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A travel loan is a relatively new concept in the field of banking and financial sector.
In the domain of personal loans, there is a category of loans given for the purpose of travelling.
This loan is for domestic or foreign travel.
With the era of globalization and liberal markets, backpackers and couples, family vacations across continents have increased.This familiarity with the entire market area of the world by the tourism and hospitality sector has made it possible for banks to start creating travel loans.
To enable the possibility of people with fewer funds to take EMI loans and pay sums of money for a long trip abroad easily, many private banks, namely, HDFC, Axis, ICICI, Tata Capital, Bajaj Finserv have started giving out these loans.Standard rates on these loans include a processing fee, prepayment charges and of course the varying interest rates based on the CIBIL score.
They are given out, for salaried, eligible customers in short periods of time, sometimes as short as 10 seconds.The amount, Interest rates and durationLoan ranging from Rs 1000 to 15 lakhs are generally disbursed.
When a fixed amount of money is lent to the borrower with a fixed repayment time, it is called personal loan.
They do have a fixed interest rate over the repayment tenure.Further, personal loans are segregated to two other categories, unsecured and secured, which we shall discuss more on.
Beside all the benefits, if you still want to default your score, It is pretty good as defaulting your financial image.Buddy Loan offers a solution to each of your financial nuance, with a wide pool of lenders.
It disburses unsecured loans, yes loans without a collateral with lower interest rates starting at 11.99%p.a.
The careless: There are people who avail the loan and not care enough to repay it on time for many reasons such improper calculation between income and expenses.People realise those mistakes once they start paying the EMI.
The candid: People who have real tight situations and genuine problems to deal with.
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