It is that time of the year again when there’s a flurry of festive activity all around, a time to be enjoyed with friends and family to make memories. While the company of family and friends is the crux of festivities, funding your grand celebrations is also a crucial aspect. It is not surprising that economic activity, including the sales of items from clothes to ornaments picks up in this season. Many people also make other important purchases like a house, car or expensive appliances or gadgets around this time with the associated auspiciousness.
While festivities demand some kind of splurging from your end, your cash flow might not allow you to do that right away. For instance, the much-awaited bonus could be delayed, or the payment you were supposed to receive for last assignment is yet to arrive, or you simply cannot afford extravagance right now from your disposable cash, but also don’t want to break your savings.
In any of these situations, a simple and convenient way to fund these expenses is availing a personal loan. Read further to know about the benefits of personal loans and how you can avail the best festive loan this season.
What is a Personal Loan?
As the name suggests, this is a loan. The very first differentiating factor of a Personal Loan, when compared to other loans is that a personal loan is an unsecured loan, meaning you do not have to provide any security or guarantee to the lending institution to avail this loan.
Second, a personal loan provides complete freedom and flexibility of spending to the borrower, as opposed to a home loan or an auto loan that come with specific end-use. Accordingly, you can take the loan and attend to multiple needs, be it shopping for the festivities, getting gifts for the family or even renovating your home.
Apart from these spends, a personal loan can also be a lifesaver in a medical emergency. If your expenses go beyond a specified budget, a personal loan can effectively cushion the blow by covering up the expenses. For people dealing with multiple EMIs from different loans, a personal loan can also help in consolidating the high-interest debt like credit card dues. After consolidating the debt, the borrower can then just repay a single EMI for the personal loan instead of multiple EMIs.
Then there is convenience. A personal loan is convenient to apply for with an easy loan approval process from the comfort of your home or office. You don’t need to visit an office for documentation as you can upload all the documents online and after approval, the amount gets disbursed to your bank account directly. With a personal loan, you also have the flexibility to repay your loan as per a pre-decided and convenient schedule. The tenure to repay a personal loan usually varies from 12 to 72 months and can be chosen as per your repayment ability.
Things to Consider While Borrowing a Personal Loan this Festive Season
First and foremost, make sure to check your personal loan eligibility before applying for a loan. If you fail to check your eligibility and your loan application is rejected, your credit score could be affected. Hence, a personal loan EMI calculator can come in handy to make the borrowing procedure simpler. This can also make sure that you avail the best possible offers available while applying. Additionally, take your time to compare personal loan offers from various lenders and choose a reputed financial institution as per your requirement and repayment ability.
Another important factor to consider is the interest being charged by the financial institutions in your short list. It is important to highlight here that interest rate is an important factor, but not the only factor that you should consider. Also, take in to account other features like flexibility of repayment and other users’ experience with the lender before you take a final call.
Where to get a good deal?
Keeping the above factors in mind, it is only logical for you to consider a personal loan online from a prominent financial institution and enjoy an instant loan to make your festive purchases. With Tata Capital, you can easily avail a loan of up to Rs. 25 lakh at attractive interest rates, starting at 10.99% per annum. With a simple online process, minimal documentation, and an easy to meet eligibility criteria, you can get flexible tenures for up to 6 years and repay your personal loan EMI at your ease.
Availing a personal loan during the festive season can be a good option as it helps with preparedness for emergencies and you get to enjoy the festivities without any financial constraint. It can also be an ideal way to spend without really touching your savings earmarked for long-term financial goals. With Tata Capital, don’t let financial issues hamper your celebrations as you can get fast loan processing and tailored personal loan offerings ideal to fund your diverse needs.
This Article has been Written by Studio18 on behalf of TATA Capital.