Festive season is the time to celebrate with family, friends, and loved ones. It is time to buy new items, exchange gifts, and travel, among others. However, to enjoy it to the fullest, it’s essential to be financially ready and this is where an online personal loan can help you out. Read on to find out how this mode of finance can make your festive season brighter.
Substantial borrowing to meet a range of needs
An online personal loan allows you to borrow a high loan amount. You can borrow an amount depending on your requirement. For instance, a personal loan from Bajaj Finserv allows you to borrow up to Rs.25 lakh at an affordable interest rate.
Instant approval with no collateral
This is another feature of an online low interest personal loan, which can brighten up your festive season. Being an unsecured mode of finance, you don’t need to pledge any collateral as security while applying for it. All you need to do is to apply for it online and within hours, the money will be credited into your account.
For example, when you apply for an online personal loan from Bajaj Finserv, upon meeting the eligibility criteria, your loan application is approved in under 5 minutes. Also, the money is disbursed into your bank account within 24 hours.
Helps build an asset
The coming festive season, particularly Dhanteras, is the time when people buy gold. The metal has not only an emotional and traditional importance, but also hedges you against inflation. It helps diversify your portfolio. Also, jewellers give discounts on purchasing gold on Dhanteras.
Quick disbursal of personal loan ensures you can buy gold and invest in an asset for the future. Gold prices change every day and go high around Dhanteras. However, funds acquired through personal loans online can easily help you invest in this prized asset. Apart from buying physical gold, you can also invest in gold bonds and gold ETFs, which are easy to maintain and liquidate in times of need.
Flexible tenor to suit repayment
Repayment is a significant consideration while opting for any loan. A rigid repayment tenor can hamper the festive spirit. However, that’s not the case with a personal loan. This is because most lenders offer flexible tenor, which helps you chalk out a repayment strategy as per your cash flow.
It is essential to opt for a tenor factoring in essential commitments such as insurance premium and credit card dues. For example, when you opt for a personal loan from Bajaj Finserv, you can choose a repayment tenor ranging up to 60 months. You can reduce your EMIs by 45% with Bajaj Flexi Personal Loan and maintain your monthly spends by choosing a flexible repayment. Also, pre-approved offer on the loan makes it easy to avail finance. All you need to do is share a few basic details and know your pre-approved offer within seconds.
The final word
As evident, an online personal loan, with its intrinsic features, helps you meet any requirement to lighten up your festive season. However, before availing this loan, make sure to compare offerings from multiple lenders and opt for an amount which you can repay easily. This is because any default on EMIs can dent your credit score and bring down your creditworthiness.
Also, before applying, go through the terms and conditions thoroughly to ensure that there are no hidden charges. Do check your credit score as a high score helps you negotiate with your lender and eases the lending process. Today, you can check your credit score for free on third-party websites by entering your name, date of birth, and PAN number.
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