List of documents required to avail a Holiday loan
Planning a perfect a holiday with family can take a large chunk off your savings. And while planning, there are pretty high chances that you surpass the expected expense during a trip. You will find yourself short on cash to fund all the activities that you have planned to do with your family or for yourself.
Thus, choosing a travel loan is a perfect option. By availing a holiday loan, you can cover all the hidden expenses and plan for all those fun activities that you were thinking to do with your family. Money should not keep you from encasing memorable moments with your family, what you need is planning a holiday which brings joy to your family and you by taking a holiday loan.
Taking a loan is considered one of the heftiest tasks but by properly executing everything, you can just easily get loans without facing any rejection. In the age of the internet, you can get a loan just by making few clicks, and in this article, we are going to find the details of documents you will require to avail Holiday Loan.
What is Holiday Loan?
Holiday loans are similar to personal loans, they are not needed to be backed-up by any collateral from your side. A lender or bank provides you with loan sheer trust. You can take a loan to cover your expenses of travelling from flight booking, hotel stays, food, etc.
List of documents that you require
List of documents required to avail a holiday loan depends on whether you are a salaried professional or self-employed. Also, a list of documents that you require depends on other factors such as banks or lenders criteria. A general list of the document includes-
For a Salaried Professional
- Identity proof
You need to provide a proof of identity: Adhaar Card, Voter Id Card, Pan Card, etc. for verifying your age, name other details.
- Proof of Residence
The residential proof is required by banks to know about your whereabouts, if you are living on rent in any city or state rather than your home town you can provide a license or rent agreement as proof.
- Bank Statement
You might need to provide a copy of your passbook so that the lender or bank can check about your financial stability
- Salary Slip
You need to provide a salary statement for last 3 month
- KYC Documents
As self-employed personnel, you need to provide the bank or lender KYC details of Name, DOB, resident and other personal details.
- Proof of Residence
For residential proof, you need to provide documents such as passport, 3 months utility bill. If you are living on rent you might be asked to provide rent agreement.
- Income proof
For this, you need to provide an audited financial report of the last 2 years.
- Bank statement
Latest bank statement for about 6 months is required to know about financial status.
- Office details
In case you have an office, you need to provide the following details-
- Office address proof.
- Proof of residence or office ownership.
- Proof of continuity of business
What is the maximum amount you can borrow?
Usually depends on the person’s financial capacity of repayment which can range between RS 50,000- RS 1500000 for a holiday loan.
How much is the Interest Rates?
They are unsecured loans, interest rates usually range between 12%-17% depending upon the lender and your credit score.
Are there Flexible EMI Plans?
One can enjoy the benefit of flexible EMI repayment plan.
What are the Eligibility Criteria for Holiday Loan?
Criteria for opting holiday loan-
- Age Limit– Applicant must be at least 21 years of age. Maximum age limit depends on your financial status and for most of the banks maximum one can take a travel loan until the age of 58-60
- Monthly Income- Monthly income should be about Rs 15000, note that it can vary depending upon lender and amount you seek.