Personal Loan

Smart Reasons to Take a Personal Loan This Ganesh Festival


Ganesh Utsav is one of India’s most highly observed festivals. Since it marks a fresh start, many families use this time of year to work toward new aims. Indians across the nation start making plans such as setting up a company, going on vacation or holding a wedding. A quick and easy personal loan is a good financial choice for such expenses. Personal loans ease lending by offering fast access to cash, flexible repayment plans and online applications. Those who qualify for low-interest personal loans may be able to save money on other expenses. Read on to find out why it is a good idea to apply for a personal loan during Ganesh Chaturthi. 

What Exactly is a Personal Loan?

Personal loans are flexible loans that may be used to support various needs. A loan might be used to buy new items for the house or to finance a trip. It is a loan with no collateral and no security requirements. People are given loans based on their monthly salary and other qualifying factors.

If someone is granted a loan, the cash will be sent as a lump sum into their bank account. Based on the lender, the payment might take around 24 hours or a few weeks. As soon as the loan is issued, people must begin planning their monthly repayment instalments.

Most loans have set interest rates. That means the payments will remain steady month after month. Personal loans often are unsecured loans, which means there is no security behind the debt. Some people may have to utilise other assets, including a savings account, to be accepted. People can also ask a friend or relative to co-sign on the festive loan to increase their chances of approval.

Personal Loan Advantages

  • Collateral-Free

One of the biggest advantages of personal loans is that they do not need collateral or security. As a result, people are not required to pledge their assets to get a loan. Because of this, festive loans are good for all sorts of borrowers, even those with few assets.

  • Easy Accessibility

Various banks and NBFCs offer personal loans. Since people have the option of applying online, that makes getting cash faster and more simple. As a result, people can get a loan during the festivities, when they may need it the most.

  • Affordable and Flexible Repayments

The interest rates for loans are fair. Also, banks offer repayment terms of up to 60 months or more. This makes repaying the debt easy for many people, who also have the option of selecting the term with the lowest EMIs.

  • Less Paperwork

Personal loans have reduced qualifying rules, making the loan open to more people. When it comes to paperwork, the bare minimum is required to apply for a personal loan. Both of these variables result in speedy loan approvals.

  • Multi-Purpose Use

Personal loans are versatile loans. People can use a festive loan to meet any monetary need they have. The loan amount is not restricted for use to one particular thing. This means people can use the money for any of their immediate needs.

Reasons to Take a Personal Loan

  • Access Money Without Putting Assets at Risk

A personal loan is an unsecured loan in which people do not have to pledge any assets to get money. This allows people to meet their demands without giving anything up. Lenders will assess the borrower’s work status, salary and CIBIL score before issuing a loan.

  • Obtain a High-Value Approval for Any Activity

People have extra expenses during the festive season, including the Ganesh festival. This is why lenders provide high-value loans of up to Rs. 20 to 25 lakhs. This amount is generally suitable to cover any large expenses people may have. Lenders also process festive loan requests in minutes and sanction the loan within 24 hours after approval. This makes it easy to deal with sudden expenses.

  • Take Advantage of Low-Interest Personal Loans

Taking a personal loan during the Ganesh festival is a smart way to save money since most lenders provide seasonal discounts on loans. This way, people can select the finest low-interest loans. People may then use the money they save to fulfil other obligations.

  • Choose EMIs with a Variable Tenor That is Cheap

For paid workers, monetary firms usually provide a flexible payback time on a loan. People can pick a tenure ranging from 12 to 60 months. This allows them plenty of time to verify that the monthly payments are within their budget. People can better manage their money if they calculate their EMIs in advance using a personal loan EMI calculator.

  • Borrow with Confidence Online or via a Pre-Approved Offer

People no longer have to wait in line or fill out extensive paperwork at a bank branch. They can obtain personal loans online from the convenience of their own home. A personal loan can be issued by completing an online form and providing the required documents. Also, people can get substantial loans by asking their bank for a pre-approved offer. These packages include low interest rates and other perks. They have simpler and speedier application and approval processes.


During the Ganesh festival, there are many festive loan offers to help people meet their festival-related needs. People can easily apply for a personal loan online which is hassle-free and does not require as much paperwork as applying for a personal loan at a bank branch. During festivals, unexpected expenses come up. A personal loan is a great way to meet these expenses with quick and easy cash into your account.

For more information on festive loans, visit the Piramal Finance website and explore more blogs like this which can help you with information and guidance on personal loans and other financial services.