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December 1, 2023

This Is How a Personal Loan Could be Your Ultimate Bet This Festive Season

Festivities bring happiness, celebration, and a break from the daily routine of life. The last thing that should be on your mind is the finances to enjoy the festivities. A personal loan is an attractive source of finance that is available for you to take the much-needed break from the monotony of life without having to think about stretching your budget or diving into savings. With the ease of access and quick documentation, personal loans have become a popular choice of short-term finance. Here are a few benefits they offer:

  1. Instant personal loan: Other sources of finance take at least 2-3 weeks for processing and sanction. Personal loan is the quickest means available and can be sanctioned within a few clicks if you apply online.  You can check for your personal loan eligibility, thanks to the various personal loan EMI calculators available.
  2. Collateral-free finance: This is the only source of finance that is unsecured or does not require collateral.  
  3.  No end use insisted: If you take a home loan, you can purchase a house; an auto loan is only for purchasing a car. However, personal loans, being unsecured loans, do not insist on any end-use of funds. You can take a personal loan for as varied reasons, such as
  • buying jewels for Karvachauth or Dhanteras
  • a vacation in the Maldives for Christmas
  • getting home renovations for Diwali

The versatile nature of these loans and their flexibility make them the most popular choice among prospective borrowers.

  1. Build credit score: No credit history leads to a low credit score. Taking personal loans and being diligent with the repayments is a great way to boost your credit score. A good credit score will always help you obtain finance in the future, as lenders prefer borrowers with better creditworthiness.
  2. Hassle-free documentation: One of the biggest USPs of personal loans is the simplified processing and hassle-free documentation. Since lenders have structured this product, keeping customer convenience in focus, the document requirements are minimal. These can be availed anytime, anywhere.
  3. Attractive interest rate: With multiple lenders vying for the same prospective borrowers, the personal loan interest rates on offer are attractive. You can compare and decide which lender to go for when applying for a personal loan online.
  4. High loan amount: The loan amount starts from as low as INR 25000 to as high as INR 20 lakhs by different lenders, based on your requirement.

A personal loan is a great option for short-term finance if you eagerly await the festive season without any financial constraint or worrying about falling back on your savings. However, make sure you use it judiciously. Then, remember to make the repayments on time. So, don’t wait and apply for a personal loan, today.

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