Whether it’s a trip to the location where Game of Thrones was shot or going scuba diving in Krabi or opting for a sky diving experience in Queenstown, New Zealand – Indian millennials are busy reshaping the way people travel. And to realise their wanderlust dreams, they even resort to travel or travel loans these days. Recent surveys on the same confirmed that 56 per cent of millennials rgistern with travel agencies to get information about travel loans. Yes.

While some may have huge amount of savings in their banks to plan for international holidays twice a year, some might have to resort to travel or holiday loans in order to enjoy their vacations.

A travel loan can give you that extra cash boost and of course the ability to enjoy your travel s but, sincere care is needed before finalising your travel loan.

Not sure, what a travel loan is? Well, let’s focus on the same.

What is a travel loan?

A travel loan is just like any other personal loan – you borrow a certain amount of money and agree to set of terms and conditions such as how do you apply, what do you need to apply for a travel loan or when to pay it back. A travel loan usually comes in the form of an unsecured loan, meaning you won’t have to provide any collateral (like your house) to secure it, although a credit check is mandatory to borrow the same.

Advantages of a travel loan

Needless to say, that travel loans have their share of benefits. Some of them include the following:

• Payments are fixed

• Since payments are fixed in a travel loan, it makes easier to budget. You can choose the repay amount period, ranging anywhere between one and five years.

• Usually, you can borrow more than that of a credit card and the best part, you do not have to worry about any other fees, as long as you make the agreed payments.

• Travel loans are also hassle free and at the same time collateral free.

• Last, but not the least, availing a travel loan demands minimal documentation. It can be availed by producing documents such as proof of address, identity and employment.

To be continued in part 2