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Top Benefits of Funding This Festive Season With a Personal Loan

Personal Finance

Let us first learn what a personal loan is. A personal loan has no security or collateral. It has a minimum amount of documentation and a fixed duration to repay the loan. It is not a secured form of a loan, and payments have to be made every month. 

The most awaited festive season is here. From October to December, it is all about the rush and celebrations. This article helps us understand how the festive season affects loan criteria. How to apply for a personal loan, and what the benefits are.

Financial firms, as well as online retailers, frequently create alluring incentives to entice customers. The market is swamped with sales and promotions on durable goods, Zero Charge EMIs, bank card EMIs, software loans, rewards, lines of credit, home mortgages, personal loans, etc. Although many discounts and deals appear pretty tempting, it is important to be sure they help customers spare money before taking advantage of them. 


Here is a list of key benefits you can get while taking a festive loan or personal loan

Goods at a Reduced Rate

Between Ganesh Chaturthi till the closing of Diwali, practically all internal and external retailers offer special discounts and deals. Most banks and Other financial institutions provide similar reductions in operational costs and mortgage rates. Suppose you had been considering an expensive brand or perhaps a sizable credit, much like a home or auto loan. Now might be the ideal time to take those advantages.

Cashback Promotions

On transactions made using payment cards, many retailers provide rewards. Founder credit cards come with enticing cashback bonuses from online retailers.

Reduced Tax Rates

Lower rates of interest are available on individual, auto, and house loans from several top banks and financial institutions. This is due to the strong need for these mortgages during the festivals when it is lucky to purchase pricey and significant items. Financial firms attempt to take the largest possible stake in the market by exploiting the demand growth and establishing attractive interest rates.

Processing fee reductions

Another annoying price that bankers and NBFCs charge customers over the holiday season is the service charge. Due to the type of loan, the processing charge could be anywhere from 0.25 to 6 per cent of the total loan balance.

No collateral required:

The best thing about a personal loan is the lack of collateral. With no security asked, it saves one from all the hassle of extra paperwork and proofs.

Immediate Renewals

Since customers prefer to receive product deliveries on religious holidays such as Diwali Puja, Durga puja, etc., financial firms strive to hasten the personal loan procedure.

Aids in Improving Credit Scores 

Taking out mortgages and bank card EMIs and promptly returning them will aid in enhancing your credit rating. So, you can utilise it to create your creditworthiness if you’re attempting to raise your overall credit record plus receive favourable offers for lines of credit.


The following process can be helpful to apply for a personal loan:

  1. Check the online website
  1. Fill in the necessary criteria needed in the form: 
  • Name
  • Email address
  • Phone number
  • Loan Amount
  • State/ City
  1. Submit the form
  1. After submitting the form, the lender/ loan company will get in touch with you for further processing. (The process varies)
  1. The lender starts a verification process as soon as the needs and documentation steps are finished. A Small Personal Loan is paid faster to your registered bank account after completion.


Let’s understand how Piramal Finance helps in these festivities. The main features of the festive loan in Piramal Finance are given below.

  • Easy and flexible repayment plans with periods ranging from 12 to 60 months.
  • The Loan amount ranges from Rs 1 lac to Rs 10 lakh.
  • The loan is sanctioned quickly and immediately disbursed to its user.
  • They have no advance fees for loans. EMIs for personal loans are pocket-friendly.
  • There will not be minimum documentation for personal loans. It becomes easy for users to apply.
  • A low-interest rate on loans for people applying for personal loans.
  • They have zero foreclosure charges.


The most awaited time of year is from October through December. Applying for a bank loan over the holiday season is a positive step toward achieving your goals. It has many merits for a person or family. As far as you are accepting a loan after evaluating your needs and ability to return it on time, it is not necessarily a “negative idea.” Determining the precise amount you preserve is critical and looking for additional fees is critical. If you’re financially stable enough to pay back the loan effortlessly and are confident of your capacity to maintain your financial discipline. Reaping the benefits of the festival deals and lending to purchase something you genuinely require during the holiday may sound right. Be wise with your money and make the best out of these festivities.

Get in touch with Piramal Finance to examine your finances. 

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