4 Benefits of Using a Personal Loan for Festive Shopping
5 min read | 3 months ago
Festivals bring an atmosphere of joy, celebration, and, of course, shopping. During these times, brands roll out special sales with huge discounts and exclusive deals, making it the perfect opportunity to buy items on your wishlist.
However, festive shopping can quickly become expensive, especially when your wishlist includes big-ticket items like electronics, home appliances or gold jewellery. If you need extra funds to make the most of these deals, a personal loan can help. It spreads the cost over time, helping you manage your budget while enjoying the festivities.
Why Consider a Personal Loan for Festive Shopping?
1.No end-use restrictions
Another major benefit of a personal loan is that it has no end-use restrictions. This means you can use the loan amount for any festive expenses, such as shopping, home improvements, travel, etc. Unlike specific-purpose loans, a personal loan offers flexibility, allowing you to allocate the funds according to your unique needs and priorities during the festive season.
2.Simple application process
Applying for a personal loan is often quick and straightforward. Banks offer online application options, allowing you to complete the process from the comfort of your home. The paperwork is generally minimal, requiring only basic documents. Some even offer pre-approved loans based on your credit profile, which allows you to secure the funds you need without delays.
3.Access to substantial funds
A personal loan can provide access to a lump sum that covers a wide range of festive expenses. Unlike credit cards, which may have lower limits, personal loans typically offer larger amounts based on your eligibility. You can use the funds for various purposes. Since personal loans are unsecured, you don’t need to pledge any collateral, which makes it a hassle-free solution.
4.Flexible repayment tenure
Personal loans offer the flexibility to choose a repayment tenure that suits your budget. Lenders provide terms ranging from one to five years, so you can select a tenure that aligns with your financial goals. So, you can enjoy the festive season without worrying about immediate financial strain. With a longer tenure, you can reduce your EMI amounts and make the loan easier to manage over time.
Uses of a personal loan during the festive season
A personal loan can be a versatile tool during the festive season, allowing you to cover a wide range of expenses:
1.Buying Gifts
The festive season is all about giving and a personal loan lets you purchase special gifts for your loved ones without cutting back on other expenses. From gadgets to jewellery, you can afford thoughtful presents that bring joy to your family and friends.
2.Home Renovation
Many people use this time to spruce up their homes, whether it's through small updates or larger renovations. A personal loan can fund these upgrades, helping you create a welcoming atmosphere for guests during the festivities.
3.Travel
If you're planning to visit family or take a vacation during the holidays, a personal loan can cover travel expenses like airfare, accommodation and transportation. This allows you to celebrate with loved ones without worrying about upfront costs.
4.Hosting Events
Festivals are a time for gatherings and hosting a grand celebration can be costly. A personal loan can help cover expenses like catering, decorations and entertainment, allowing you to throw a memorable event without compromising on quality.
Apply for a personal loan from Unity Small Finance Bank
To apply for a personal loan with Unity Small Finance Bank, start by checking the eligibility criteria. If you meet the requirements, ensure you have the necessary documents like ID proof, income proof and residence proof ready. Once you have gathered these documents, you can move forward with the application.
As a small finance bank, we cater to a diverse range of customers. You can complete the application online or by visiting the nearest branch. Our bank provides flexible loan amounts and repayment options, allowing you to choose terms that suit your budget.
About Unity Small Finance Bank
Unity Small Finance Bank is committed to making banking simpler and more accessible for everyone. Our services include Savings Account, NRI account, Current Account, Fixed Deposits, and Personal Loans offering flexible tenures and attractive interest rates. We also offer financing options like MSME Loans and Microfinance to support businesses and underserved communities. Learn more about Unity Small Finance Bank here.
