Benefits You Can Avail While Taking Personal Loan In Festival Season
Is there something you’ve had your eye on for a while but couldn’t afford? End your wait this festive season by taking a special festive loan! These attractive instant personal loans are available at the lowest interest rates and minimal processing fees without any collateral. And they are offered by most top banks and NBFCs during festivals like Holi, Dhanteras, and Diwali.
With a festive loan, you can get your hands on the money you need quickly and use the amount for just about anything! You can buy gifts and festive apparel, purchase your dream car, cover wedding costs, or even take care of home repairs. The possibilities are endless!
Let’s learn more about festive personal loan benefits and the application process so you and your loved ones can make the most of the festive season.
The Benefits Of Personal Loans In The Festive Season
People naturally plan on spending more during festivals to brighten up their celebrations. And lenders offer various personal loan benefits to reap this opportunity and maximise their lending. Here are the key benefits of taking a personal loan designed for the festive season-
- Competitive interest rates
Unsecured personal loans typically have higher interest rates, but festive loans are tailored to have lower interest rates. So, you can enjoy lower monthly repayments and have more money to spend on the things that matter to you.
- Various offers and discounts
Apart from lowered interest rates, festive loans offer many other perks. These include cashback, zero prepayment charges, processing fee waivers, and no-cost EMI.
- Paperless and quick processing
Like other personal loans, festive loans are mostly paperless and require low processing time. So you can quickly get the cash you need for festival shopping!
- Flexible loans without collateral
You can use festive loans to finance a wide range of expenses. This may include travel, gifts, food, vehicles, weddings, jewellery, festive shopping, land purchases, and much more! Moreover, they are unsecured loans; you don’t need to set anything as collateral.
- Opportunity to improve credit score
Taking low-interest festive loans will help you make timely repayments, improving your credit history and credit score. Festive offers are unique opportunities to build your credit profile so you can get loans more easily in the future.
Eligibility Criteria And Documents To Get A Personal Loan
As we saw, there are many personal loan benefits you can avail of during festivals. But you must meet these basic eligibility criteria to prove your repaying capacity to get a festive loan-
- Nationality- Indian
- Age- 21 years to 67 years
- CIBIL score– 750 or higher
- Employed with- Public, private, or MNC
- Monthly salary- Starting Rs. 22,000
- Other criteria set by the specific lender
You will also need to upload or submit the following documents to make an application-
- Your passport-size photograph
- PAN card
- Proof of residence
- Identity proof documents
- Proof of official address (for self-employed people)
- Latest salary slips (for salaried people)
- IT returns for the last two years (for self-employed people)
You should check your eligibility and organise the documents in advance. Note that the eligibility criteria and documents required may vary from lender to lender.
How To Apply For A Festive Loan
Ready to celebrate with a great festive loan offer? Here are the methods you can use to apply for personal loans that are designed for the festival season-
- Website: You can visit and sign in on the official website of the lender. There, you can explore the available options and apply for the best festive loan by filling out the application form.
- Mobile Apps: You can download the lender’s mobile application on your mobile device, then log in, and use the option to apply for a festive loan. This is a mobile-optimised version of the website.
- E-commerce portal: While making purchases through e-commerce sites, you will find EMI options on the check-out page. You can choose the lender and respective EMI and follow the requested steps to get a quick loan for your purchase.
- Third-party portals: You can also go through third-party websites that have tie-ups with multiple lenders to explore diverse options and find the best festival loan offer.
- Lender branch: You can also go the good old way and walk into the lender’s nearest branch to apply for a festival loan. You can physically fill out and submit the application form here.
Things To Consider Before Taking A Festive Personal Loan
Are you ready to enjoy the benefits of a festive loan? Hang on! Here are some questions to consider before you apply for personal loans during the festive season-
- How much do you need?
You must be realistic about how much you can afford to spend and repay. Don’t over-extend yourself and take on more debt than you can easily repay in monthly instalments. Using an EMI calculator on the lender’s site can help you make the right choice.
- What are the interest rates and prepayment charges?
It’s important to compare interest rates from different lenders to find the best deal. You should also check the lock-in period and prepayment charges if you plan to repay early.
- What are the lender’s terms and conditions?
Be sure to read the terms and conditions of any personal loan offer before you sign up. And don’t miss the fine print, or you may face unwanted surprises down the road!
Summing Up
Festive loans come with various benefits and discounts. This makes them ideal for funding your celebrations and easily improving your credit score. However, you must consider the pros and cons carefully before going for a scheme. After all, festivals last a few days, but debt can last for years!
If you need help, you can always consult a renowned financial agency like Piramal Finance. Their experts will help you make the most of the festivities with special advice and loans that are tailored for you!