Banks step in to make religious journeys affordable for all
What's the story
In India, religious pilgrimages hold immense significance in people's cultural and spiritual lives.
Several banks provide special loans for these journeys, helping devotees visit holy places without financial strain.
This article delves into the world of religious pilgrimage loans in India, outlining their features, eligibility requirements, and how to apply for them.
Key aspects
Features of pilgrimage loans
Loans for religious pilgrimage in India: You can borrow anywhere between ₹10,000 and ₹500,000, and the repayment tenure can go up to three years.
* Interest rates range from 10% to 15%, depending on the financial institution and your creditworthiness.
* The loan amount can be used to finance travel expenses, stay, and any other costs associated with visiting religious places in India and abroad.
Qualifications
Eligibility criteria for applicants
Indian citizens between the ages of 21 and 60 with a steady income are eligible to apply for a religious pilgrimage loan in India.
The minimum income requirement differs among lenders but is typically at least ₹15,000 per month.
A strong credit score (above 650) is also beneficial for eligibility and may lead to better loan terms.
Steps to apply
Application process simplified
Individuals can apply for a religious pilgrimage loan by filling out an application form and providing the required documents. These typically include identity proof (Aadhaar card or PAN card), address proof (utility bills or rental agreement), income proof (salary slips or bank statements), and travel details.
Many lenders also offer the option to apply online, making the process even more convenient.
Advice
Tips for prospective borrowers
Before applying for a religious pilgrimage loan, you should compare offers from several lenders to get the most favorable interest rates and terms.
Make sure you have a well-defined budget for your trip to prevent borrowing more than necessary.
Finally, assess your repayment ability judiciously; failing to meet loan repayment obligations can negatively impact your credit score.