Special Travel Credit Line- Never Pay in Advance- Get your credit line and book easily
Updated on December 12, 2022 | by Joseph Williams
Dream of going to travel destinations that are too expensive? Have to book a flight to go, and meet your family but do not have enough money to do so? Want to take your beloved on a romantic trip but do not have enough savings? Or you might have to travel for medical reasons.
Well, a travel credit line is an answer to all your problems. You can borrow money from banks and financial institutions for your trips and need not worry about finances. You can borrow money for booking flights and hotels, and for your other travel expenses. You can repay the money in monthly EMIs and choose the repayment tenure as per your desire. Plan your trip without taking any stress and calculate the amount for which you want to take a loan.
Plan your travel wisely by taking travel loans. Whether it be a sudden weekend plan or a planned getaway, you can easily obtain a travel loan with minimum documentation.
What is a Travel Loan?
A travel loan is a personal loan that you can use to borrow money from financial leaders and banks without any collateral. Therefore, it is an unsecured loan that is granted after checking your eligibility. Your age, address proof, and identity proof are required for taking the loan. You can get all the information online and apply for a loan online. The verification is done digitally and takes only 2 to 3 minutes, after which the loan is approved immediately. Thus, you can get a loan whenever you have a requirement.
Travel Loan vs Credit Card
You might be confused as to why take a travel loan when you already have a credit card. You can use your card for your travel expenses and then pay the amount later in monthly EMIs within the repayment tenure you have selected. But before you use your credit cards you must be aware that the interest rate on your credit cards can range between 24 to 36% whereas the rate of interest charged for personal loans is much lower than that. With this, you can conclude that when using a credit card, you need to pay greater interest, whereas you can save more in case of a personal loan.
Taking a travel loan is convenient and easy, and hassle-free. You can avail of it online instantly for quenching your travel thirst with minimum documentation.
Benefits of Travel Loan
The primary benefit of a travel loan is that you can obtain it within minutes and not have to wait for days to get it approved. The advantage of taking travel loans are listed below:
- You do not need to make any payment for taking the loan. You can book your flights and hotels with the money borrowed and pay back the money later. You can also use the money for transportation expenses such as car and bus fares.
- The rate of interest charged is very low. TripMoney charges 1.7% monthly on the amount borrowed, which is low when compared to most banks and lenders.
- You are free to choose the amount you want to borrow between Rs. 5000 to Rs. 25000.
- You can pay the borrowed amount later in monthly EMIs. It will be easy in your pockets as you do not need to pay the whole amount in one go. You can also select the repayment tenure. You can repay the money in 1 month or in 12 months at maximum. You can choose the repayment tenure of 3 months, 6 months, 9 months, or 12 months.
- You can link your bank account for auto repayment so that the EMIs are deducted when the date is due.
You should manage your monthly expenses well so that you can save money. Previously saved money can be useful in paying back the EMIs if you have spent the whole of your monthly salary. It can save you from penalties. You will be charged with penalties if you fail to pay your monthly EMIs on time. You will also not be granted a travel credit line in the future. But if you maintain good repayment behavior, your credit line will extend, and you can enjoy it throughout your life.
How to Apply for a Travel Loan?
Opening the MakeMyTrip app, you can head onto the TripMoney section and apply for a Travel loan. It is a simple process, and you do not need to take any stress in applying for the loan. The whole process can be done online, and you can get your loan approved from the comfort of your home.
Fill in Your Details
For getting an idea of the approved limit, you need to fill in your details correctly on the TripMoney application.
Complete Your KYC
You need to finish your application and fill in your KYC details. You also need to submit your PAN card, Aadhar card, and date of birth for getting the loan.
Sign Up for Auto-Repayment
You can link your bank account and TripMoney account so that the EMIs get deducted automatically when they are due.
TripMoney makes your travel more pleasurable and convenient by providing travel loans. You can easily borrow money for your travel expenses and pay the borrowed amount later in installments.