necessary bookings on your behalf. Once bookings are made, you can apply for a visa (if required).

Have a Happy Holiday! and keep reading on Gurgaon times.

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