IDFC First Travel loan

Does your budget or financial constraints stop you from exploring your dream destinations? Witnessing the greenery of the terrains in Kerela, spending a vacation in the busy life of Mumbai, getting a tan on the beaches of Goa or going on a Europe trip on your to-do list? IDFC First Bank Travel Loan is a solution to all your financial needs. 

The competitive interest rates of IDFC First Bank Travel Loan allow its applicants to devise a pocket-friendly repayment strategy. These loans come with flexible repayment plans, a hassle-free online process, and quick disbursement so as not to delay the visit to your dream destination.

Feature and Benefits of IDFC First Bank Travel Loan

The following are the features and benefits of the IDFC First Bank Travel Loan:

• Save Money: They offer competitive interest rates, starting at 10.75% so that you can spend more on adventures and less on interest.
• Apply from Anywhere: Skip the queue in the bank branch and apply for the loan conveniently from the comfort of your home online.
• Fast Funds: Get your loan processed quickly. Once your documents are verified, the money will be in your account within 24 hours.
• Flexible Repayment: Choose a repayment plan that works for you, with loan terms that extend up to 84 months.

What are the Interest Rates for IDFC First Bank Travel Loans?

The following table will give you an overview of interest rates and other factors of IDFC First Bank Travel Loan:

Why Should You Choose IDFC First Bank for Travel Loans?

Here is why the IDFC First Bank Travel Loan is an ideal option for you to avail of a travel loan:

• Lower Interest Rate: Competitive rates start at 10.75%, allowing you to pay less overall for your loan and leaving more money for fun experiences on your trip!
• Apply From Home: Bank queues can be energy-draining and time-consuming. The online process can be quick and hassle-free.
• Instant Cash: Upon verification of your document, the loan will be credited to your bank account within 24 hours.
• Flexible Repayment Options: The IDFC First Bank Travel Loan can be repaid over 7 years, making the EMIs budget-friendly and pocket-friendly.
• Borrow What You Need: Up to 1 Crores lakhs of loan can be borrowed from IDFC First Bank, making travel easier without worrying about budget constraints.
• Protect Your Investments: Don’t touch your long-term savings! Use the loan to finance your trip without withdrawing funds from your fixed deposits or mutual funds.
• Clear and Upfront: IDFC FIRST Bank Travel Loan provides clear terms and conditions, so you know exactly what you’re getting into with no hidden fees.

IDFC First Bank Personal Loan for Travel Fees & Charges

Following are the fees and charges incurred during the loan process of IDFC First Bank Travel Loan:

Tips for Getting an IDFC First Bank Travel Loan

• Clarity of Purpose: It is essential to note the actual reason for your travel loan. Whether the loan is for a holiday, business excursion, or visiting relatives, a clear understanding of the purpose will help better plan and utilise funds.
• Eligibility Criteria: Before applying, verify that you meet the bank’s eligibility requirements. Consider factors such as your age, income level, and credit history, as these will determine your ability to take out the loan.
• Application Process: Submit your application digitally from the bank’s official website. Ensure all the information provided is accurate and complete, and attach all required documents to support your application.
• Comparison of Interest Rates: Take the time to understand the interest rates that IDFC FIRST Bank offers. It is advisable to compare these rates with those from other financial institutions to ensure you make a cost-effective choice.
• Repayment Strategy: Choose a repayment plan that fits your budget. Consider your income and expected future earnings, and choose a payment schedule you can comfortably handle. This will help you pay back your loan easily without too much stress.

Eligibility Criteria for IDFC First Bank Travel Loan

To qualify for a travel loan from IDFC FIRST Bank, you need to meet these requirements:

Age:

• You should be at least 23 years old and a salaried individual.
• You should not be older than 60 or retired when the loan must be fully paid back.

Unsecured Loans:

• These loans don’t need any property as security. You can get one based on your ability to pay it back and your credit score.

Business Experience (for self-employed):

• If you run your own business, you should have been doing it for at least three years.

Income:

• Your earnings should cover the monthly payments for your personal loan.

Documents Required for IDFC First Bank Travel Loan Application

When you apply for a travel loan from IDFC FIRST Bank, you will need to upload these documents online:

Valid Identification Documents:

• PAN card
• Aadhaar card
• Passport
• Driver’s license

Travel Itinerary and Booking Information:

• Share details about your trip, like your flight and hotel bookings and other costs related to your travel.

Bank Statement:

• You need to provide your bank statements from the last three months.

Things To Consider When Taking Out A Travel Loan

When thinking about getting a travel loan, whether for a big holiday or a short break, here are some simple tips to help you choose wisely:

• Borrow Just Enough: Only take as much money as you need for your trip to avoid big repayments later.

• Understand the Repayment Plan: Ensure you know how to repay the money. Having a set plan makes it easier to manage payments.

• Keep Track of Your Credit Score: Watch your credit score closely. A higher credit score could get you better terms for your loan and lower interest rates.

• Prepare Your Documents: Before you apply for the loan, collect all the documents you will need, such as your ID, travel details, and bank statements.

• Shop Around: Compare offers from different lenders. Choose trustworthy lenders to ensure a smooth loan process.

How to Apply for an IDFC First Bank Travel Loan

To apply for a travel loan from IDFC FIRST Bank, you can follow these steps:

• Go to the official Urban Money website.
• Click on the “Loan” tab and pick the “Personal Loan” option.
• This action will direct you to the “Personal Loan” page.
• Here, a list of banks will be shown; select IDFC First Bank.
• An online application form will pop up.
• Fill in the necessary information like your name, mobile number, etc.
• An OTP (One Time Password) will be sent to your phone.
• Type in the OTP and press the Submit button.
• After submitting, a loan officer will be assigned to help you.