Let us tell you that you can also take a personal loan or festival loan from the bank to celebrate the festival. This is a smart option, although according to the expert, you will have to put a little mind for this and choose the best offer for yourself, so that you can also spend openly on the festival and you do not have difficulty in repaying the loan. Personal loan of at least 5 thousand to maximum of 50 thousand rupees can be taken from State Bank of India for the festival.
1. Figure shopping
Festivals in India are synonymous with the purchase of new clothes and gifts and some brands are also offering festivals, it is the best time to shop but keep in mind that festive shopping with various offers and discounts can cost more and your budget and savings can be affected. However, personal loan can provide the necessary financial assistance to fulfill all the needs of your shopping. By choosing the option of personal loan, you can make festive purchases without compromising your budget.
The festivals come with the need to decorate your living space, which creates a warm and attractive atmosphere for your family and friends, especially from buying a house on Diwali to the house wrapping and painting and repairing is done in every household of India. With a personal loan, you can also buy things like painting, decoration upgrade, or furniture to give your home a festive look.
3. Buying electronic equipment
During the festival season, big brands offer very good discounts and discounts to increase sales. Not only this, it is the best time to buy electronic equipment because you can get different deals and discounts with different big brands. You can use personal loans to buy microwaves, ovens, television, washing machines, refrigerators etc.
You can also get attractive offers on shopping of gadgets in the festive season. You can get a great deal on gadgets like mobile phone, laptop, gaming console, smart home devices etc.
5. Planning a memorable trip
The festive season is an excellent opportunity to detect new destinations, meet family and friends or just take a holiday from your routine. Whether it is a domestic or international journey, a personal loan can help fund your travel plans and make the festive season even more memorable. With a personal loan for the festival, you can plan without reducing your savings.
Rajiv Dus, CEO, I-Lawon states that personal loan is a great option for the festival to meet various expenses during the festive season. However, before applying for personal loans, you should take special attention to these 4 things. So that you do not have trouble after the festival.
Evaluate whether the purpose of your loan is really necessary and whether it is in line with your financial priorities. Understanding the reasons behind the loan seeking helps in taking the right decision and it is that you are borrowing for legitimate and necessary purposes.
Identify the correct lender
If you have decided to take a personal loan from the bank for the expenses related to the festival, then the next step is to find the right lender. Every bank and companies are willing to distribute loans today but you should compare these lenders and choose those who facilitate the competing interest rates, flexible repayment options and the process of giving loans soon.
Always keep in mind that avoid borrowing more. For this, consider your current circumstances and financial capabilities before fixing the loan amount. Remember that loans or loans are always available with the responsibility of re -paying them, including interest rates and extra charges. Therefore, do not press under unnecessary loan burden and borrow money with responsibility carefully.
Check hidden fees
Before finalizing the loan agreement, make complete information about the hidden charges and fine. Carefully review the terms and conditions of the loan to surrender any possible trouble. This can help in making budget effectively and prevent unexpected financial failures in the future.
