With Navratri and other festivals around the corner, families across india gear up for shopping, travel, and celebrations. Meeting these expenses can strain monthly budgets, making a personal or festive loan a helpful option. Here’s a guide in a reader-friendly listicle format.
1. Assess Your Financial Needs
· List your expenses: home decoration, gifts, travel, or event hosting.
· Determine loan amount: Only borrow what you need to avoid unnecessary debt.
· Plan repayment: Check if your income can comfortably cover EMIs without stress.
2. Choose the Right Loan Type
Several options are available depending on your needs:
a) Personal Loans
· Unsecured loans available from banks or NBFCs
· Quick approval and flexible use for any festive expenses
· Interest rates are usually higher than secured loans
b) Loan Against Property (LAP)
· Secured loan using property as collateral
· Offers higher loan amounts at lower interest rates
· Best for large expenses or long-term repayment plans
c) Festival-Specific Loan Offers
· Many banks offer special festive season loans with discounts or lower rates
· Can include no processing fee, flexible EMIs, or cashback offers
· Ideal for short-term celebrations and shopping
3. Check Eligibility and Documentation
· Common criteria: Age, income, credit score, employment status
· Documents required: ID proof, address proof, income statements, bank statements
· Pre-approval checks can save time and reduce rejection chances
4. Compare Interest Rates and Fees
· Look for competitive interest rates across banks and NBFCs
· Check for processing fees, prepayment charges, or hidden costs
· A small difference in rates can save thousands over the loan tenure
5. Tips for Responsible Borrowing
· Borrow only what you can repay comfortably
· Avoid taking multiple loans at once
· Stick to repayment schedule to maintain a good credit score
· Consider short-term loans for smaller festive expenses to reduce interest costs
Conclusion: This festive season, a loan can help you manage celebrations without financial stress, but choosing the right type, planning repayments, and comparing offers are key. With careful planning, you can enjoy navratri and other festivities while keeping your finances healthy.
Disclaimer:
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk..jpg)
click and follow Indiaherald WhatsApp channel