WHAT IS THE MINIMUM SALARY REQUIRED TO AVAIL A TRAVEL LOAN?
Almost all people earning a monthly salary or pay would want to go on a holiday or vacation.
However, not many of them save enough money for their travel and other expenses, and therefore, try to get a travel loan. Borrow your travel loans from Buddy Loan explore the benefits of lowers interest rates, increasing your CIBIL score and loan repayment options from this loan aggregators.
A travel loan is a kind of personal loan that is attained for the purpose of travelling.
Applying for a travel loan is not very simple, however, a few essential requisites need to be satisfied before you apply for the loan. Some of the common criteria that are necessary as according to all lenders before they grant you a travel loan are as follows:
1) AGE: Some of the financial institutions set the minimum age criteria to be 21 years, while some
of them set it to be 23 years, and below 55 years.
2) INCOME STABILITY: Most lending institutions ensure to verify that the potential borrower has
been in the job with the company for a term of at least 6 months.
3) GOOD CREDIT SCORE: You must have a good credit score before you apply for a travel loan. You can secure unsecure travel loans that are loans that do not require collateral, only if you have
good credit score.
4) MINIMUM INCOME: Apart from all of the above mentioned, this criterion is one of the most
important. Two kinds of people are eligible for a travel loan. They are
a) FULL TIME PROFESSIONALS: Full time professionals who are paid a take-home salary of
minimum Rs. 20,000 per month are qualified to attain a travel loan. However, they should
have been in that job for a minimum period of 6 months before they apply for such a loan.
b) SELF-EMPLOYED PROFESSIONALS: Self-employed like doctors, lawyers or business owners
can also attain a travel loan, if their monthly income is at least Rs. 20,000 per month.
THINGS TO CONSIDER BEFORE YOU APPLY FOR A TRAVEL LOAN
Following are a few points that you must keep in mind before you apply for travel loan from any lending
1) Estimate your budget for the travel and always set a loan amount that is considerably higher
than your actual budget.
2) Consider the rates of interest of each financial institution, and apply to a financial institution
that does not have a very high rate of interest
3) Analyze whether the EMI would fit the budget of your monthly income and expenditures. Also,
consider a loan which has short-term so that you do not end-up paying interests for a longer period of time.
4) Evaluate other possibilities or alternatives to spend on your holiday instead of taking a loan, as a
loan would always cost you interest amounts.