Everybody has a dream. That dream could be anything like building a home of your own or traveling the world. Unfortunately, sometimes it gets hard to fulfill these dreams due to the shortage of funds. Even if a person is employed, their responsibilities do not allow them to have a chance to make their dream come true. In that case, the option of getting a travel loan is always available.
Now, getting a loan sounds like a bad idea to most people as it is a liability, and you have to pay it back sooner or later. Also, the late and lengthy process makes many people drop this idea. But many online loan apps are available that help you get an instant loan easily. PaySense is the best online loan app for you if you are planning on getting a travel loan.
There are many types of travel loans that come with different benefits. Therefore, if you are planning a trip and want to get a loan, you must know about these different types of loans.
Types of Travel Loans
1. Domestic Travel Loan
A domestic travel loan provides you with funds to travel within your native country. You can get a domestic travel loan for yourself, and it will cover all your expenses regarding your travel to the country.
2. Foreign Travel Loan
A Foreign travel loan funds your international trips. This loan is a bit higher than domestic travel loans, and it covers all your expenses, from tickets to accommodation and food.
3. Senior Citizen Travel Loan
The senior citizen travel loan comes with preferential interest rates. So, if you are a senior citizen, you can easily apply for this loan and take benefits of it.
Also Read – Debunking 5 Common Misconceptions About Traveling to India
Benefits of a Travel Loan
- As a travel loan is a kind of Unsecured loan, you are not required to deposit any security or collateral.
- The rate of interest on a travel loan depends on your eligibility criteria. Usually, the interest rate of a travel loan is less than 11%.
- A travel loan offers you various EMI options that you can choose from at your convenience.
- A travel loan provides you with a Flexible Repayment Tenure. This tenure ranges between 3 months to 60 months, and you can repay it very easily.
- Travel loan does not require a lot of documents. Just your identity proof, address proof, income proof, and a selfie would be enough to get the documentation process done.
- Another good thing about a travel loan is that you can take it online. The best online loan app for taking a travel loan is PaySense. This app avails you of a loan in an easier and faster way.
- When you visit a bank and apply for a loan, they usually charge a processing fee which is disbursed from your loan amount. But if you apply for a travel loan from PaySense, you will not have to pay any processing fee.
- You can easily calculate your EMI if you take an online travel loan from PaySense. This would help you to get an idea about how much EMI you would have to pay in the future if you take this loan.
- A travel loan covers not only the expenses of your tickets and accommodation but also other expenses. For example, the expenses will also be included in your travel loan if you travel somewhere and go sightseeing there.
Also Read – 26 Clever Tips You Should Know Before Travelling in India
Student Travel Loan
There are various travel loans in the market available for students as well. So if you are a student who is willing to travel to a particular dream destination and do not have enough money to fund your trip, you can always go for a student travel loan. Students can get this loan by going through a simple application process.
Benefits of Student Travel Loan
- You do not have to go through a long process to get a student loan. The process of getting a student loan is very smooth and hassle-free.
- You also do not need to have a lot of documents to get a student travel loan.
- Student travel loans are easier to get because they give you instant approval and instantly credit your account with the loan amount.
