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Published: 10 October 2024
Updated: 11 October 2024
Without a doubt, Diwali, the festival of lights is one of the happiest celebrations in India. A time for family togetherness and love, gift exchange or shopping, and decorating your home. Unfortunately, those expenses of gifts, food, and home decoration can easily add up quickly. But wait, applying for an online personal loan in Diwali will help you manage your finances and make your festival grand without burning a hole in your pocket.
In this blog, we will discuss the benefits of taking a personal loan this Diwali, How to apply for one, and how to stay within your budget with some brief pro tips. These tips will help anyone to enjoy their grand as well as simple Diwali celebration without stressing about anything.
Diwali spreads happiness on this day, people buy new clothes, sweets, and gifts, and most of all decorate their homes with lights and diyas (lamps) everywhere. Some even have family-oriented gatherings, celebratory meal planning, and all the such! But for all of them, the festival is unique and as we all know – quality comes at a price!
These costs are usually out of the usual budget for many people. However, you do not have to sacrifice the happiness and enjoyment. Festivals come with added expenses, and a personal loan can be your friend for managing these costs while enabling you to have an unforgettable Diwali without any financial stress.
A personal loan is unsecured which means you can borrow money from a bank or financial institution without putting up anything as collateral. The name "instant" simply refers to how quickly the loan is processed, most often for less than a day. This Loan is best used for managing contingency financial needs, such as Diwali shopping or quick home renovation. Go through the various reasons why taking a personal loan for Diwali can be beneficial.
1. Quick and Easy Access to Money: You can get the money straight into your bank accounts—in just a few hours! This means you don’t have to wait or delay your Diwali preparations.
2. Less Documentation: In the case of an instant personal loan, unlike traditional loans, you hardly need any documents. You do not have to collect tons of papers, just your ID and Address proof along with a few income details are enough.
3. Flexible Loan Amounts: You can borrow as little or as much as you need. Whether it’s a small amount for gifts or a larger sum for house renovations, you can choose what works best for you.
4. No Need for Collateral: Since personal loans are not backed by collateral, you do not need to surrender any property: your house or car. This way it is easier for you to borrow money and in a safer condition.
5. Flexible Repayment Plans: The majority of personal loans come with various repayment options. This means that you can choose the time your repayments will be due to fit in with your budget, enabling you to pay back the loan in affordable monthly amounts.
Diwali brings joy but also expenses. From new clothes to firecrackers, the costs can go up quickly. A personal loan helps you manage these expenses without draining your savings. Get a personal loan this Diwali from My Mudra without worrying about your expenses.
Credit cards might seem like a good idea but the interest rates on them are just too high. If you do not pay your balance on time, you can end up with heavy debt. It is almost always a more secure and smarter decision to get a personal loan that will carry far less interest than a credit card.
Sometimes, unexpected costs come up during festivals, like urgent house repairs or medical expenses. A paperless personal loan gives you quick access to funds when you need them most without any stress.
Many people choose to redecorate or renovate their homes before Diwali. A personal loan can help you to give your home a fresh new look for the festival.
Now that you know the benefits of getting a personal loan online is fast & simple. Let's see how to apply for one by following these steps:
Just imagine how much Diwali might cost you. List out all your expenditures gifts, food, decorations, etc. to figure out precisely how much you need to borrow.
Your credit score is important because lenders check it to determine whether to approve you for a loan and what interest rate to offer. Your credit score can help you obtain the best rate possible so check your score before applying.
Don’t just apply with the first lender you find. Compare different lenders to get the best interest rates, fees, and repayment terms.
To get an instant personal loan, you’ll need some basic documents like your:
Identity Proof
Proof of Address
Employment details
Proof of income (salary slips, bank statements)
Fill out the application form with your personal and financial details to get a personal loan online so that you do not face any sort of delay in the loan processing. Most lenders process your application quickly, and you can get approval instantly.
Once the application gets approved, the loan amount will be transferred to your bank account within hours or a day and you can start using the money right away.
Right after getting the funds in your account, spend it wisely. Follow your budget and avoid unnecessary wastage of funds. Let's find out ways to spend Diwali most memorably without any over-expenditure.
Getting a paperless personal loan can help you enjoy Diwali stress-free, but it’s important to be responsible. Here are a few tips:
Don’t borrow more than you need. Plan a detailed budget for your Diwali expenses before applying for a loan and make sure to have a clear idea of your expenses to avoid overspending. Just take what is necessary. It will be tempting to go for a much larger loan, but you will end up increasing your burden in the repayment.
Before signing any loan agreement, read the terms and conditions carefully. Know your interest rates, repayment terms, and any additional fees of getting a personal loan instantly online.
Once you get a personal loan, set a plan for how you’ll pay back the loan. Make sure your monthly repayment fits within your budget so that you don’t miss any payments.
Taking up multiple loans at once proves to be stressful financially. One should take only one loan and pay it first before taking another loan to fulfill their needs.
Plan your finances wisely and make this year's Diwali the best one! Loans by My Mudra, India's best personal loan company will let you explore your every moment without burdening on the finance side. So, if you are planning to buy Diwali gifts for your loved ones, decorate your house like never before, or have the grandest Diwali party, a Personal loan can help you fulfill all of it.
Let financial worries take a back seat this Diwali. An instant personal loan allows you to celebrate all the festivities and stay within your budget. My Mudra provides quick loans at your fingertips, ensuring you will get the required money in no time. Apply for personal loan online today and make your Diwali celebration truly unforgettable!
Also read: How to Plan Your Personal Loan Repayment Smartly?
