How To Get a Travel Loan for Your Dream Honeymoon - Unity Bank
5 min read | 10 months ago
Are you planning a dream honeymoon anytime soon? You can rely on instant loans to make it a reality in case you are short on funds. At the same time, it makes sense to use these funds instead of depleting your savings or breaking your investments for a honeymoon. Travel loans have grown exponentially in India, with more people choosing to travel to places like Vietnam, Thailand, and Sri Lanka and offbeat destinations like Greenland, Japan, the Arctic, or even Antarctica. According to reports, the estimated portfolio of loans in this category stands at around Rs. 25,000 crores, and it will increase further due to this renewed focus on travel and new experiences.
Here’s how to use a personal loan to embark on a dream honeymoon with your beloved.
Research Lenders Offering Travel Loans
The first step is doing research on lenders offering instant loans for travel purposes. List down the names of reputed banks or financial institutions while noting the application procedures at each lender. This preliminary research will help you compare lenders and decide where to apply.
Assess Eligibility and Requirements
The next step is to carefully evaluate the eligibility criteria and requirements of each of your short-listed lenders. In most cases, lenders need a good credit score (700-750 or above) and fulfillment of eligibility criteria related to age, income (minimum salary requirements vary across lenders), and the applicant’s financial profile. Assess your eligibility concerning these requirements and make your application decision accordingly.
Apply With Necessary Documentation
Once you are sure about where to apply, make sure you follow all the steps carefully. Fill out the application form with your details and upload the necessary documents. These usually include your age, address, identity, and income proof (salary slips/Form 16 and bank statements for the last 3-6 months). Complete the application process swiftly and contact the lender’s support team for assistance.
Review Loan Terms and Conditions
Once your loan application is processed and sanctioned, you will receive a loan offer from the bank or financial institution. Check the terms and conditions carefully, including the repayment method, loan EMI amount, interest rate, principal amount, tenure, processing fees, and other charges/penalties for prepayment/foreclosure. Review this document minutely before accepting it and completing the formalities required for loan disbursal.
Plan Honeymoon Itinerary Within Budget
You can now plan your honeymoon itinerary, keeping your budget in mind. Make sure you book flights/trains smartly to get higher savings (avoid peak rush seasons, weekends, and holidays if possible). Compare accommodation options to get the best deals and negotiate for the best travel and transportation options (cabs and other local transportation). If you are traveling abroad, keep the visa costs in mind. Efficiently planning your honeymoon within your loan amount is possible with a little effort on your part.
Conclusion
As you can see, getting instant loans for travel is not hard, provided you meet the eligibility criteria of the lender and complete the application process suitably. Yet, it is crucial to remember that you should always stick to a budget and repay your loan on time. Avoid defaults or missed payments that will hamper your credit score and lead to penalties/charges. Whenever you get a bonus or any other surplus income, make a part prepayment on the travel loan. It will help you reduce the overall interest amount and tenure considerably. Keep these tips in mind to plan an amazing honeymoon with a travel loan.
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About Unity Small Finance Bank
Unity Small Finance Bank is committed to making banking simpler and more accessible for everyone. Our services include Savings Account, NRI account, Current Account, Fixed Deposits, and Personal Loans offering flexible tenures and attractive interest rates. We also offer financing options like MSME Loans and Microfinance to support businesses and underserved communities. Learn more about Unity Small Finance Bank here.
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