The festive period is here! And, with festivals arriving, it’s time to begin planning the events. To make the most of the festive season, folks may decorate their house with new lights, buy a vehicle, and more. Such plans need an infusion of funds. Folks may pick a collateral-free rapid personal loan to handle large outlays. Banks are likely to have the finest personal loan deals during festivals. Now is the best time to apply if folks are hoping for a low-interest rate loan.
Just use a personal loan EMI calculator to calculate the monthly payments. Choose a flexible term to make repayment easier to arrange. Continue reading to see how folks may use a festive loan to fund their major outlays this festive period.
Benefits of Personal Loans
- Personal loans don’t require the use of assets
The start of the festival season raises the need for home devices, gold, land, cars, and festive clothes. Folks do not need to promise security when taking out a personal or unsecured loan, which is a vast benefit. It makes it easier for people of all income levels to get a loan and fund their festive shopping. As a result, people may enjoy stress-free shopping.
- Manage the excess spending flexibly
Folk like shopping during the festive season due to the many gainful offers and deals. This unplanned expense might cost thousands of rupees and have a bad impact on the budget & savings later on. Folks may prevent this by taking out a festive loan, which can be used as a cover to pay all their costs. A personal finance service may support any needs, whether a person wishes to buy festive clothing, invest in a car, or buy land.
Also, unplanned spending might cause issues in the case of a financial crisis. A personal loan may be used not just for fun reasons but also as a lifeline in a crisis or to soften the impact in awful cases.
- Improve the standard of living
The holiday season in India overlaps with festive times. A wedding is a pricey event that needs a large budget, and a personal loan may assist folks in planning the ideal wedding. People may use it to pay the charges of hiring the place, buying clothing and jewellery, food, and so on. A person may also use a personal loan to rebuild and improve the inside of the house. Aside from that, they may use it to pay for travel expenses, finance a trip, or invest in school.
Check the Eligibility for a Personal Loan
The first step in asking for a personal loan is to see whether the skills fulfil the qualifying needs. Today, asking for a festive loan has become much easier since eligibility rules have been relaxed. This relaxation made financing easier for folks of all income levels.
There may be small changes in eligibility rules based on the loan source. The basic personal loan eligibility rules are shown below.
A paid person must be between the ages of 21 and 60. These folks must have a monthly salary of at least Rs. 15,000. Persons have been engaged at their present job for at least 6 months.
A self-employed person must be between the ages of 22 and 65. They must have a monthly salary of at least Rs. 15,000. They must have one year of job skills.
As said before, personal loan ability is determined by factors such as age, level of income, job stability, etc. Keeping a good CIBIL score is one way to boost eligibility. The CIBIL / credit score, which varies from 300 – 900 points, shows the credit history. The higher the credit score, the easier it will be to get a festive loan. A person may raise their CIBIL score by showing a stable lending record, making regular repayments, & not overspending.
How to Apply for a Personal Loan During the Festive Season?
With a slew of festivals coming, markets tend to grow crowded and raise prices to profit from the extra need. Thus, it is great to apply for a personal loan ahead of the festival season to ensure that the funds are issued on time. How can folks ensure their loan form is granted as soon as possible? The first & most key step is to verify personal loan eligibility. Folk may also utilise the web eligibility tools given by almost all major lending banks for this purpose. Next, a person must pick the best bank by comparing and analysing personal loan rates. Finally, it is usually a good idea to keep the papers prepared so that the application phase goes well.
The following papers are needed:
Folks who work for themselves
- PAN Number
- Identity papers like Aadhar cards and voter cards
- Evidence of residency
- Proof of office location
- Proof of income
Folks who are paid
- PAN Number
- Proof of residency
- Employment verification
- Identity verification
When persons are all set to apply for the personal loan, they must go to the bank’s website, phone them, or go to the local branch. Folk may also apply for the personal loan online & have it granted quickly. To do so, a person must complete the request form and provide the needed paperwork. Folk may easily get debts up to INR. 25 lakhs if their request is approved.
A personal loan does not need any form of asset or security. It’s a great way to get over a short-term financial crisis and swiftly meet any urgent demands. The festive season has begun. It is a great moment to embark on new projects and make investments. There is also a monetary desire to make the festive period even more special. Due to the vast sum of buys to make, whether for oneself, dear ones, or the house, the festive season could be taxing on the purse for some. In any case, seek a fast personal loan to meet the extra expenses.
Piramal Finance has similar blogs for folks to help them get a personal loan. Give the blogs a read and check out the other services they offer.