Don’t let the pandemic dull your Diwali. These COVID times have made our lives boring, uninteresting, and have ensured we have no social life. However, we cannot let it affect our celebrations. Even if it means meeting our relatives and friends virtually, we must insist on celebrating all our festivals with grandeur.
Diwali is known to be the festival of lights. It is our most cherished and awaited time of the year. It has always been celebrated in a grand and glamorous way. Whether it be lighting our homes or splurging on shopping, Diwali is the best time to go all the way and enjoy our lives.
The festivities even spread to online and offline deals. Whether it be electronic appliances, cars, interiors, furnishings, jewelry, accessories – every segment offers bumper discounts and throw away deals.
If you are facing a cash crunch due to the tight economy, thankfully financial institutions, banks, and even reliable NBFCs like Fullerton India have got you covered by offering personal loans at competitive rates.
Here are the steps to apply for an Instant loan
- Decide on your Loan Amount
Figure out how much you wish to spend and which expenses would require funding. Once you have decided on the amount, you can decide on an economical choice. For example – Fullerton India offers instant personal loans up to 25 lakhs.
- Decide your EMI and Tenor
It is important to understand your repayment cycle. You must calculate the EMI in a way that it’s not a burden on your monthly expenses. You must understand your cash flows and accordingly fix an EMI so that you do not miss any repayment. The longer the tenure, the lower will your EMI be.
There are multiple ways of calculating your EMI. NBFC’s like Fullerton India even offer an online personal loan calculator on their site to make it easier for you to compute your monthly payout against the loan.
- Explore the market for festive season deals
The personal loan market is continuously booming. The tough competitions ensure that borrowers get a festive discount as well. Research the market, you are likely to find many sites that will give a comparative analysis of the loans offered. Further, NBFCs are likely to offer a better rate of interest as compared to banks.
- Check your Eligibility
Ensure that you go through the terms and meet all the criteria for being eligible. The criteria are fairly simple and easy to meet. For instance, Fullerton India requires you to be above the age of 21, an Indian resident, a net income of 25000 INR per month if you are in Mumbai or Delhi, and 20000 INR per month for other cities. If you are self-employed, the profit after tax is calculated and differs based on your sector.
- Documentation
This is a primary concern. Complicated documentation will make it difficult for you to receive a personal loan promptly. However, certain NBFC’s have a very simple requirement for documentation. These include proof of residency, proof of identity, proof of age, income-related documents such as bank statements, salary slips, tax returns, or form 16.
You can arrange for these basic documents beforehand to avoid any delays or last-minute complications.
- Hidden and Overhead Charges
Some players in the market are not very ethical and are known to charge certain hidden costs post the borrower has availed a loan. You must be cautious of such players and select a trustworthy and reliable brand. Other ethical players are transparent and upfront about any such applicable charges. For instance, Fullerton India displays all the relevant costs on its website itself to avoid any kind of dispute in the future.
Overhead charges include – processing fees, Prepayment charges, delay payment charges, loan cancellation charges, etc.
- Interest Rate
Discuss your interest rate and understand how it has been computed. Interests rate varies from person to person and would depend on your credit score, financial credibility, tenure of your loan, amount of the loan, etc. It is important to maintain a good credit score so that you get the best interest rate.
- Mode of application and Timeline for approval
Considering the pandemic situation, it is better to opt for a deal that allows you to digitally apply for your personal loan. You need to verify your contact details and can directly apply for the loan via their website itself.
Many lenders, such as Fullerton India, have a strong and fast digital platform. Further their online support ensures that your personal loan request gets approved in no time and the money is disbursed in your account within 30 minutes only.
In conclusion, there is no need to compromise on the grandeur and glamor of your celebrations this Diwali. You can apply for a personal loan and celebrate this festival with full pomp and show.
