No money to celebrate Diwali? Adopt these cool ideas on festivals, you will be able to spend freely.

Diwali is the biggest festival of India. The 6-day festival from Dhanteras is full of joy, unity and festive spirit, but it also requires a budget to celebrate it. However, this time if for some reason your budget is disturbed or your pocket is light then you need not panic or despair. If you are short of money, money can also be arranged to celebrate the festival.

We tell you that you can take a personal loan or festival loan from the bank to celebrate the festival. This is a smart option, but experts say you need to put some thought into it and choose the best offer for you, so that you can spend freely on the festival and not face any problem in repaying the loan. A personal loan from State Bank of India can be availed from minimum 5 thousand to maximum 50 thousand rupees for the festival.

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What can you do with a personal loan?

1. Festive shopping
Festivals in India are synonymous with shopping for new clothes and gifts and some brands are also offering festive discounts, making this a great time to shop but remember that shopping with various festive offers and discounts can lead to overspending. And you can budget and save. Affected however, a personal loan can provide the necessary financial assistance to meet all your shopping needs without exception. Opting for a personal loan allows you to do your festive shopping without compromising your budget.

2. Home renovations
Festivals come with the need to decorate your living space to create a warm and inviting atmosphere for your family and friends, especially on Diwali. is done With a personal loan, you can also buy things like painting, decor upgrades or furniture to give your home a festive look.

3. Buying electronic devices
During the festive season, big brands give good discounts and offers to boost sales. Not only this, but this is the best time to buy electronic devices as you can get various deals and discounts with different major brands. You can use a personal loan to buy a microwave, oven, television, washing machine, refrigerator, etc.

4. Buying new gadgets
You can also get attractive offers on the purchase of gadgets during the festive season. You can get great deals on gadgets like mobile phones, laptops, gaming consoles, smart home devices, etc.

5. Planning a memorable trip
The festive season is a great opportunity to explore new destinations, meet family and friends or just take a break from your daily routine. Be it domestic or international travel, a personal loan can help finance your travel plans and make the festive season more memorable. With a festive personal loan, you can plan without depleting your savings.

Remember these important mantras before taking a personal loan

Rajeev Das, CEO, i-Loan explains that a festive personal loan is a great option to cover various expenses during the festive season. However, before applying for a personal loan you should keep these 4 things in mind. So that you don’t have to worry after the festival.

Determine the purpose of the loan.
Assess whether the purpose of your loan is really necessary and whether it is in line with your financial priorities. Understanding the reasons behind taking a loan helps in taking the right decision and ensures that you are borrowing for legitimate and necessary purposes.

identify the right lender.
If you have decided to take a personal loan from a bank for festival-related expenses, the next step is to find the right lender. Today every bank and company is ready to disburse loans but you should compare the lenders and choose one that offers competitive interest rates, flexible repayment options and quick loan disbursement process.

Avoid taking more loans.
Always keep this in mind to avoid taking on too much debt. Before deciding on the loan amount for this, consider your current situation and financial capabilities. Remember that a loan or loan always comes with an obligation to pay it back along with interest rates and additional charges. So don’t get burdened with unnecessary loans and take loans responsibly by thinking everything through.

Check for hidden fees.
Be fully aware of hidden charges and penalties before finalizing the loan agreement. Carefully review the terms and conditions of the loan to anticipate any potential problems. This can help budget effectively and avoid unexpected financial setbacks in the future.

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