It is that time of the year again when there is a flurry of festive activities all around, it is time to enjoy with friends and family to make memories. While the company of family and friends is the root of celebrations, giving money for your grand celebrations is also an important aspect. It should come as no surprise that this season sees a boom in economic activity, including the sale of items ranging from clothing to jewelry. Many people also make other important purchases such as home, car or expensive appliances or gadgets around this time with associated auspiciousness.
While festivities demand some sort of splurge from your end, your cash flow might not allow you to do so right away. For example, the much-awaited bonus may be delayed, or the payment you were supposed to get for a previous assignment has not arrived yet, or you just can’t waste your disposable cash, but don’t want to break it either. is your deposited capital.
In any of these situations, an easy and convenient way to meet these expenses is by taking a personal loan. Read on to know about the benefits of a personal loan and how you can avail the best festive loan this season.
What is Personal Loan?
As the name suggests, this is a loan. The first differentiating factor of a personal loan as compared to other loans is that a personal loan It is an unsecured loan, which means that you do not need to provide any security or guarantee to the lending institution to avail this loan.
Second, a personal loan offers the borrower complete freedom and flexibility to spend, as opposed to a home loan or an auto loan that comes with a specific end use. Accordingly, you can take a loan and meet multiple needs, be it shopping for a celebration, getting gifts for the family or even renovating your home.
Apart from these expenses, a personal loan can also be a life saver in case of a medical emergency. If your expenses exceed a specified budget, a personal loan can effectively reduce the blow by covering the expenses. For those dealing with multiple EMIs from different loans, a personal loan can also help in consolidating high-interest loans such as credit card dues. After consolidating the loan, the borrower can pay only one EMI for the personal loan instead of multiple EMIs.
Then there is convenience. A personal loan is convenient to apply from the comfort of your home or office with an easy loan approval process. You do not need to go to any office for documentation as you can upload all the documents online and after approval, the amount is directly disbursed to your bank account. With a personal loan, you also have the flexibility to repay your loan as per a pre-determined and convenient schedule. The repayment tenure of a personal loan is usually between 12 to 72 months and can be chosen as per your repayment capacity.
Things to keep in mind while taking a personal loan this festive season
First and foremost, make sure to check your personal loan eligibility before applying for the loan. If you fail to check your eligibility and your loan application is rejected, your credit score may get affected. Therefore, a personal loan emi calculator It can prove to be helpful in making the borrowing process easier. It can also ensure that you take advantage of the best possible offers available when you apply. Additionally, take your time to compare personal loan offers from different lenders and choose a reputed financial institution as per your requirement and repayment capacity.
Another important factor to consider is the interest charged by financial institutions on your short list. It is important to mention here that while the interest rate is an important factor, it is not the only factor you should consider. Also, consider other features such as repayment flexibility and other users’ experience with the lender before making a final decision.
Where to get good deals?
Considering the above factors, it is logical for you to consider an online personal loan from a leading financial institution and enjoy instant credit to make your festive shopping. With Tata Capital, you can easily get a loan of up to Rs. 25 lakhs at attractive interest rates, starting from 10.99% per annum. With a simple online process, minimal documentation and easy to meet eligibility criteria, you can get a flexible tenor of up to 6 years and pay your personal loan EMIs with ease.
Taking a personal loan can be a good option during the festive season as it helps in preparedness for emergencies and gives you a chance to enjoy the festivities without any financial constraints. It can also be an ideal way to spend your savings set for long-term financial goals without actually touching it. With Tata Capital, don’t let financial issues hinder your celebrations as you can get faster loan processing and personal loan offers to meet your diverse needs.
This article is written by Studio18 on behalf of Tata Capital.
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