Planning a holiday can be expensive, but a loan for travel options can help make it more affordable. A personal loan for travel, also known as a holiday loan, is a loan specifically taken out to cover the costs of a vacation. Holiday loans are typically short-term and can be used to finance everything from flights and hotels to meals and attractions. Additionally, take into consideration any fees associated with the loan and if there are any prepayment penalties if you decide to pay off your loan early. Make sure to do your research and find the loan that works best for you. With the right loan, you can easily finance the trip of a lifetime!

Features & Benefits of Travel Loan

With a loan for travel from Piramal Finance, you can finance your dream holiday without breaking the bank! It comes with a host of benefits and features that make it a great option for travelers.

Loan Amount and Tenure

With Piramal Finance you can choose loan amounts up to Rs. 10 Lakhs and loan tenures of up to 60 months. The loan amount and tenure will be based on your individual creditworthiness and repayment capacity. Moreover, you can adjust the loan amount or loan tenure at your convenience.

No Security Required

In a Piramal Finance travel loan, you do not need to offer any collateral or guarantors. This means that you don't have to worry about putting up any of your assets as security or finding someone to co-sign the loan.

Attractive Interest Rates and Easy Repayment

Interest rates in Piramal Finance start from 12.99*%pa onward, depending on the loan amount and the loan tenure. You can select from a variety of loan repayment plans to fit your budget and financing travel needs. Monthly repayments are usually taken from your bank account automatically, and you can even set up a loan repayment plan to ensure timely loan repayments.

Quick, Hassle-Free Disbursal

Piramal Finance is known for its quick disbursal and hassle-free process. A loan for travel is usually disbursed within 24 hours of loan approval, and you can use the loan amount to finance your holiday.

Eligibility Criteria for Travel Loan

To be eligible for a loan for travel from Piramal Finance, you must meet the following criteria:

  • 1.
    The applicant must be at least 21 years of age.
  • 2.
    If you are a salaried professional, you must be employed in the job for at least 6 months before you can apply for holiday loans.
  • 3.
    To increase your chances of obtaining a loan, it is recommended that you have an income of at least Rs.25,000 [NB1] each month.
  • 4.
    To get pre-approved loans, you must already be a customer of the concerned bank.

Documents Required for Travel Loans

To get a personal loan for travel, you must submit the following documents:

  • 1.
    Identity Proof: PAN card, Passport, Aadhar card, Voter ID
  • 2.
    Address Proof: Electricity bill, ration card, passport, bank statement
  • 3.
    Income Proof: Salaried individuals – salary slips and Form 16; Self-employed professionals – ITR/P&L statements
  • 4.
    Bank Statement: Applicants must submit the latest 6 months’ bank statements to prove their repayment capacity
  • 5.
    Photograph: Applicants must submit a recent passport-sized photograph.

Interest Rates & Charges

It is a one-time fee that Piramal Finance charge for processing your loan applications. Piramal Finance levies a 4% processing fee plus taxes, which is deducted from the loan amount upon approval.

Processing Fee

It is a one-time fee that Piramal Finance charge for processing your loan applications. Piramal Finance levies a 4% processing fee plus taxes, which is deducted from the loan amount upon approval.

Goods and Services Tax (GST)

The Goods and Services Tax (GST) is a government-imposed tax on loan services. The rate of GST charged varies, so double-check the loan offer document before applying.

Verification Charges

Verification charges are generally applicable to loan applicants who avail of a travel loan online. Piramal Finance charges a fee of Rs. 250 for each visit.

Charges Levied for Issuing Duplicate Statements

If you lose your loan statements or need to get additional loan statements, Piramal Finance will charge a nominal fee for issuing duplicate statements.

Penalty for Defaults

If loan repayments are delayed, loan applicants may be liable to pay a penalty fee. Piramal Finance charges a default penalty of Rs. 500 plus applicable taxes.

Penalty for Prepayment and Part Payment of Loan

If loan applicants want to repay the loan before the end of the loan tenure, they may be required to pay a penalty fee. Piramal Finance charges 4% of the loan principal amount plus applicable taxes as a penalty for prepayment and part payment of a loan.

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What is a Travel Loan?
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How to apply for a Travel Loan?
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How to calculate Travel Loan EMI?
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Can people with low credit scores avail of Loan For travel loans?
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Are government employees eligible for travel loans at lower interest rates?
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What is the minimum and maximum loan amount that I can avail of on a travel loan?
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Is it possible to foreclose or prepay holiday loans?
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Why choose Piramal Finance for a Travel Loan?
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