How to Finance Your Festive Season with Instant Loans

In its latest monetary policy meeting, the RBI decided to keep policy rates unchanged. This move ahead of the festive season benefits people who are looking to take instant personal loans. It must be noted that when policy rates remain steady, banks, NBFCs, and other financial institutions are less likely to increase their loan interest rates in the near future. 

This stability makes loans affordable as borrowers won’t have to pay higher EMIs. Moreover, with the festive season approaching, many leading lenders are promoting attractive loan offers. For example, you can take an instant personal loan within 5 minutes at competitive interest rates starting from only 11% p.a. Also, the loans offered are collateral-free without the need for any guarantor. These offers encourage spending and make this period a good time to take a loan for making online purchases from online stores. In this article, let’s see how you can easily finance your festive season with instant loans. 

Associate with a lender that offers quick approvals

During the festive season, instant loans are more convenient. That’s because they offer quick loan approvals and disbursements. You can get instant loans up to Rs. 40 lakhs and get approval within only 5 minutes. Post-approval, funds are deposited in your bank account directly within 24 hours of obtaining approval and document verification. 

Additionally, if you are an existing customer, you can also get pre-approved instant loans from lenders. With such easy access to funds, you can smartly manage festive expenses without any impact on your savings. 

Choose a flexible financial product

Be aware that instant loans come with a lot of variety and flexible repayment terms. This allows you to choose an option that suits your financial situation. Personal loan is offered in three different variants:

Type I: Flexi Term Loan

This loan variant allows you to borrow a fixed amount with the flexibility to withdraw additional funds when needed. Also, you can pay back as per your financial capacity without incurring any penalties. 

For example, 

• Say you borrow Rs. 2 lakh for 24 months.
• You start by paying regular EMIs.
• Suppose, after six months, you have already repaid Rs. 50,000.
• But, suddenly you need Rs. 50,000 again.
• Now, you can withdraw that amount easily through your online account.
• Later, if you want to repay, say Rs. 1 lakh, you can do so without any penalties.
• This repayment reduces your interest as you have to only pay on the remaining balance.

Type II: Flexi Hybrid Loan

This loan works similarly to the Flexi Term Loan. However, there is one key difference. In the initial phase, your EMIs will cover only the interest. Later, once this period ends, the EMI will include both interest and principal payments. 

This setup keeps early payments lower and provides some relief if you expect funds to be tighter in the first few months. After some time, the EMI is adjusted and covers both the principal and interest amount. 

Type III: Term Loan

This loan option is like a standard personal loan. You borrow a fixed amount and then pay regular EMIs that cover both the principal and interest. However, unlike the Flexi options, this loan has a fee if you decide to repay the loan before its official end date. This type is more suitable for individuals who neither need extra funds nor want to make pre-payments. 

Go for minimal documentation and simple processes

Most instant loans are designed with a simple application process. They require minimal documentation, which makes borrowing easier. Lenders need only basic documents like:

• KYC documents (Aadhar, PAN card, Driving licence)
• Proof of address
• Bank account statements, and more.

These features simplify the process and reduce the need for extensive paperwork. Once approved, the loan amount is transferred directly to your account, usually within a few hours. 

Research festive offers and discounts

During the festive season, many banks and NBFCs introduce special festive offers and discounts on instant loans to attract borrowers. Usually, these include:

• Lower interest rates
• Processing fee waivers
• Cashback deals

Some lenders even partner with e-commerce platforms, and offer discounts on products bought with loan options. Additionally, these seasonal offers come with attractive repayment options. For example, you can take an instant personal loan (credited within 5 minutes) up to Rs. 4,00,000 with repayment tenures that can stretch up to 2 years. 

The interest rate offered is also competitive and starts from only 15% p.a. Such flexible and less costly funding allows you to shop easily during the festive season. 

Instant loans allow shoppers to finance their festive season easily. The RBI’s decision to keep policy rates steady has further made these loans more affordable. By choosing a NBFC, you can obtain funds up to Rs. 40 lakhs and get approvals in as little as 5 minutes and disbursements within 24 hours. Also, you get to choose from flexible options like Flexi Term Loan, Flexi Hybrid Loan, and standard Term Loan. You can select a loan variant that fits your financial needs. 

Additionally, during the festive season, NBFCs, launch offers such as lower interest rates, flexible repayments, and heavy discounts on products purchased from online stores. By taking advantage of these benefits, you can certainly make your festive shopping experience more enjoyable!

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