Backpacking is a terrific way to see the world and learn about different cultures but can be costly. Applying for a travel loan is one option to fund your backpacking trip. A travel loan can help you pay for your travel expenses, such as airline, lodging, and equipment. You don’t have to save money for your vacation if you use a travel loan; simply apply for one and pay it back over time. Making on-time loan payments might also help you develop or improve your credit score. You can go backpacking and experience the world without breaking the bank with a travel loan.
How to Apply For a Travel Loan
- Download the CASHe mobile application from Playstore or Appstore
- Create an account
- Under ‘Types of Personal Loans’, choose Travel Loan
- Select the loan amount and tenure
- Make sure to fulfill all eligibility requirements
- Submit all essential documents – income proof, address proof, identity proof
- Once the documents are verified, the loan amount will be disbursed to your bank account
Benefits of Applying For a Travel Loan
Applying for a travel loan can have several benefits, including the following:
- Financing your trip: A travel loan can help you pay for travel expenses including airline, hotel rooms, and automobile rentals.
- Flexibility: A travel loan can be used to pay for any type of travel, including a family vacation, a romantic break, or a work trip.
- Building credit: Making on-time loan payments might help you build or improve your credit score.
- Convenience: Obtaining a travel loan is simple and may be done online.
- No need to save: Instead of saving for your trip, ask for a loan and pay it back over time.
- Large expenses: A travel loan might assist you in covering large expenses that would be difficult to cover all at once.
FAQs
How do I qualify for a travel loan?
A solid credit score and a steady salary are usually required to qualify for a travel loan. Some lenders may also request proof of work and/or a certain level of income.
Can I use a travel loan to pay for airfare and hotel accommodations separately?
Yes, you can utilise a travel loan to pay for separate airline and hotel stays.
What is the interest rate on a travel loan?
A travel loan’s interest rate can vary depending on the lender and your credit score. It is usually greater than the interest rate on a personal loan or a home loan.
How much can I borrow with a travel loan?
You can borrow up to Rs. 4,00,000 on CASHe.
