#FinancialBytes: Top 5 Travel Loans available in India
What's the story
We live in a wonderful world that is full of beauty and adventure, and the best way to explore it is through travel. This wonderful experience, however, comes with a baggage of expenses. But you can easily shed off your travel worries by taking a 'Travel Loan' or a Personal Loan for travel. Here are the top 5 travel loan schemes available in India.
Benefits
First off, why should you opt for a travel loan?
The concept of travel loans is still in its evolution stage in India but it is gaining popularity as it offers the following benefits: A travel loan is available for an amount as low as Rs. 10,000 It is a cheaper mode of borrowing than credit cards Its repayment tenures are flexible Plus, even the processing of travel loan applications is quick and hassle-free.
ICICI Bank
Pick No. 1: ICICI Bank Holiday Loan
Our first pick is the 'ICICI Bank Holiday Loan' which offers you full freedom to choose your desired destination, by providing a loan of up to Rs. 20 lakh. Moreover, it comes with a simplified and hassle-free process as it does not require any security or collateral against the borrowing. It is available at an interest rate starting from 10.99% per annum.
Tata Capital
Pick No. 2: Tata Capital Travel Loan
Our next pick is the 'Tata Capital Travel Loan' which lets you choose your favorite destination by offering a loan of up to Rs. 25 lakh, depending on your personal loan eligibility. Currently, it is available at an interest ranging between 11.49% - 21.00%. Like the ICICI Bank Holiday loan, this loan also does not require any collateral or guarantor.
Bajaj Finserv
Pick No. 3: Bajaj Finserv Personal Loan for travel
You may also plan a solo trip or a family vacation or an exotic vacation anywhere in the world by going for 'Bajaj Finserv Personal Loan for Travel' which takes an approval time of just 5 minutes. Bajaj Finserv also manages your ticket bookings and hotel accommodation. This loan comes with a maximum limit of Rs. 25L, starting with an interest rate of 12.99%.
HDFC Bank
Pick No. 4: HDFC Personal Loan for travel
You may also go for HDFC Personal Loan for travel which comes with a maximum limit of Rs. 15L at an interest rate starting from 11.39%. While HDFC Bank customers can get this loan in just 10 seconds, even non-HDFC customers can get it in 4 hours. They also let you choose the tenure for repayment.
Axis Bank
Pick No. 5: Axis Bank Holiday Loan
Our last pick is the Axis Bank Holiday Loan which is available in the range of Rs. 50,000 to Rs. 15 lakh. This vacation loan comes with an effective interest rate of 15.5%-24%. Additionally, this product offers 2 months moratorium facility wherein no principal is charged; only interest would be levied during the period.