Why You Should Consider an Instant Personal Loan for Diwali 2024 Celebrations?

Diwali 2024 is right around the corner, bringing with it the joy of celebrations, lights, and cherished gatherings. However, the festive season also means increased expenses – from home upgrades and new gadgets to thoughtful gifts for loved ones. These costs can quickly add up, potentially straining your budget. 

If you want to fully enjoy this year’s festivities without financial worries, an instant personal loan could be a smart solution. In this article, we'll explore the benefits of taking a personal loan this Diwali and share tips for securing one with favourable terms.

Why Should You Take an Instant Personal Loan for Diwali Celebrations?

Festivals like Diwali are a time when many go the extra mile, hosting gatherings, upgrading home appliances, and purchasing gifts. However, not having sufficient funds at hand can lead to dipping into your savings, which may not be ideal for everyone.

An instant personal loan can help cover these expenses, allowing borrowers to spread out the costs over the repayment tenure. Reputed lenders offer transparency regarding loan terms, interest rates, and associated fees and charges such as loan processing fees. This gives you a clear understanding of the overall cost, so you can plan your finances more effectively. Additionally, personal loans are often disbursed quickly to eligible applicants with strong credit profiles, minimising delays and helping you make the most of the festive season.

Benefits of Taking an Instant Personal Loan for Diwali 2024 Celebrations

You can consider taking an instant personal loan this Diwali as it offers the following benefits:

1. Quick Access to Funds

Festivals like Diwali often bring unexpected expenses, and not having enough funds can lead to inconvenient delays. At SMFG India Credit the funds for the approved loan can be disbursed within 30 minutes*, allowing you to address such expenses promptly.

2. No Collateral Required

Unlike traditional loans, personal loans are unsecured, meaning you don’t need to pledge any collateral to receive the funds. This makes it an ideal choice for those seeking quick access to funds without the added stress of risking assets like a house, car, or jewellery.

3. Flexible Repayment Tenures

Flexibility is crucial for the smooth repayment of loans. Most instant personal loans come with a wide range of tenures to suit different needs. Typically, repayment tenures range from 12 to 60 months, depending on factors like loan amount and income. This allows you to repay the loan through manageable EMIs that won’t strain your monthly budget.

4. Affordable Interest Rates

Personal loan applicants can be eligible for affordable interest rates if they meet the specific criteria outlined by the lender. Most lenders look for a high credit score (usually at least  750), stable employment, a consistent income source, and so on. However, the eligibility criteria and interest rates can vary between lenders, so it’s important to check the terms of each offer.

5. Covers A Wide Range of Festive Expenses

Unlike secured loans such as a car loan, personal loans are not restricted to specific uses. Whether you’re buying new furniture, upgrading appliances, or booking plane tickets for a family reunion, a personal loan provides the flexibility to cover all types of festive costs.

Tips for Borrowing Instant Personal Loans for Diwali

Follow these practical tips to increase your chances of getting an instant personal loan with favourable terms:

• Do Your Research: Comparing the loan terms offered by various lending firms can help you find the most suitable option for your needs. Check the different interest rates, repayment tenures, and associated fees and charges. Using online EMI calculators can also help you get an estimate of the monthly payments for different loan amounts, tenures, and interest rates.
• Improve Your Credit Score: Applicants with high credit scores are more likely to qualify for lower interest rates because they are seen as reliable borrowers. Paying existing dues on time, keeping your credit utilisation ratio below 30%, and correcting any errors on your credit report can help enhance your credit score.
• Borrow Smartly: Avoid applying for multiple loans simultaneously, as this can lead to several hard inquiries on your account, potentially lowering your credit score. Instead, carefully estimate your Diwali expenses, assess your eligibility beforehand, and apply for just enough to cover your needs. This can help prevent an unnecessary debt burden after the celebrations.

Summing Up

An instant personal loan can brighten your Diwali celebrations by providing quick access to funds, but it's crucial to choose the right lender. Borrowing responsibly from reputable lenders ensures you get competitive interest rates and a flexible repayment structure.

At SMFG India Credit, you can apply for personal loans of up to INR 30 lakhs* without any collateral. Our interest rates start at just 13%* per annum, with repayment tenures ranging from 12 to 60 months. Use our free eligibility calculator to estimate the loan amount you may qualify for, check the required documents, and apply online today!