Travelling is a passion for some people while some people travel for work, or for meeting their family. Travelling is an expensive affair, and people need to save up to fulfil their travel desires. While saving up may require a lot of time, it can put a stop to your passion. You might feel the need to travel immediately or have urgent needs and significant reasons for travelling. In such cases, you can take travel loans that can save you from spending up too much of your savings.
TripMoney by MakeMyTrip is an independent financial arm of the company that lends out travel loan to customers at cheap rates of interest. It is a 100 per cent subsidiary of the company that is developing into a new application for non-captive customers. TripMoney provides you with small and cheap loans that you can repay at your own pace, and the whole process can be done online with no paperwork required. The loans are disbursed almost immediately, and you can fulfil your urgent travel needs.
What is a Travel Loan?
A travel loan is a personal loan that you can take without pledging any collateral. You can use the funds borrowed from banks and financial institutions for your travel needs, such as booking accommodations and flight tickets and repay the principal amount with low rates of interest every month as EMI instalments. The loans can be obtained with no trouble at all, and minimum documentation is required for applying for the loans. You can get the loan after the verification has been done digitally. It takes only a few minutes for the verification process.
Travel Loan Features from TripMoney
TripMoney offers amazing features when you take travel loans from them. These are listed below:
- Zero down payment is required. You do not need to pay a single penny for availing of the travel loans. You just need to submit the required documents, and you are good to go. Neither are you required to pledge any of your collateral.
- The rate of interest is very low as compared to other banks and lenders. It is 1.7 per cent per month.
- You can borrow the amount you like. It can be a maximum of Rs. 1 lac. You can book hotels and flight tickets with this money. Taking travel loans means that you do not have to make any payment right away and can use the borrowed money for making bookings. You can keep your savings for later and enjoy the trip stress-free without feeling any burden on your pockets.
- You can enjoy flexible repayment tenures. You can repay the loan whenever you feel like it. The maximum time permitted to repay the loan is one year.
- Your credit limit will never expire as long as you continue to pay your EMIs monthly. You can enjoy a credit line for a lifetime, so long as you continue to pay the EMIs.
- You can link your bank account with your TripMoney account, and the monthly instalments will get deducted automatically when the date is due. If you have not taken any loan, your account will not get deducted from any interest.
- If you cancel the bookings, the money will be sent to your TripMoney account. You can even avail of the current offers while booking with MakeMyTrip. There are no charges applicable for applying for a travel loan.
- Travel loans can be obtained with minimum documentation. You need to submit your Aadhar card, PAN card, and birth certification. It can be done online, and you do not need to travel physically to a destination. Even the procedure and the required information can be obtained online.
You can apply for a travel loan and get the loan approved instantly. When you get a travel loan you do not need to spend your money at one go, but you can save up and spend your money gradually while you are abroad. This way, you can enjoy the experience of seeing new places and make your travels inexpensive, affordable and pleasurable.
Eligibility Criteria
For obtaining travel loans, most of the criteria remain the same. However, some criteria change depending upon the lender. You need to be an Indian citizen and be within a certain age limit. You also need to have a stable monthly income and be able to produce your salary slips and bank statements. This means, you either need to be a salaried individual or be self-employed. You also need to provide your address and identity proof.
Link your bank account with your TripMoney account, so that the EMIs get deducted from your account automatically. You will never miss out on the EMIs if your bank account is linked, and you can maintain good repayment behaviour and extend your credit line.
Travel Loan Checkpoints
Before taking a travel loan, you need to be sure of certain things. You need to make sure that you have all the documents required for taking the loans. Plan the places you want to visit and the things you want to do and get a rough estimate of the loan amount. Be aware of the terms and conditions and the repayment tenure. You also need to understand how the monthly EMIs are calculated.
To apply for the loan, you need to open the MakeMyTrip app and go to the TripMoney loans section and fill up the necessary details accurately. It will give you an estimate of how much you are eligible to get as the principal amount. You need to then complete your KYC details and fill up the application form and submit your documents. Then comes the verification process that is conducted online and requires approximately 2 to 3 minutes. Then the loan amount is approved, and you can use it for booking your tickets. Thus, you can apply for cheap and small travel loans through TripMoney.
