The festivals are special days of the year that signify fresh beginnings and moments of joy for everyone. Many people wait all year and plan their major purchases for festivals, like Diwali, Christmas, or Eid, which are regarded as India’s biggest and most celebrated festivals. Due to this, the majority of banks, and other financial institutions come up with exciting deals to attract customers.
The festive season is expensive and can exhaust your savings, but are not these the moments that you will cherish for eternity? It is unfair to compromise on little things that matter to you and your family. You can get the money you need from a personal loan to cover any financial needs you may have. Let us see what personal loan interest rate is advisable to go for!
What is a Personal loan?
A personal loan is an easy way to satisfy your financial needs, such as paying off existing debt or covering long-term money needs. Personal loans can solve all of your financial needs. You are free to plan a trip, buy your ideal car, cover children’s expenses, or get ready for the wedding of your dreams.
Personal loans are the easiest way to fulfil all of your needs, without exhausting your savings. With many options available online, you can choose from many easy ways to apply for a loan. These online and offline platforms can meet your various needs. You can get a loan starting from Rs. 1 lakh to Rs. 10 lakhs to meet the financial needs of your and your family. Many personal loans have zero foreclosure charges. This means that when you have funds and wish to close your loan on time, you will not be charged any extra fee on it and save the interest that you were liable to pay.
Do not forget to read the terms and conditions applied for loan foreclosure.
Benefits of taking loan during festivals
Personal loans benefit you by offering various features which will make it easy for you to take a loan:
- Helps Meeting expenses: Opting for a personal loan will enable you to meet the expenses of purchases you might make during the festive period.
- Flexibility in usage: The personal loan opted is flexible with usage to meet a variety of needs of the borrower, like jewellery, clothes, a car, and so on.
- Discounted Prices: On average, lenders aim towards increasing sales and attracting more customers during the festive season. They offer loans at discounted rates and benefits in terms of repayment.
- Easy Process and Approval: Applying for a personal loan is simpler and involves a quicker approval process.
- No Collateral Required: Since personal loans are unsecured they are not backed by any kind of assets against them as collateral.
Disadvantages of taking loan during festivals
Every coin has two sides, and so does taking credit. The following are a few of the disadvantages that you might face.
- Expenditure: When you are granted the loan, you tend to spend on things that might not be very much essential and might be avoided.
- Heavy EMI Instalments: When a loan is taken, a borrower is obligated to pay hefty instalments as repayment.
- Credit Score: Taking a loan is a financial decision, which like any other credit decision affects your credit score.
Affordable Personal Loan Interest Rates
India is a country with diverse culture and ample festivals are celebrated here around the year. These festivals bring with them their need to buy and celebrate and millions of people take loans to meet the festive expenses. The most vital thing that one considers while borrowing a loan is the rate of interest that they have to pay along with the principal amount. No one wants to borrow money at rates of interest that would just increase your liability towards the loan. The lower the personal loan interest rate, the easier it becomes for the borrower to repay the loan, thus, also lowering his or her loan liability.
A personal loan can help you to enjoy your festive moments by fulfilling your essential needs. Many financial institutions offer loans at an Interest rate starting from 12.99%* per annum along with zero prepayment charges. This means that you do not have to compromise on things that matter, not in moments of joy.
Why Take a Personal Loan During Festive Season?
Personal loans have been trusted by several customers, who have chosen to take a loan as per their needs and were able to fulfil their urgent and vital financing needs.
- 100% Safe process: Taking a loan from a reputed bank of NBFC is a safe process with minimal documentation just to ease the process and make it easy for our customers.
- Flexible EMI and Tenure: If you wish to mend the EMI or make a change in the loan tenure, you can do so just by giving a call to the concerned authority in no time.
- A low rate of interest: Most banks offer a low rate of interest on personal loans starting from 12.99%.
As long as you take a loan as per your needs and the ability to return it on time and you can afford the interest rate, it is not necessarily a “bad thing.” It’s critical to know the precise amount you are saving and look for any additional fees. Instead of buying something because you are getting it at a discount or a good EMI plan is not the right way to opt for a personal loan.
It is vital to consider your needs and wants before taking the perks of the festive offers on various items and loans. Instead of overspending, take a sound decision keeping in mind your liabilities. Visit Piramal Finance to know more about personal loans. Do check the various products and services they offer.