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.

It’s the most auspicious time of the year, bringing cheer and marking new beginnings. From Karvachauth and Dhanteras to Diwali and Bhaidooj, these celebrations are incomplete without family and friends. 

But preparing for all these festivals in a single month and ensuring your loved ones have a memorable time can take a toll on your savings. In such situations, applying for a personal loan with IndusInd Bank is the most convenient and hassle-free solution. What’s more? You can avail of a personal loan at a 0% processing fee till Diwali.

Here’s why a personal loan from IndusInd Bank is your ideal choice this festive season-

1. Host Family and Friends

Festivals make for the best excuse to get together with friends and family. Whether you’re hosting a Diwali party or having relatives over for a more extended celebration, several small and big expenses can quickly crop up. With IndusInd Bank’s personal loan, you can ensure your friends and family have a great time without worrying about your monthly budget. With a 100% online application process, you don’t need to visit a branch to apply for the loan.

2. Plan Domestic or International Travels

With multiple festivals lining together, visiting your loved ones during this season is common. This results in a sharp surge in airfares and can cost you a fortune, especially if you’re travelling with family. Add to it visa, accommodation, and gifting expenses, and the festivities might not seem as enjoyable as you’d expected. With IndusInd Bank, you can avail of an online personal loan for up to Rs. 5 lakh and enjoy the festivals with your family with no financial burden. Our online personal loans come with a flexible repayment tenure of up to 48 months so that you can repay the loan at your convenience.

3. Pay for Big-Ticket Expenses

The festive season is considered auspicious to make important investments or start new projects. A personal loan will help you manage these expenses without dipping into your savings. Here are a few ways you can use a personal loan this festive season-

• Buying gold or silver jewellery for Dhanteras
• Making a down payment for a vehicle
• Setting up a new business
• Renovating your home

A personal loan from IndusInd Bank comes with flexible end-use. You can apply online with minimal documentation and no collateral and receive the loan amount directly in your bank account. It helps you easily manage big-ticket expenses and make valuable investments during this auspicious time.

4. Leverage Seasonal Offers

The festival season Brighten Up Your Diwali with Help of Personal Loan. Besides managing festival-related expenses, you can use the loan amount to finance any major expense at exciting seasonal offers. We at IndusInd Bank offer personal loans of up to Rs 5 lakhs at interest rates as low as 10.49%.

How To Apply for IndusInd Bank Personal Loan?

You can apply for a personal loan from the comfort of your home with our 100% online application process. All you need to do is follow these steps-

• Fill out the online application form to receive the best offer
• Complete the video KYC
• Sign the loan contract digitally

That’s it. You don’t need to upload any documents to apply for a personal loan with IndusInd Bank. All we need is your PAN and Aadhar number. After successfully verifying and sanctioning your loan, we will directly disburse the loan amount to your bank account.

The Takeaway

A personal loan is the most convenient way to fund your unique festive expenses without disturbing your savings and monthly budget. And IndusInd Bank helps you finance your festivals seamlessly. Apply today to enjoy affordable interest rates, minimal documentation, no collateral, and flexible repayment tenure. You can also avail of our festive offer and enjoy a 0% processing fee till Diwali when you apply for a personal loan.

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.

Diwali may well be the shopping season for many. After all, there are a few times a year when one can avail of great offers on home appliances, new furniture, other items, and more. Add to it; there is a longstanding tradition of buying new utensils, gold jewellery, and silver coins. Naturally, expenses can quickly climb higher than the best rocket in your fireworks. But a personal loan can come to your rescue if you need financial help to tide over Diwali expenses.

Wondering how you can make the most of a personal loan this Diwali. Well, here’s everything you need to know about it.

What are Personal Loans, and What Are Their Benefits?

A personal loan is an unsecured loan. So, one does not need to put their assets as collateral in order to avail of a personal loan. You simply apply for the amount you need and repay the amount with interest over the tenure set by the lender.

How Personal Loan Can Help You in Diwali? Let us find out.

1. Attractive Interest Rates and Flexible Repayment Tenure

No matter the loan amount, personal loans come at attractive interest rates. Many banks make personal loans even more affordable by offering lower interest rates around the festive season and flexible tenures.

So keep an eye out for Diwali offers on personal loans. Switch on those notifications, set your reminders, and subscribe to your potential banking partner’s newsletters. This way, you’ll never miss a good loan offer.

2. Online and Paperless Application Process

Every year Diwali accompanies many other smaller festivals like Dhanteras and Bhai Dooj. So, in preparation for these long celebrations, chances are you do not have any time to stand in the bank’s long queues to get loan approval. And that is why you should take a personal loan online.

The application process is completely online. Just visit the lender’s website and follow their steps. The best part? Now, you do not need to go through extensive documentation. In most cases, entering PAN and Aadhaar number is enough to complete the loan application.

3. Quick Loan Approval and Fund Disbursal

During Diwali, everyone in your family is in a celebratory mood. They look forward to purchasing new things for themselves and the house. In such situations, if you have to wait to get your hands on funds, it can dampen the festive spirit. But not if you apply for an online personal loan.

Lenders usually perform minimal checks on creditworthiness, income, and age before they approve a loan. You can expect the funds to arrive in your bank account within 24 hours of loan approval. So, you can get to spending and brighten up your Diwali without waiting for funds to arrive.

Who can Apply for a Personal Loan?

Eligibility criteria for who can apply for a personal loan and what amount varies between lenders. At IndusInd Bank, we have very relaxed eligibility criteria wherein:

• Salaried employees, professionals and self-employed individuals who are at least 21 years of age can apply for a personal loan.
• Salaried employees must have a monthly income of Rs 25,000. 
• Professionals and self-employed people must have an annual income of Rs 4.8 lakhs (after taxation).

To Conclude

If you want to apply for a personal loan, turn to IndusInd Bank. We at IndusInd Bank offer personal loans of up to Rs 5 lakhs at interest rates as low as 10.49%. This Diwali, you can save a lot more on your personal loan with us, given we are waiving off the processing fees altogether. So, visit our website and book your personal loan now.

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.

Having instant cash in our account boosts purchasing power; however, excessive dependence on it can lead you into the debt trap. So, it’s wise to treat any kind of loan just as a loan – a financial responsibility that you need to repay to avoid any kind of financial stress. Also, loan repayment can become stressful if you are not careful about how you manage your finances effectively. Moreover, some people also take another loan while paying a pending one. Although there is no limit to the number of loans you can take, you should consider your ability to afford them, your income, and your overall budget to ascertain whether you can conveniently pay them all. So, if you have personal loan charges and a home loan, then keep on reading about how to prioritise to stick to your financial commitments.

Cost of Loan

Everyone wants to stay debt-free and to achieve this, you may want to pay off the largest loan first or even the smallest one first. However, from a financial standpoint, the interest rate or the overall cost of a loan determines the size of the outstanding debt. Let’s say if you have a personal loan that you acquired at the best rate and a home loan at a high cost, then it would be ideal to make payments towards the home loan to close it. However, generally, home loans are cheaper than personal loans and it makes sense to pay off the personal loan. Only in certain cases if an employer-backed personal loan has a lower interest rate than a home loan, would require you to pay off the PL loan first. Home loans in India on average start at around 8.75 percent and personal loans are costlier standing up to 10 to 14 percent onwards. However, you can find a personal loan at less interest rate here.

Tax Benefits

It is noteworthy to know that there is no tax benefit on the repayment of a personal loan; however, you can get a deduction of up to INR 1.5L per annum towards the repayment of the principal amount under Section 80C. Furthermore, you can also claim a deduction on the interest paid on the EMI for a home loan for up to INR 2L under Section 24. Therefore, multiple benefits linked with a home loan help reduce your overall tax liability and you can conveniently pay them off as per schedule. Many banks charge when you prepay towards your home loan, but here at IndusInd Bank, there are no charges on home loan prepayment when loans are availed at the floating interest rate.

Pre-payment Option

Usually, there are penalties involved when it comes to the prepayment of any kind of loan. However, if you have availed of a personal loan at the lowest floating interest rate then there will not be any charges levied for prepaying it.

The Bottom Line

There are certain kinds of loans that you should close as soon as you can, but with larger loans such as a home loan, you are better off diverting the extra cash towards paying off high-interest loans. When it comes to a home loan, you pay more towards the interest payments, and it is in the last tenure years of it that you start making payments towards the principal amount. Therefore, it makes sense to avail all the tax benefits that you can get initially and start paying off personal loans. If you consider only the tax benefits, then you should pay off the home loan after paying off other loans.

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.