Have you ever looked at a stunning scenic photo on some wall or the wallpaper on your phone’s screen and thought, “Wish I could be there, just once?”
If you have time, your desire to visit those places of your dreams doesn’t have to be limited to your imagination and thoughts.
Money for trips of a lifetime might have been a problem before, but it doesn’t have to be the case any longer. You can easily avail of a Personal Loan for travel and plan for a holiday that has been on your bucket list for what feels like forever.
Leading banks and financial institutions provide Personal loans for travel for up to Rs 50 Lakh at friendly and affordable terms, which can be availed by anyone who is eligible. ICICI Bank has the following criteria for a salaried applicant.
- Age – The applicant should be a minimum of 23 years of age, and the maximum age can be 58.
- Minimum Income – The minimum monthly income for an individual is Rs 30,000. However, an applicant’s salary figure may differ depending upon their profile and relationship with the bank.
- Work Experience – The applicant should have a minimum of two years of experience.
- The applicant should have been living in their current residence for a minimum of one year.
Do note that the criterion for a salaried applicant is different to a person who is self employed. If you are someone who is self employed, do check out the criteria on the bank’s website.
A bank or a financial institution may also look at other variables while considering your application. Credit score and debt-to-income (DTI) ratio are two such variables. A credit score shows how responsible you have been in the past as a borrower, while a DTI ratio shows how much of your income is used up in paying bills. A credit score of over 700 is usually considered good, and your DTI ratio should be on the lower side, which shows that a low percentage of your income is getting used up in covering your expenses and you will have enough to pay your EMIs.
So, once you have chosen a lender with whom you would want to apply, you can apply for the same by logging on to the bank’s website and logging in to the online application page. Follow the steps, fill out all your details correctly, and submit your documents and other required details for your application process to begin. Once again, do note that the list of documents banks require for salaried and self employed applicants is different. Do visit your bank’s website to find out the exact documents needed.
Before applying for a Personal Loan for travel, here are a few things you should keep in mind.
- Apply for the right amount – Even though you may qualify for a higher amount, it is imperative that you apply for the right amount. Evaluate how much you would need with a necessary buffer, and then go for the amount. Applying for a loan amount higher than what you may require would mean paying more in interest during the tenure of the loan.
- Choose the correct tenure – Personal Loans are available for a tenure of 12-72 months. An Applicant should choose a tenure in which they will be able to comfortably pay off the loan. Choosing a tenure that is too long or too short can cause issues. So, do give this variable thought and hone in on the right tenure.
Whether you want to go alone, with friends, or plan to make it a romantic getaway with your partner, nothing is stopping you. You have already waited far too long and don’t have to wait any longer. Apply for a Personal Loan for travel and head to your dream holiday destination, be it the scenic surroundings of Europe, those mesmerising places in South America, or any other place.