Running a travel agency can be exciting but also challenging. From managing customer bookings to promoting tour packages, your business needs financial support to stay competitive. A business loan for travel agencies can help you cover several essential costs. These can include expenses related to hiring new staff, upgrading office space, and marketing campaigns.
You can even consider expanding your services to new destinations with the help of this loan. Whether you’re just starting out or looking to grow, this loan gives you the flexibility and funds to meet your goals with ease. You can get the required business loan through an easy online application process on Bajaj Markets.
Features and Benefits of a Travel Agency Loan
Here are some advantages of a travel agency loan that you should know about:
High Loan Amounts
Lenders usually offer high loan amounts of up to ₹50 Lakhs to help you meet various business requirements.
Flexible Tenure
You can get a repayment period of up to 96 months depending on your eligibility and the lender’s policies.
Minimal Documentation
Benefit from a simplified application process, where you need to submit just basic KYC and business documents.
Quick Disbursal
Receive the approved loan amount in your bank account in a couple of hours to a few business days. Do note, that the time taken for loan disbursal is subject to the lender’s policies. It also depends o Read Moren the completeness of your loan application. Read Less
No Collateral Required
You can get a loan without pledging any of your assets as collateral.
Tax Benefits
You can claim tax deductions on the interest paid during the repayment of your business loan under Section 36 of the Income Tax Act of 1961.
Travel Agency Loan Interest Rate
|
Our Partners
|
Minimum Interest Rate
|
Maximum Loan Amount
|
Maximum Loan Tenure
|
|
|---|---|---|---|---|
Ambit Finvest |
20% p.a. |
₹50 Lakhs |
36 months |
|
AYE Finance |
29.50% p.a. |
₹2 Lakhs |
30 months |
|
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Bajaj Finance Limited |
14% p.a. |
₹30 Lakhs |
96 months |
|
FlexiLoans |
18% p.a. |
₹50 Lakhs |
36 months |
|
IIFL Finance |
16.50% p.a. |
₹30 Lakhs |
48 months |
|
InCred |
24% p.a. |
₹3 Lakhs |
60 months |
|
Indifi |
22% p.a. |
₹30 Lakhs |
36 months |
|
KreditBee |
18% p.a. |
₹2 Lakhs |
12 months |
|
Lendingkart |
19.20% p.a. |
₹35 Lakhs |
36 months |
|
Protium |
20.5% p.a. |
₹35 Lakhs |
36 months |
|
Credit Saison |
22% p.a. |
₹10 Lakhs |
36 months |
|
U GRO Capital |
26% p.a. |
₹2 Lakhs |
12 months |
|
To qualify for a business loan, here are some common requirements most lenders require you to fulfil:
Age: Your age must be between 21 and 60 years
Business Vintage: Your travel agency should be operational for a minimum of 2 to 3 years
Annual Turnover: Minimum turnover required for a business loan starts at about ₹1.5 Lakhs
CIBIL Score: Lenders usually consider a score of 700 or higher as ideal. Depending on the lender’s policies, you may qualify for the loan even with a lower score.
Business Type: The agency must be a registered sole proprietorship, partnership, or private limited company
The mentioned criteria may vary depending on the lender you choose. Thus, be sure to get a complete list of requirements beforehand from the loan provider. This will help you take measures to better fulfil the eligibility requirements and qualify for the loan.
Keep the following documents ready for your application:
KYC Documents: Aadhaar card, PAN card, or voter ID of the applicant
Business Proof: GST registration, trade licence, Certificate of Incorporation, Sole Proprietorship Declaration or certified copy of Memorandum and Articles of Association
Bank Statements: Current account statements for the last 6 to 12 months. In some cases, the lender may check your personal account details as well.
Financial Records: Audited P&L statements and balance sheets for the last 2-3 years
ITR Documents: Income tax returns (ITR) of the last 2 to 3 years
Other Documents: A completed loan application form and recent passport-sized photographs
Also, you may be required to furnish some additional documents, depending on the requirements of the lender.
Follow these simple steps to apply for a business loan online on Bajaj Markets:
Click on the ‘Check Eligibility’ option on this page
Fill in your personal and business details
Enter the required loan amount and tenure
Cross check all the details entered and submit the application
Following this, the lender will verify your application and reach out to you for further proceedings.
FAQs on Business Loan for Travel Agency
How long does the loan approval process typically take?
Typically, the loan processing takes 24 to 48 hours after you submit your documents. This is subject to the completeness of your application and the documents submitted.
Are the interest rates fixed or variable, and for what duration?
The lender you choose sets the travel agency loan interest rate as fixed or variable.
Similarly, your loan provider determines the tenure offered based on your eligibility, financial situation, and preferences.
What is the minimum and maximum tenure of a travel agency loan?
The loan tenure usually ranges from 12 to 96 months, offering flexibility in repayment. However, this is dependent on the policies of the lender and your eligibility.
