Plan to see new places but do not have the money to make your plan work? The travel industry is achieving new heights every single day, and people are making visits to new places. People now want to go abroad, and see new cultures, try out new activities and food cuisines. Travelling has become costly, and people are finding it difficult to keep aside money for travel after managing their daily expenses.
Travel loans can allow you to borrow money from banks and financial institutions and fund your travel expenses. You can take money for flight and train bookings, booking accommodation and other costs. This way, you can travel around the world without burning a hole in your pocket.
What is a Travel Loan?
A travel loan is a personal loan you can take from banks and other financial institutions without pledging any collateral. You can take these loans without any hassle, and minimum documentation is required for availing of these loans. You can even apply for the loan online, and after digital verification of your eligibility, you will be immediately granted the loan. TripMoney by MakeMyTrip allows you to borrow money for travel with flexible repayment tenure and easy monthly EMIs.
What is TripMoney?
TripMoney is a platform that funds your travel expenses and allows you to apply for loans from the comfort of your homes. You can download the MakeMyTrip app and borrow an amount of Rs 1 lac and repay it in monthly instalments within a month or a maximum of twelve months. You only need to submit your
- Pan Card
- Aadhar Card and
- Birth Certificate.
After conducting a digital verification, your loan is approved within 5 minutes. TripMoney enhances your travel experience by breaking the travel expense into monthly EMIs, and you can travel worry-free.
You can link your bank account with TripMoney so that the monthly EMIs get deducted automatically when the date is due. You can also make use of ongoing offers when you book with TripMoney credit.
Travel Loan Checkpoints
Before availing of a travel loan, you should take note of the following things.
- Make sure that you have the required documents for taking the loan.
- Plan your trip and estimate the budget for which you need to take the loan.
- Keep the repayment tenure in mind.
- Understand the break up of monthly instalments and pay the EMIs timely every month so that you can increase your credit limit.
- Take note of the terms and conditions, if there are any.
How to Apply for a Travel Loan?
Applying for a loan is very easy, and it takes only a few minutes to get your loan approved. There are no hidden fees, and no downpayment is required. You can apply for the loan in three simple steps:
- Fill in your details in the application form correctly and get to know your approved limit for the loan.
- Complete your application by verifying your identity digitally within 2 minutes.
- Link your bank account with your TripMoney account for auto repayment. Your account will be debited of the monthly EMIs every month automatically. Your money will be deducted only when you have taken a loan from TripMoney.
Benefits of taking a Travel Loan from TripMoney
Obtaining a loan from TripMoney gives you many benefits. These are listed below:
- You do not have to pay anything while taking the loan, and it is an unsecured loan which means that you do not have to pledge any of your assets for availing of the loan.
- You are charged with a minimum rate of interest as compared to other financial institutions providing travel loans. The repayment tenure is flexible, allowing you to repay between 1 to 12 months.
- You can get travel loans instantly for your urgent travel requirements. You can borrow up to Rs. 1 lac from TripMoney. There is no need to pay any interest if you have not taken any loan.
- Avail lifetime validity by maintaining good repayment behaviour and avail credit limit for your entire life. You can avail of the loan online with minimum documents.
Products offered by TripMoney
TripMoney offers various products which can make your travel easy and convenient.
- Travel Loan – As discussed, you can avail of travel loans for TripMoney whenever you feel the need.
- Global Cash Card – They also offer global cash cards, which you can use in foreign countries to make payments. The card can hold multiple currencies and be used in the countries you are travelling to. The cards are accepted in ATMs worldwide, and you can load your card with multiple currencies that are on offer. You can use your card online and have access to your balance all the time, and it is secure, having a PIN for internet transactions. You can also exchange one currency for the other.
- Travel Insurance – You can also avail of travel insurance which can assist you financially while travelling if anything goes wrong in a foreign land. Your luggage might get misplaced, or you might become the victim of theft. In such difficult times, you can make use of travel insurance. It covers a lot of things including medical emergencies, theft of money or luggage, misplaced passport, cancellation of flight tickets, and so on. Depending upon your travel needs, you can select a travel insurance policy that best suits your needs.
TripMoney, available on the MakeMyTrip app, allows you several benefits while you are on the move. While you may have limited funds to spend on travelling, you can borrow money to make your pocket feel less burdened.