Personal Loan

How to Avail Personal Loan This Christmas?


Christmas is around the corner, and the New Year will soon follow. This means it is time to prepare for the festive season, when you must visit your family and friends with gifts and joy. So, you shall not let money come in the way of Christmas joy. If you are short on funds, you can get a personal loan for your needs during Christmas. This will let you take care of all the needs of your loved ones without any worries.

Before you get a personal loan, you must know about the interest on personal loans. This interest rate will impact the EMIs you must pay against the loan. It is the cost of taking a loan, and you must keep it as low as possible. Read on to learn more about interest on personal loans and how to calculate EMI for personal loans.

Personal Loan for Christmas

Many banks and NBFCs now offer personal loans for Christmas. A personal loan is given by lenders without any security, and you can use the money as you wish. With a personal loan, you can easily plan for gifts, parties, home repairs, or a vacation.

This loan will allow you to enjoy the festival season without using up your savings. You must seek an interest on personal loan that you can easily repay. Do not get the money just because you can avail of it; get an amount that covers all your needs.

Here are the factors you need to take into account before you apply for a personal loan this Christmas:

  • Amount: You need to decide the amount of money you want to borrow as a personal loan. This amount must cover all your needs during the festive season.
  • Interest: Interest on personal loan is the cost you pay to the lender for the loan. You need to look for the lowest interest on personal loans to keep the EMIs within your limits.
  • Tenure: You must decide the period for which you want to take the loan. You will need to pay the EMIs for the entire tenure to repay the loan. You can also foreclose the loan account if the lender permits.
  • EMIs: You must know how to calculate EMI for personal loans before applying. This will help you decide if you can pay the EMIs easily for the amount you need.
  • Offers: As it is the holiday season, many lenders offer great deals on personal loans. So, you must look out for deals to lower the loan cost.

How to Apply for a Personal Loan for Christmas

Applying for a personal loan for Christmas is the same as applying for any other personal loan. Here are the steps you must follow:


  • Visit the official site or open the mobile app of the lender.
  • Click or tap on the link for ‘Personal Loans’.
  • Now, you must select the ‘Apply for a Loan’ option.
  • You must enter your details, like name, age, income, and other information as required.
  • You need to enter the loan amount, tenure, and other details.
  • You must also enter your contact details in the given field.
  • You may be asked to upload some documents as well.
  • Click on the submit button. You will get a reference number on your email and phone number. 
  • If your profile meets the lender’s criteria, you will receive a call from them.
  • The rep will ask you to provide some details and documents.
  • After you provide the details, they will process the loan and send it to your account.


  • Call the customer desk of the lender or visit their office.
  • They will connect you with a sales rep who will make a note of your details.
  • The rep will visit your residence to fill out the form, take your signature, and collect documents.
  • Read the form carefully before you sign it.
  • The application will then be further handled as per the rules.
  • If your profile meets the lender’s criteria, you will receive a call from them.
  • After you agree to the offer, they will send the money to your bank account.

The terms used by lenders might vary slightly, but the steps will remain the same. If you have a pre-approved offer, you only need to give your consent and skip all other steps. The money will be sent to your bank account.

How to Calculate EMI for a Personal Loan

Before you apply, you must know how to calculate EMI for personal loans. This process has now been made easy with online EMI calculators. This free tool can help you check the EMI you need to pay towards the loan.

To use this tool, you must keep info like amount, duration, and interest on personal loan. After you have these details, follow these steps to calculate your EMI:

  • Log on to the website or mobile app that you prefer to use.
  • Click on the link for the EMI Calculator.
  • Enter details like loan amount, tenure, and interest rate. Some platforms may also ask you to share some personal details.
  • Click the submit button. The result will be visible on your screen.
  • You will be able to check the total interest you need to pay on the loan and the EMI you must pay.
  • You can now easily decide if you can afford the EMI and repay the personal loan.

If you plan to get a personal loan this holiday season, it is better to compare multiple options before you decide. This will help you make an informed decision. You can check Piramal Finance to learn about the best personal loan offers at the lowest interest rates.