Reasons Why To opt for a Personal Loan for Festive Season

The festive seasons are the most awaited times of the year, which often bring celebrations in Indian homes. October is filled with festivities. This implies opportunities to make significant purchases like a new home, a car, gold jewellery, etc.

To make it easy to follow a financial budget and to make the most of the festive season, it is best to avail of a personal loan during this time. Online personal loans are a great idea as they require minimum documentation and formalities for approval. Moreover, the amount reflects in your account almost immediately after approval, giving you the power to spend.

Let’s explore more about why you should choose a personal loan for the festive season.

5 Reasons To Opt For Personal Loan for Festive Season

Although there are many reasons why you should opt for a personal loan for the festive season, here are some benefits of personal loan for festivals:

1. High Personal Loan Amount

You can get an amount up to INR 25 Lakhs* with personal loans, making the festive season more exciting and fun. Moreover, by applying for a single personal loan, you can take care of multiple expenses that you will be spending during the festivities on yourself and your family members.

2. Flexibility

Once you get a personal loan, you can use the amount and spend it anywhere during the festival season. Be it Karvachauth or Durga Puja, you can expand your gifting horizon and go above and beyond in celebration.

Must Read: How to Support the Local Economy during the Festive Season

3. Low Interest Rates 

One of the primary reasons why personal loans work best during the festive season is pocket-friendly interest rates. The interest rates on personal loans can be as low as 13%* per annum, which can be paid with affordable EMIs. 

4. Easy Application

Lending institutions are transitioning completely towards the digital mode, making it convenient for individuals to opt for a personal loan online. Furthermore, one doesn’t need to reach out to a financial body offline or visit a branch to apply and submit documents for a personal loan, as the entire application process can be done online. Once the approval process is complete, and documents verifications are done, the amount is disbursed into your account almost instantly. 

5. No Collateral

Personal loan belongs to the unsecured loan category, which saves you from pledging collateral with the financial lending institution during the festive season.

It could be a real struggle to go through the festive season and manage the expenses simultaneously. However, through a personal loan, all of this becomes easy and convenient. 

Getting a Personal Loan? Remember This

If you are planning to go for a personal loan during festivities, there are certain things you must be careful about:

1. Check Your Eligibility Criteria

Before you apply for a personal loan, make sure to check requirements. Applying for a personal loan without the designated eligibility can put your application on hold or get you rejected. This can negatively impact your CIBIL score and prohibit you from applying for a personal loan for a strict duration.

2. Keep a Good Credit Score

Individuals or employees with a CIBIL score of more than 750 have a high chance of getting their personal loan applications approved. This is because a high credit score reflects that you are capable of repaying the personal loan amount with your current salary and lifestyle.

3. Avoid Borrowing Very Often

Getting carried away with attractive offers during a festive mood can lead to unforeseen circumstances. Sometimes, we borrow more than we need to fulfill our desires, but this can lead to high debt that you cannot overcome. Borrowing more than you need can put you in a trap. That’s why we must borrow only when necessary.

4. Go For the Right Lending Institution

After deciding to opt for a personal loan, it comes down to choosing the right lending institution that will offer you the best possible deals. There are tons of lending institutions that offer enticing offers to salaried and self-employed individuals. Hence, to narrow down the list and make a correct choice, compare various lending institutions with one another, and go for the one that works best for you. 

Must Read: Best Diwali Gift Ideas for Family & Friends

Conclusion

A personal loan with SMFG India Credit can significantly help this festive season. If you want to have a seamless and hassle-free experience, turn to us. The processing fee is minimal and the personal loan eligibility calculator will give you an idea of whether or not you are eligible for a loan.

Once your eligibility is finalized, apply for a personal loan online by providing the personal loan documents. The interest rates start at 13%* per annum, which you can repay conveniently within 60 months. 

Availing of a personal loan during the festive season is an ideal choice as you can have fun during the festivities without having to worry about your finances. This festive season, let happiness know no bounds!