Personal Loan

Personal Loan During The Festive Season

People generally go for the cheapest product with a good quality product in a sale. Similarly, when it comes to loans -people prefer the same. People research the current market to know what’s best for them and what the best deal.

People come together during festivals, kids getting leave from school, adults getting work leave and elders decorating for the festival - these are the scenes that come to mind. Behind these happy faces of adults, for instance - our parents, their monthly budget shoots up when a festival comes - from buying clothes, decorating the house, preparing for puja etc - these come with huge money demand.  

India being a multicultural state, people work and celebrate all festivals in harmony, whether its  Karvachauth, Diwali, Dhanteras, and Bhai dhooj arrives in the same month and it might be a bit heavy for your savings. Here you can simply apply for a personal loan online, where you can get the desired amount without hassle. Yes Bank Personal Loan provides you with good services with a reasonable interest rate. 

Some of the reasons behind choosing a personal loan during the festive seasons are:

Its Flexibility On End Use: Personal loans are known for their multiple usages. Unlike other loans i.e home loan can only be used for buying or constructing the house, auto loans can only be used for buying an automobile etc. Here a personal loan comes in handy, as people can use the fund received from a personal loan in any form, let be for creating a business, hosting a party, buying an appliance or even for giving money for the vacation.

For example:

Christmas: Planning and decorating in a Christmas theme.

Newyear: Throwing a new year party, and visiting new year events in different places.

Diwali: Buying new clothes, buying sweets, decorating with lanterns hosting Diwali puja etc.

Raksha Bandhan: Buying expensive gifts for your siblings.

Providing A High Loan Amount: The amount given by a lender differs, some give 25lakh and some 45 lakh. In a personal loan, the amount can vary from ₹50,000 - ₹25 lakh and can be increase upto ₹75 lakh according to the lender. And so one can complete various needs from the personal loan.

No Collateral Requirement: Since a personal loan is an unsecured loan, it doesn’t need any collateral to be pledged and the stress of losing the collateral will not be present. As it doesn’t need collateral, the banks take extra care while issuing the loan to people. Those who have low credit score will not the loan.

Repayment Flexibility: Tenure for personal loan is from 1 year to 5 years. The more months added to tenure, the more interest rate you have to pay, and one has to choose what’s best for their use, if he or she is confident to pay back within few months, then they can choose the gold loan, if the amount taken is high and they need more time to pay back, then they can choose the personal loan. You get flexibility in the repayment of personal loans.

Easy To Apply: With changing technologies, this era is becoming fully digitalized. From buying groceries to buying poultry everything is digitalized now. The online market has a huge impact on business. New fintech startups are coming day by day. It is quite easy to apply. A  person can either apply in the traditional offline method or by online method. Here is how you can apply Personal Loan apply online:

  • By filling the online application or the form from the site and then one should submit the requested documents. You can go for personal loan eligibility checker to know whether you are eligible for a personal loan or not.
  •  In due course, you can decide on a tenor and loan amount and submit the above to the lender.
  • The loan representative will call you and guide you through the service.
  • Finally, you will receive the disbursal within 24hours.

Conclusion: During the festive seasons, all participants in the market put new and appealing offers to attract more customers, similarly, the loan market also creates new deals, so do research before you choose a lender , and taking a loan during festivals can give you the best offers.

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