Can a Personal Loan Fund My Festive Expenses? Yes or No?

Personal Loan
Personal Loan

With festivities buzzing around and a series of events one after the other, you might find yourself in a tight spot concerning money. Several leading banks and NBFCs understand the needs of an average salaried Indian professional and help you get a personal loan with lower interest rates, keeping in the spirit of the festival season.

Gift-giving is a massive part of our culture. With Diwali, it is intensified hundredfold. Dussehra, Dhanteras, Bhai Dooj, Christmas, and New Year’s eve are all auspicious occasions to splurge on your loved ones.  A festival loan is just the solution you might be looking for when it comes to having the financial independence to enjoy the festivities and have some memorable times with your loved ones.

What is a Festive Loan?

A Festive loan is a personal loan with no collateral or security requirements and limited documentation. The money from such a loan can meet any justifiable financial need. Similar to any other loan, you must repay it according to the bank’s agreed-upon terms and over a flexible repayment tenure.

Why Should You Get a Festive Loan?

Here are five reasons why festive loans can be helpful during the festival season:

1. Eligibility criteria

The Personal loan eligibility criteria for personal loans are simple. It depends on age, income, job stability, credit history, whether you are self-employed or salaried, and more such factors. Majorly, individuals are eligible for a loan amount 30 times their monthly income. Generally, people from age 21 to 65 are eligible to get a personal loan. Simple eligibility requirements make festive loans readily available. Therefore, if you find yourself in urgent need of money, you can opt for a festival loan to meet your financial needs.

2. Accessibility 

Personal loans are easily accessible with very few hassles.

  • You can apply to get a personal loan
  • There are EMI calculators that can help you calculate your EMI easily.
  • Less paperwork and, more importantly, instant disbursal.
  • Apps have 24*7 customer service, unlike local lenders.
  • Processing time is next to nothing so that festival shopping can go on without any financial interruption.
  • There are also options of automatic EMI payments to avoid late payments and have complete control over credit score.

Easy accessibility again makes it easier for people to approach festive loans in times of need as you won’t have to wait long for getting the finances. A few basic formalities and you will be good to go.

Read Also – Loan Account Number Online

3. Repayment Flexibility

You have the option of paying back the loan amount within 12-60 months of borrowing. Many lenders have an easy online repayment option with a user-friendly and intuitive interface. The hassle-free application process and convenient transactions become an ideal pick for a hustling bustling festival season.

4. Competitive Interest Rates

With personal loans, interest rates vary for the applicant based on his repayment capacity, the amount loaned, credit score, etc. Festive Personal loans can attract higher interest rates because of the times. However, you can find lenders offering loans at interest rates as low as 6% with a bit of background check and process. This makes personal loans affordable and adds another reason why you can opt for a festive loan to meet your financial requirements during the festive season.

5. Diverse Spending Options

Unlike a traditional loan, personal loans allow you to spend your money per your needs. There is no restriction on its end-use (except for illegal activities like betting, gambling, etc.). You can use a festive personal loan for:

  • Home renovation
  • Buying expensive jewelry
  • High-ticket consumer durables
  • Buying pricey electronics
  • Funding for gifts for the family & loved ones
  • Travel during the festive season
  • Wedding

With such diverse spending options, festive personal loans are inarguably the perfect choice for everyone.


While a personal loan can fund festive expenses, careful consideration is vital. Utilizing a personal loan EMI calculator assists in understanding repayment terms. However, prudent financial planning remains key to ensuring festive celebrations align with one’s long-term financial goals and capabilities.

But any financial decision should be backed with thorough research like the amount of loan required, convenient repayment period, and the choice of lender to go for. With definitive information and a clear financial picture, it is highly unlikely to go wrong with a festive personal loan.


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