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Personal Loan

How Personal Loans can help you plan your next vacation?

Summary: Avail IDFC FIRST Bank's travel loan and use it to pay for all your travel-related expenses, such as booking flight tickets and hotel accommodation.

20 Aug 2022 by Team FinFIRST

The last two years have been difficult for all of us. The COVID-19 pandemic ravaged the entire world and caused huge loss of lives of livelihoods. With work-from-home and lockdowns becoming the new normal, most of us were compelled to stay inside our homes for significant periods. For travel junkies, the times were even more stressful as they had to curb their instincts.

However, now with the fear of the pandemic dwindling and governments around the globe lifting travel restrictions, you can start planning your next vacation. Spending some time with your friends or family members can help you forget all your troubles and restore mental peace.

But sometimes, travel plans can happen spontaneously and leave you with no time to arrange finances for flight tickets, hotel bookings, shopping, and other travel-related expenses. This is where a travel loan can come to your rescue. Also known as an emergency loan or personal loan, these loans are designed to help you meet all kinds of travel-related expenses without any hassles.

While several banks and non-banking financial companies (NBFCs) offer travel loans in India, let's explore the IDFC FIRST Bank's Travel Loan, its features, benefits, and more.

They are multi-purpose loans


IDFC FIRST Bank's Personal Loan for travel is a multi-purpose loan. It means you can use it to meet all your travel-related expenses like booking flight tickets, hotel accommodation, buying travel insurance, applying for a visa (in the case of an overseas trip), etc., without any hassles.

You might incur various miscellaneous expenses during your vacation, such as paying for shopping, eating, sightseeing, adventures, etc. Additionally, you may incur unexpected financial liabilities during your trip due to a medical emergency or an unforeseen mishap such as lost baggage or passport.

By availing of a personal travel loan, you can cover all of the above-mentioned expenses. This loan is a multi-purpose loan with no restrictions on its end-use. The bank never asks you how you plan to use your loan amount.

No need to pledge any collateral


Usually, a lender asks for collateral when you apply for a loan. This collateral acts as a security that you will repay your loan. With IDFC FIRST Bank's personal loan for travel, you're not required to pledge any collateral. 

All you need to do is meet the bank's personal loan eligibility criteria and have a good credit score. If you fulfil these conditions, you can apply for an online personal loan on the IDFC FIRST Bank website, and the amount will be disbursed directly into your bank account upon approval.

 



Easy eligibility and minimal paperwork


The eligibility criteria for our travel loans are easy as these loans are offered to both salaried and self-employed individuals. You can apply for a travel loan if you fulfil the simple conditions mentioned below:

  • Your age should be at least 23 (if you're a salaried professional) or 25 (if self-employed)
  • Your maximum age at the time of loan maturity should not exceed 60 years or your retirement age
  • If you're self-employed, you must have a business experience of at least three years
  • You must be earning enough to pay your personal loan EMIs

Additionally, the bank requires only basic documents for processing your loan application. These include PAN, Aadhaar card, travel itinerary, previous three months' bank statements, debit card details, and e-stamp or e-sign.

Competitive interest rates and charges


Since personal loans are unsecured loans, lenders usually charge a bit more by way of interest. This ranges between 14% and 18% p.a. However, at IDFC FIRST Bank, you can avail of a personal loan for travel at a very competitive rate of interest starting from 10.49%, making this travel loan an attractive option for meeting travel-related expenses rather than high-interest credit cards that can burden your budget unnecessarily.

Furthermore, the bank levies very nominal processing fees, and there are no hidden charges to ensure you do not have to worry about high loan EMIs when you apply for a travel loan. You can also choose a convenient tenure of up to 60 months and keep your EMIs within your budget.

Assured comfort and convenience


With IDFC FIRST Bank, you also get complete comfort and convenience. You can apply for a personal travel loan from the convenience of your home or office. The loan application and approval processes are 100% online, which means you won't have to step out of your home for anything.

Additionally, the loan is disbursed quickly to ensure that you don't need to wait to start your vacation planning. Usually, the bank takes up to 24 hours to transfer the loan amount to your bank account after successful verification of your application and documents.

Customisation as you like It


IDFC FIRST Bank's personal loans are highly customisable, so you can choose a loan amount and loan tenure that match your precise requirements. For example, if you're planning a vacation somewhere in India, you will need only a small amount. But if you plan to vacation abroad, you may need a bigger loan amount.  Thanks to customisation, you can avoid paying unnecessary high EMIs. 

You can track all your loans and banking needs with the IDFC FIRST Mobile Banking App.

How to apply for a travel loan with IDFC FIRST Bank


Applying for a personal loan for travel is easy. All you need to do is follow the steps mentioned below:

  • Step 1: Visit the 'Travel Loan' page on the bank's official website
  • Step 2: Click on the 'Apply Now' button
  • Step 3: Enter the address of your current residence, along with PIN code, mobile number, and date of birth
  • Step 4: Upload the required documents and provide any additional details
  • Step 5: Wait for the verification of your loan application and documents

Conclusion


Availing of a personal loan can be a good way to tackle travel-related expenses. With benefits like quick processing, easy eligibility criteria, affordable interest rate, and an application procedure that is 100% online, the IDFC FIRST Bank Personal Loan for Travel can help you plan an impromptu vacation without any hassles. Click here to apply today!

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.