How to Apply for a Personal Loan for Travel

Personal loans for travel are simply unsecured personal loans availed from banks and other financial institutions. The funds obtained through these loans can be used to meet the costs of both domestic and international travel.

You can book your flight tickets, pay for your accommodation, and even use the funds to pay for food and beverage costs. It’s also extremely easy to get personal loans for travel purposes if you have a good credit score.

Why Choose Personal Loans for Travel? 

Personal loans are unsecured loans, meaning that you do not have to offer any asset as collateral. Furthermore, it is also now easy to apply for these loans online, in a matter of a few minutes. That said, just because you can take out a personal loan for travel, it doesn’t mean you always should.

Although it is fairly common, it may not be the best financial decision. This is because travel is a discretionary expense, and it may be a smarter idea to save up for it rather than take out a loan. The only situation in which personal loans for travel make sense is if your money is locked up in high-growth assets and if the personal loan is available at a highly affordable interest rate.

How to Apply for a Personal Loan Online and Offline 

If you can financially justify borrowing money for a vacation, you can get personal loans for travel purposes online or offline. Here’s how.

Apply for a Personal Loan Offline 

If you want to avail yourself of your loan offline, you need to follow the steps listed below.

1. Visit the nearest branch of the bank from which you wish to borrow the funds.
2. Fill out the application form for a personal loan for travel.
3. Submit the documents required, such as your identity proof, address proof, income proof etc.
4. Wait for your loan application to be processed.
5. After approval, the lender will credit the funds to your bank account, and you can sign the loan agreement.

Apply for a Personal Loan Online 

You can apply for personal loans for travel online too, using the steps outlined below.

1. Visit the website of your preferred banking partner.
2. Navigate to the personal loans section and locate the online application form.
3. Fill out this form online.
4. Attach any necessary KYC documents that the lender requires.
5. Submit the application form along with the documents, and wait for the loan to be approved.

Fund Your Next Trip with Instant Loans through Fi Money 

You may also be eligible for a pre-approved loan through Fi Money. Here’s how you can make the most of it.

1. Download and create an account on Fi Money .
2. Check if you are eligible for a pre-approved instant loan. You can borrow up to Rs. 5 Lakhs via this route.
3. If you are eligible, you can proceed to apply for the loan on the Fi app through a paperless process.
4. After your application is verified, you will receive the funds in your bank account.

Your Dream Vacation is Just a Few Clicks Away 

You can take out a personal loan for travel and check off your vacation goals. However, you need to be careful about the amount of debt you take on because travel is a discretionary expense. If you still want to resort to a loan to meet your travel expenses, Fi Money can help you there. With instant loans up to ₹5 lakhs at competitive interest rates, you can make your vacation dreams come true.

Frequently Asked Questions 

What does a personal loan for travel mean? 

A personal loan for travel is a kind of unsecured borrowing. It means that you can make use of the funds from the loan to pay for the costs of your trip. These costs include flight tickets, hotel bookings and other accommodations, the cost of tours and other activities on the trip, and food and beverage costs, among others.

How is a personal loan for travel disbursed? 

If you are planning to get a personal loan for travel, you can apply for it online or offline. Once your application is verified and approved, the funds will be disbursed to your preferred bank account by the lender.