Everyone craves a point where they can take a step back and catch a break but unfortunately not everyone gets the opportunity to do so due to one financial limitation or the other. Luckily, Travel loans act as a sufficient financial tool to help solve that problem. Travel loans are loans given to travelers who intend on making trips out of the country for vacation purposes.
This allows people to meet their travel needs and payback over a period of time. The qualifications that need to be met to get a travel loan in Nigeria varies depending on the financial institution . However, highlighted below are some of the basic requirements that need to be met before one can obtain a travel loan in Nigeria and what it covers.
What does a travel loan cover ?
Similar to the qualifications required, What a travel loan covers can vary depending on the financial institution at hand. They are also, majority of the time, tailored to fit your various needs.
What are the requirements for obtaining a travel loan in Nigeria?
As for the requirements, they also vary from one financial institution to another. However, in general, they all share the following requirements:
- Proof of identity (NIN, Passport or any other form of identity)
- Provision of account statement to the company
- Provision of Utility bill
- Guarantors proof of identity
- Guarantors Utility
It is also important to keep in mind that the amount of travel loan you likely gain access to varies depending on your financial capability. This is mainly determined following access to your bank account statement giving the financial institution how much you can afford.
Nigerian travel loans are a great way to ease the immediate financial burden of expensive travel. Also, as long as you have a good credit rating and a good repayment history, you can be sure to easily get a travel loan wherever you want and at your convenience.
It is important to work with a Financial institution that meets your exact needs and is not too strenuous about their application process. For example at NOLT Finance, all requirements can be provided online and we ensure a quick Travel loan application process in Nigeria. We are always available at customercare@noltfinance.com to help you take the vacation you need and with further information on our other loan products.