This Festive Season, A Loan To Help You Bring Good Tidings

Festivities are here. The next three months will see the onset of colours, lights and of course pretty things. This is also the time when most of us repair our homes to invite new tidings to our lives.

Now, Ganesh Chaturthi is around the corner. This would mean setting up home for Lord Ganesha, renovations among other things are already in action. Irrespective of your monetary status, you want to make the festivities grand.

If you are cash-strapped, then it’s possibly the best time to lap up the festival loan options offered by various institutions such as Tata Capital.

Wondering what’s a festival loan and if it is the same as personal loans? Well, the answer is yes, and no. Yes, because the festival loan is a variant of personal loan. No, because it comes at a much lower interest rate compared to a personal loan.

In fact, the festival loan has a lesser processing time and fee, too. The idea is to let the borrower acquire funds in the least possible time during the festive season, at his or her time of need. If you apply for a loan at any other time of the year, the processing fee may be high, and the time needed for the fund to enter your bank account may also be longer. But during festivals, financial institutions like Tata Capital come up with a gamut of offers on different categories of loans. For instance, they may totally waive off the processing fee on home, gold, vehicle or personal loans. What’s more? They may even slash interest rates as a festive offer to be able to fit into every pocket. Haven’t you already seen advertisements of 0 per cent EMI schemes on hoardings, pamphlets and newspapers? So, undoubtedly, the festival season is the best time to avail a loan.

If you are specifically opting for a festival loan, you must understand that the amount that can be availed as a festive loan is usually much lower compared to personal loans. It may just be a maximum of Rs 50,000.

Easy Eligibility and offers galore

As far as loan eligibility is concerned, the terms and conditions of availing a festival loan are much relaxed compared to a personal loan or a home loan or a vehicle loan. One needn’t be in the high-income group to avail a festive loan. And yes, you can take the loan individually or jointly with your spouse.

Not just festival loan, the festive season is the best time to avail for a home loan, too. Firstly, because festival time is an auspicious time to invest in a new house. Saying so, it also happens to be that time of the year when banks and financial institutions such as Tata Capital offer unlimited festival offers that eventually make it cheaper to get a home loan.

Set aside attractive interest rates and waiver on processing fee, during festivals like Ganesh Chaturthi and Diwali, even builders come up with attractive schemes to enable you to make the most cost-effective purchase. Freebies such as gold coins, European vacations, fridge, washing machine, TV, motorbikes and no EMI till possession isn’t something that is unheard of.

In fact, financial institutions and builders go beyond barriers and stay open on all festive days to let borrowers avail these loan offers.

Last but not the least, the one reason that you must avail loans during the festive season is that soon after the festive season ends, interest rates are going to hike up, and you don’t want to be part of a bad deal, do you? So this Ganesh Chaturthi, keep your eyes and ears open and look out for the best festival loan offer that suits your pocket.

Deepak

After working as digital marketing consultant for 4 years Deepak decided to leave and start his own Business. To know more about Deepak, find him on Facebook, Google+, LinkedIn now.

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