There comes a time in everyone’s life where you have to take a breather, particularly time off work or to study abroad. Some do this by taking a casual leave from work and sleeping it off at home, while others prefer a more exotic trip to the Bahamas. However, the problem is that the Bahamas are pretty expensive, and someone needs to pay for the trip. This is how travel loans in Nigeria gained its prominence. It basically helps you meet your travel needs now and allows you pay back later. This article explores travel loans in Nigeria, as well as every other thing you should know.
What are travel loans in Nigeria?
In simple terms, a travel loan is pretty much getting funded for all your travels. However, it mostly involves expensive flights, rather than casual low-value ones. Therefore, you can go anywhere you desire on credit and pay back over time. Also, the required qualification for obtaining travel loans in Nigeria varies from one financial institution to another. As a result, it is necessary that you obtain adequate knowledge beforehand to see if you made the cut.
What do travel loans in Nigeria cover?
Once again, the specificity of travel loans in Nigeria differs from one financial institution to another. Basically, it is a totally open-ended agreement that can be tailored to suit your needs or simply left generic otherwise. Generally, travel loans in Nigeria usually cover the following:
- Airline ticket
- Tours and events
- Airport pickup and transfer
- Hotel reservations
From the points above, we can see that the loan could cover two major areas; your transportation and the vacation cost itself. Therefore, with a travel loan, you can either help yourself travel now and pay later or opt for a full-blown vacation schedule.
What are the minimum requirements for obtaining travel loans in Nigeria?
Pertaining to requirements, it also varies from one financial institution to another. However, they generally share the following requirements in common:
- You must have your salary account domiciled with them (if it is a commercial bank), or provide all your necessary account details to the company.
- Also, you must have received the last few months of your salary or traceable income through that account. This is to ensure it is active and your major cash account.
How can I apply for travel loans in Nigeria?
Institutions that provide travel loans in Nigeria usually observe the following application procedures:
- Visit their online platform and create an account (some have a mobile application that you can use)
- Scroll to their travel advance tab and initiate a new request
- You would be prompted to supply several information about yourself and bank account details
- Finally, a confirmation is made with your bank to be sure that it is you who made such an application
However, note that the amount of travel loan expense they allow you to incur mostly depends on your financial capacity. Therefore, the higher you earn, the more likely you are to get access to higher travel loans. The interest rates also differ from one institution to another and would be clearly stated during the loan application process.
Travel loans in Nigeria are a very good way to ease the immediate financial burden that comes with expensive trips. Also, as long as you have a good credit rating and debt repayment history, you can be sure to easily get a travel loan to the place of your choosing.