How Personal Loan Can Help You in Diwali?

Posted on Friday, October 21st, 2022 | By IndusInd Bank

Diwali is a festival not only to celebrate the victory of good over evil but it is a celebration of prosperity. People across the country spend heavily on decorations, clothing, jewellery, gifts, and more to enjoy this annual festival. For many, the festival is also an opportunity to finally fulfil their long-awaited big-ticket expenses like home appliances, vehicles, and home renovation.

However, paying for these many festive expenses out of your limited savings can be difficult. For people who live on paycheck to paycheck basis or have limited savings, the most convenient way to fund their grand Diwali celebration is to avail of a personal loan.

Let us see in detail how a personal loan can help you in the upcoming Diwali festival.

1. Collateral-free Funding

Diwali is the festival of realising your dreams, and a personal loan can help you realise your financial goals. These loans are unsecured, i.e., they do not require you to pledge any asset as collateral to avail of the loan amount. Instead, you only have to apply for the loan amount that you need, and that’s it. Your application is processed based on your creditworthiness alone.

2. Multi-purpose Loan

Unlike other vehicle or home loans, personal loans are not use-case specific. Instead, once you get your funds, you can spend them wherever you want. You can use your personal loan amount to renovate your house and buy jewellery, utensils and appliances, and gadgets.

During festivals, there are often unexpected expenses that may put a strain on your pocket. Having access to additional funds that you can use anywhere is also beneficial in such situations.

3. Apply Online

Diwali is not a celebration of one day or night. It accompanies many festivals and rituals that follow days after Diwali night. So, while families prepare for these long days of festivities, visiting the lender’s office can be challenging.

Personal loans are best because you can apply for one without visiting an outlet of a financial institution. Instead, you must visit the lender’s website and apply for a loan. The application is entirely digital, and your application is complete in just a few clicks.  So, you can spend time much-deserved family time and prepare for the festivities instead of spending it running around getting your loan approved.

4. Easy to Meet Requirements and Minimal Documentation

The online application process makes personal loans accessible. But the lenders also keep easy-to-meet eligibility criteria, so getting access to immediate funds becomes much easier. Most lenders will check your age, annual income, credit report, and employment status before approving your application.

The online personal loan application process is entirely paperless to ease the process further. To complete your loan application, you only need to provide your Aadhaar Card and PAN Card number.

5. Get Instant Loan Approval and Fund Disbursal

Online personal loan application facility ensures that people get immediate access to funds whenever needed. So, depending on the lender, you can get loan approval within 24 hours. With funds arriving in your account in less than a day, you can fund your big-ticket purchases in time and brighten up your Diwali with help of personal loan.

In Conclusion

The online application process, multi-purpose loan, quick approval and disbursal make personal loans perfect for funding your expenses during Diwali festivities. If you are in need of a personal loan to finance your festive expenses, check out IndusInd Bank’s personal loan offering.

We at IndusInd Bank offer personal loans of up to Rs 5 lakhs at interest rates as low as 10.49%. You can repay the loan amount easily with a flexible tenure of 48 months. Just visit our website, complete the digital application process, and get funds in your bank account in no time.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.