The festive season of the year has arrived and so has the gifting season. Diwali is a festival that honours prosperity as well as the triumph of virtue over evil. Many people use the festival as an excuse to buy furniture, electronics, or even a car they have been saving for. People mostly spend a lot of money on home décor, apparel, and jewellery, but the long-term effects could be difficult to manage. Taking a personal loan could make your Diwali expenses a lot easier than you could think.
How can a personal loan make your Diwali gifting easy?
Instead of using all your money on festive expenses, you can get a quick personal loan to cover both major and minor expenses. Diwali might be called the biggest shopping day of the year. Apart from vacations and home decor, people invest a lot of money in clothing, gifts, and home furnishings. Such regular and large monthly spending can drain your savings at times. To deal with such a rise in expenses, you might need some more money. Getting a personal loan is a very easy and quick solution to huge festive expenses. Here are a few good reasons why and how to take a personal loan this Diwali season:
1. Personal loans do not need any security
It is the holiday season and the last thing you need is to secure a loan by putting up collateral and passing through a bunch of hoops.
You do not have to put up any collateral or property as security for these loans because they are not secured. Instead, all you have to do is fill out an application for the exact amount of money you need. Your application will be reviewed, solely based on your credit history.
It makes it easier for people of all economic backgrounds to get loans to pay for their Diwali gifting. Now that you have a personal loan, you can shop until you drop without worry.
2. Personal loans serve a variety of needs
A personal loan can be used for everything from home improvements to the purchase of jewellery, appliances, and electronics.
Huge expenses can put a strain on savings during festival seasons – and this loan can be of big help.
3. You can apply for a personal loan online
Diwali isn’t a one-night festival but a whole week of festivities, one might say. Post-Diwali night, several festivities and rituals are held, and it can be difficult to get to the bank for the loan process. If you are thinking about how to take a personal loan during busy Diwali days, we have got you covered.
Applying for a personal loan online helps you take care of the extra cash you need while sitting at home. Your application will be processed in a matter of minutes as it is done digitally. Instead of spending time rushing around trying to get your loan sanctioned, you can spend it with your family and enjoy the festivities.
4. Personal loans offer simple eligibility criteria
Personal loans are readily available, thanks to digital India. Lenders expect the basic eligibility criteria to be met, making it far simpler to have instant access to funds. Most loan providers will check your age, annual income, credit history, and job status before they come to a final decision.
5. Nearly zero paperwork
As an added perk, applying for a personal loan online needs no paperwork at all and allows you to enjoy the joyous festival of Diwali. Your loan application will be taken care of after the authorities get your Aadhaar card and PAN.
The maximum sanction amount is determined based on your income and CIBIL score, as well as the lender’s qualifying criteria. There are online tools you can use to check how much of a personal loan you will be granted.
6. Quick loan approval
Applying for a personal loan online assures that you may get the money quickly. So, the time it takes to have a loan approval ranges from one day to the next.
7. You can set flexible repayment terms
A personal loan offers you flexible repayment time. You can pay back the personal loan without feeling burdened by the terms. You can get this loan with easy repayment tenures. The best part is the payback terms as per the choice of the loanee. In this way, you can plan for your Diwali gifting costs and enjoy flexible repayment.
The bottom line
Personal loans are a great way to cover the costs of Diwali gifting because you can apply for them online, may be used for a variety of purposes, are approved and disbursed quickly, and do not need collateral. Getting a personal loan for Diwali can free you from worrying about money while you enjoy this time of the year with your loved ones. But, it is vital to pay back your loan on time.
Piramal Finance is your one-stop shop for all your queries related to personal loans, credit cards, and even Diwali loans!