How to get a Personal Loan to travel
Learn more about how you can finance a trip to your dream destination by applying a loan for travelling abroad.
Whether it is a romantic getaway or a cultural trip, an international vacation can be expensive. Major costs include cost of flights, hotel stays, cost of internal travel, food costs and many more. Why deplete your savings when you can apply for quick and easy vacation loans to fulfil your travelling dreams? Read on to find out how you can get a Personal Loan for travel to your dream destination.
Steps to apply for bank loans for travelling:
Choose your destination
The first and foremost thing is to choose your destination wisely. Remember, you’re opting for travel financing to fulfil your dreams. Thus, it would be unwise to choose destinations that would require you to rely completely on your travel loan. Make sure the destination doesn’t have unreasonably exorbitant prices for hotels, travel and food.
Research your destination
Now that you’ve chosen your destination, go online and do some extensive research. Find out more about the specific areas that you want to cover and how you’re going to cover them. Check the currency rate, internal transport infrastructure and costs and other details.
Make up a budget
The next thing to do is to make up an estimated budget based on your research. Find out all the costs that you’re going to incur. A Personal Loan for overseas travel must include flight ticket costs, hotel stays, day-to-day meals, internal transport and sightseeing costs. To make things simpler, you can approach travel agents and get an estimated quote for your total travel expense. It is always a good idea to add a 20% buffer to your estimated cost since your actual cost will be more than what you had originally estimated.
Check your available funds
Now that you have a rough estimate of your travel costs, calculate how much you can contribute from your personal funds. The remaining amount you can avail via the Personal Loan.
Apply for a Personal Loan
Armed with your trip details, your estimates and a rough idea about how much funds you need, you can visit a bank branch of your liking and apply for a Personal Loan for travel right away. Submit your loan application along with documents like your bank statements, Income Tax (IT) returns, Permanent Account Number (PAN), Aadhaar, etc.
Receive your funds
Once the bank determines your creditworthiness, they will approve your loan and transfer your requested amount to you. Once you have the amount, you can start making your dream a reality. Book your flight tickets, make your hotel reservations and try to pre-book for everything that you can, so that you know how much money you have for the rest of the travel expenditure.
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