The last 3-4 months of the year are filled with festivals, and for that people start to increase their spending, which can bring some financial pressure to the person. However, in that season, a person must gift their loved ones and go out for a vacation and outing.
Another area of expenditure is that during the festive season, one needs to buy travel tickets to visit a location or to buy a new laptop for a kid, and for that, one needs to deal with plenty of expenses. In this situation, there are certain measures that one can take from the banks to get a festive loan.
The best part is that at this time, the banks and other NBFCs also provide offers to the customers, and for that reason, one needs to know about the different types of loans one can get during this festive season.
1. The Advantage of Getting Salary Loans
The first thing that a person wants is the availability of cash, and with that, they can afford to spend in this festive season. One can get in touch with a loan DSA partner who can guide a person about the loan offers and products different banks are offering and what they can take from them.
Depending on the eligibility of the person, the DSA can choose multiple financial products from its portfolio, and one of the best options for salaried individuals is the advanced salary loan, which helps a person with advance cash that they can use for purchasing clothes for themselves and their loved ones.
It’s a kind of microfinance loan where a person will get a loan amount of low ticket, and an individual can repay that within 3-6 months. It’s through the use of this loan that one can hedge their salary and get a loan against it. For example, a person with the use of this loan amount and get their festive funding.
2. Lower Interest in the Credit Card EMI
The next thing one must look for is the lower interest that comes with the credit card of the EMI. During the festive seasons credit card companies are eager to tap into the wallets of the consumers. To increase the spending, they need to calculate the cost of the credit card EMI as it allows a person to break the bills into multiple months and that helps to reduce the burden of paying everything upfront.
One of the offers that the credit card companies tend to give to the people around this time is the lower interest in the EMIs which allows the customer to go for that option without fearing of paying a higher interest rate each month.
3. Getting Affordable Festive Loans
The next is getting affordable personal loans during the festive seasons. Many lenders want to increase their revenue, and for that, they find multiple ways to attract customers who are potential borrowers for the company. Here, a person can get affordable festive loans, and through that one can easily get the chance of taking a loan at a reduced interest rate.
4. Accessing a Loan Against Credit Card
A loan against a credit card is one of the alternative ways through which one can make the festive season affordable with the loan against credit cards. It’s through the use of the loan against a credit card one can get the limit as a loan, which will then be repaid to the bank after the end of the festive season.
Why One Can Choose a Loan Option During Festive Season
There are multiple reasons to time your requirement for external cash during the festive season. One can get into the best app for DSA and there can meet an agent who can tell when will be the perfect time for a person to choose a loan option.
Here we have mentioned some of the reasons why people can choose to take any financial product during the time of festivals.
- Getting Lower Interest Rate in the Loan Products
- The Less Requirement of Security
- The Convenience is More During the Festive Time
- The Need for Documentation is Minimal
- Getting More Flexible Terms of the Loan
These are some of the core criteria which a customer needs to follow for getting a loan during the festive season soi that there must not remain any feeling of emptiness around this time.