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Festival season is not only the time for exchanging sweets and gifts, but also the time of offers, pouring from all corners. During festival season, banks come up with several attractive loan and credit card offers that may help you purchase things when you run out of money. Most of the lenders provide tailor-made loan products to their customers under different names. Based on your needs, you can choose the right loan product. The offers come in the form of processing fee waiver, lower interest rates, discounted fees, etc.
Features of Festival Loans: Festival loans are unsecured in nature, which do not require any collateral. The borrowers take these loans mainly to purchase gadgets, household articles, etc. With the availability of smaller ticket loans, the number of people seeking credit is increasing every year. Following are some of the important features provided by festival loans that attract a huge customer base.
Easy Access: Gone are the days when loan process was an irksome journey. After banks have gone digital, obtaining a loan takes less than a day. With the ease of access, festival loans are disbursed in a few hours through online platforms. App based loans have become popular among the millennials who are mostly new to credit. After uploading a few documents online, the loan is disbursed to the borrower’s bank account if all the details are in order.
Interest Rates: As festival loans are unsecured loans, they carry a little higher interest rate than other loans. The interest rates may range between 10% up to 24%, depending on the lenders’ criteria, your salary, loan amount and credit profile.
Loan Amount: As the targeted segment in festival loans are borrowers who look for money to purchase retail items, the loan amount is usually smaller. The loan amount starts from Rs. 3000 and up to Rs. 1 Lakhs and more. The lenders tie up with the e-commerce portals such as Amazon, flipkart, snapdeal, etc.
Paperless Process: With digitalisation, the lending process is pretty much simplified. One can just download the app or login to the official website of any lender and apply for the festival loan. The approval is done online and your loan amount is disbursed to your account in few hours. The digital process has enabled millions of people to seek credit for various financial needs.
Offers & Discounts: Enticing deals such as cashback, processing fee waiver and no prepayment charges, No cost EMI, etc., lure more people to borrow during festival season. When your purchasing need merges with the festival offer, it would save you a lot of money.
Eligibility Criteria for Festival Loans Before extending any loan, the lenders check if you are eligible for the loan product. The eligibility is determined based on your repaying ability. Apart from that there are other factors that play an important role in credit approval.
Credit Score: Your credit score represents your creditworthiness. When you apply for a loan, the lender pulls out your credit score to see if you have been consistent with past repayments. If you have a higher credit score, you will get easy approval.
Salary: Your income plays a major role in getting a festival loan. If you are a salaried employee with a consistent income, you will get immediate approval. Self-employed individuals with a good source of income will also become eligible for festival loans. The minimum income requirement starts from as low as Rs. 3000 to up to Rs. 15,000.
Although most lenders do not ask you for physical documents, you may need to upload the documents online using the app or at the website. Following are some of the important documents required for the festival loan approval.
Please note that the above documents are indicative. It may change from lender to lender.
There are multiple ways to apply for a festival loan. With the easy access to technology, one can apply for a festival loan using mobile phone. Following are some of the ways using which you can apply for a festival loan.
Mobile Apps: Every lender has a mobile application which provides user-friendly features to apply for a loan. You can just download the application on your mobile phone and apply for the festival loan.
Website: You can visit the official website of the lender and apply for the loan of your choice. You may have to fill up a form with your personal, contact and income details. Post approval from the lender, the money will be disbursed to your bank account.
Third-party portals: There are third-party websites who have tie-ups with the lender and get you the best terms on the festival loan. You may visit their official website and apply for the loan of your choice. The benefit of applying through third-party website is that you can choose from a wide range of products from various lenders.
E-commerce portal: While making the purchase online through e-commerce sites, you can view the loan options on the check-out section. You may choose the lender and respective EMI. On further approval, the lender will make the payment to the merchant. You can repay the loan as per agreed terms.
At the branch: You can also walk into the nearby branch and apply for a festival loan by submitting the application form and personal details. Post approval, you will be asked to acknowledge the loan details.
Banks nowadays conduct loan melas during festival seasons to attract more customers. You may make use of the opportunity to get low interest rates on loans.
1. What is the interest range on festival loans?
The interest rate on festival loans may range between 10.00% to 24%. The interest rates are fixed based on various parameters such as income, credit score, loan amount and lender’s criteria.
2. What is the maximum loan amount?
The maximum loan amount depends on the lender's lending policies. For festival purchase, you may get up to Rs. 1 Lakh.
3. Do all festival loans require security?
The festival loans are generally unsecured in nature. You do not require any collateral to get the loan. However, if you are availing a home loan under festival offer, the property has to be pledged with the lender.
4. What is the minimum income required to get a festival loan?
Some lenders accept applicants with income as low as Rs. 3000.
5. Can I prepay the festival loan?
Yes, you can prepay the loan subject to the terms and conditions of the lender.
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