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Can You Get a Personal Loan for Travelling Abroad?

January 04, 2024 • 671 views

Exploring this beautiful world without worrying about covering all the travelling expenses upfront! Get a Personal Loan for travelling abroad and enjoy the majestic mountains, beautiful beaches, thrilling African wildlife, elegant European architecture, and many other dream destinations. Read on to know the benefits of getting a loan for travelling, eligibility criteria, documents required and how to apply.

What is a Personal Loan for Travelling Abroad? 

A Personal Loan for travelling abroad is an unsecured debt that helps you cover your distinct travelling costs. You can use this loan to book flight tickets, get accommodation, enjoy adventurous activities, spend on food, etc. For a Personal Loan, you do not need to pledge any asset as collateral security. This makes it a risk-free option for borrowers. Many financial institutions provide Personal Loans with competitive interest rates and extended repayment periods, making borrowing affordable. You must explore those financial institutions to get a deal on favourable terms.

Advantages of Getting a Personal Loan for Travelling Abroad

The advantages of getting a Personal Loan for travelling abroad are:

  • Higher Loan Amount: You can secure a high loan amount with a Personal Loan to travel abroad. You can book your travel tickets and your desired hotel and enjoy the best food your chosen travel destination has to offer. You may also use the Personal Loan for entertainment and to experience adventurous activities like rafting, ziplining, camping, paragliding, etc., without worrying about expenses. 
  • Competitive Interest Rates: Many Lending institutions offer Personal Loans for travelling abroad at competitive interest rates. With this, you can minimize borrowing costs by making comparatively less interest payments.
  • Flexible Repayment Tenure: A Personal Loan with a flexible repayment tenure allows you to repay the debt according to your financial comfort. This makes the loan repayment affordable for you by paying through manageable EMIs.
  • Minimal Documentation: Nowadays, securing a Personal Loan has become easier with minimal document requirements. Many NBFCs only need basic KYC-related documents (like an Aadhaar Card or PAN Card), income proof, and address proof for a Personal Loan for travelling abroad.
  • Digital Application: You can apply for a Personal Loan either through the official website of a lending institution or through its mobile app. It saves you time and effort and provides convenience throughout the process.

Eligibility Criteria for a Personal Loan

The basic eligibility criteria to apply for a Personal Loan for travelling are:

  • Age: You must be between 22 and 57 years old.
  • Citizenship: You must be an Indian citizen.
  • Employment: You must have a full-time job at Central Govt, PSU, MNC, Listed, Unlisted Public Ltd, Pvt Ltd, LLP, or companies listed internally.
  • Work Experience: You must have at least 1 year of job experience and 1 month of stability at the current job.
  • Annual Income: Your monthly income must be at least Rs.30,000.
  • Credit ScoreYour credit score must be 750 and above.

Documents Required

The following are the common documents required to apply for a Personal Loan to travel abroad:

  • KYC Documents: Aadhaar Card and PAN Card.
  • Current Address Proof: Passport, utility bills, and rent agreement.
  • Income Proof: Latest salary slips for the last 3 months.
  • Employment Proof: Official mail ID or employee ID card.

Note: The eligibility criteria and documents required can differ from one lending institution to another.

How to Apply for a Personal Loan to Travel Abroad

You can apply for a Personal Loan for travelling abroad through the instructions mentioned below:

  • Step 1: Click on the ‘Apply Now’ button.
  • Step 2: Fill in the required details on the loan application form.
  • Step 3: Upload necessary documents.

On successful verification, the loan will be transferred to your bank account.

Also Read - Vacation Financing: Want to Borrow to Travel? Here’s All You Need to Know

To Conclude

A Personal loan for travelling abroad can be one of the best financial means to fund your trips. With this option, you can finance your travel with competitive interest rates, flexible repayment tenure and fast approvals. Apart from this, you can secure the funds promptly through an easy process. However, you must explore several lending institutions to secure the best deal that aligns with your financial comfort. So, get a Personal Loan on favourable terms from a renowned and trustworthy lending institution like Poonawalla Fincorp and turn your travelling dreams into reality.

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Personal Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply

poonawalla fincorp team

Poonawalla Fincorp Team

Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.

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