How to Easily Get a Travel Loan in India for Your Next Vacation

That dream destination of yours, be it international or in India, is quite near but far away from your wallet. This is the story of a good number of people who scroll through reels looking at exotic destinations, but their budget doesn’t allow them to travel. This results in a lot of FOMO (fear of Missing Out) and frustration with their overall life.

But what if we tell you the dream is no longer a dream? With My Mudra, you can easily get a travel loan for your next vacation. But how? In this article, we’re going to dive into the process of how to get a travel loan in India. Read till the end to understand this fully, so that you don’t miss out.

What is a Travel Loan?

A travel loan or holiday loan is meant to help you pay for things like airfare, hotels, sightseeing, travel insurance, and more. A travel loan is different from a regular loan because it doesn't demand collateral, only a small amount of paperwork, and speedy approval and disbursement. This makes it great for both scheduled and last-minute trips.

You can arrange a trip with your family, by yourself, or to another country. These travel loans are meant to give you quick access to money, flexible repayment alternatives, and low rates so you can focus on your trip and not your money.

Check Your Eligibility

So, are you eligible? Let’s check the eligibility criteria to understand this. To get a travel loan in India, you usually need to:

• Be an Indian citizen between the ages of 23 and 65.
• Have a steady income as a salaried or self-employed professional.
• You need to make at least ₹22,000 a month, though this amount may change depending on your profile.
• Have a solid credit history (a CIBIL score of 750 or higher is preferable but not required).
• Give basic KYC and income papers.

What documents do you actually need? For the KYC? You need the following documents at hand if you want to get the loan.

• Proof of Identity (Aadhar Card, PAN Card, Passport, Voter ID)
• Proof of Address (Utility Bill, Aadhar, Passport, etc.)
• The last three months' pay stubs or proof of income
• Recent bank statements (from the last three months)
• Proof of employment or ITR/Form 16 for people who work for themselves

Decide Your Loan Amount

Now that you know you are eligible for the loan, it’s time to move on to the next step, which is to decide your loan amount. The best way to decide this is by simply keeping in mind the destination you’re going to.

At My Mudra, you can get a personal loan for travel for as low as ₹25,000, and the amount can go up to as high as ₹40 Lakh. This means that almost any destination is at the palm of your hand.

The best part? You can pay back your travel loan over a period of time that works for you, up to 72 months.

Apply Online in Minutes

Now that you’ve decided on the amount you want, you need to fill out a form on our website and upload the KYC documents, which were mentioned earlier.

There’s no need to rush, as at MyMudra, you have the option of a 24*7 application, meaning you can apply for your Travel Loan anytime from anywhere, making the whole procedure extremely easy and hassle-free. And you know what’s best? There are no hidden fees; clear terms and conditions are available at every step of the process of applying for a vacation loan.

Get Instant Approval

Once you have applied, your executive will call you and have a discussion with you over the call. Once that is sorted, you will be approved within the next 24-48 hours. Since the paperwork is minimal, loan approvals for the most part aren’t a hassle.

In fact, some applicants get approved even with a low CIBIL score, provided they give some form of collateral or get a co-signer for the best interest rates and repayment tenures.

Receive Quick Disbursal

The best part about getting a travel loan from My Mudra is the fact that the loan amount is credited almost instantly. We all have been there, after getting approved for the loan and getting confirmation, you still wait for 3-5 days for the amount to reach you, causing further delays in hotel and flight bookings.

At My Mudra, the travel loan amount is credited not in 3-5 days, but hours, giving you the peace of mind of travelling without you thinking too much about your wallet.

Repay in Easy EMIs

Are you worried about how to pay it back? Don't worry! My Mudra lets you pick a payment plan that works for you. As we mentioned earlier, you can pay back your travel loan in as little as six months or as long as three years, depending on what you want.

The best part? You will be able to pay in small, manageable EMIs that won't hurt your wallet. So go ahead and book that dream vacation right now. You'll enjoy every minute of it because we've made it as easy and stress-free to pay back as the vacation itself. Easy, flexible, and completely stress-free!

Conclusion

Travelling to your dream destination shouldn’t just remain a dream. Here at My Mudra, you can get Travel loans with minimal paperwork and fast approval. All you have to do is fill out a form, upload the required documents, have a conversation with our executive over the call, and get ready to have fun at your dream destination.

Choose My Mudra now, and reach your dream destination today!

Also Read:
- Benefits You Should Know About Travel Loans in India
- How to Avoid Holiday Debt with the Right Loan Choice