The festivities of Diwali start with Dhanteras, a celebration of prosperity, happiness, and renewal. That was the day when one would lavish money in buying gold, silver, electrical appliances, a car, or utensils and even paint the house to receive good fortune and auspiciousness. But festive time nibbles away at the purse strings, big bills simultaneously.
Since no money is available to invest in the festivities, an 8 lakh personal loan will settle your bills, make your home a Dhanteras-makeover, or settle some pending loans. We can see here how one can avail a quick personal loan with no collateral for Dhanteras and utilize it to splurge on your interest.
Why Take a 8 Lakhs Personal Loan on Dhanteras?
Dhanteras is when we buy something costly. But spending hard-earned dollars on splurging celebrations or undermining long-term financial targets for the sake of celebration is never a suggestion. This is why borrowing an 8 lakhs personal loan is such a great idea:
No Collateral Involved: Personal loans are an unsecured type, and you never place any property under collateral. It is a simple and convenient process.
Quick Approvals and Disbursals: They are disbursed by the banks within 24–48 hours of the approval date so that you get money at the time of festive season holiday spending.
Easy Usage: You can use a personal loan according to your need. To purchase a car, gold, for house improvement, or even a trip, personal loans can be availed for any type of need.
Opportunity to Refinance Loan: If you have multiple high-interest loans pending against you, utilizing a low interest personal loan for debt consolidation refinancing can smoothen your finance as well as cut down your total interest outgo.
Features of an 8 Lakhs Personal Loan
You must be well aware of advantages and key features which are incorporated in the personal loan before you apply:
1. Higher Loan Amount
The sum of 8 lakhs is enormous and will be more than enough for your requirement for any type of shopping in Dhanteras, whether it would be gold shopping, house repair, or family picnic.
2. Easy EMIs
A personal loan offers you the repayment tenure of 12 to 60 months. It offers you the benefit of availing an EMI facility as per your monthly spend and income without creating a hole in your pocket.
3. No Hidden Charges
The expert lenders charge their interest rate and processing fee. Read the offers carefully so that you will not be surprised later on.
4. Low Interest Rates
Low-interest personal loans by the lenders are offered to finance festivals or debt restructuring, especially during festival seasons like Diwali. You can choose to compare and shop around and take multiple quotations in order to avail the best interest rate.
5. Simple Eligibility Criteria
Eligibility is easy with most of the lenders. With a steady income, good repayment track record, and low documentation like proof of identification, proof of income, and proof of residence, taking this loan is extremely easy.
Steps to Apply for 8 Lakhs Personal Loan Without Security
It will never be simpler to take a personal loan with the invention of web sanctions of loans. To take a personal loan for your Dhanteras expenditure, simply follow these steps:
1. Check Your Eligibility
Visit the lender’s website and see if you qualify for an 8-lakh personal loan. Your CIBIL report (your credit history), income, job stability, and your current liabilities are the major aspects to determine your eligibility.
2. Comparison of Lenders
Various lenders such as banks and financial institutions offer varying interest rates and repayment duration for personal loans. Compare them with online loan comparison websites or a financial planner to pick the best one among them.
3. Calculate EMIs with a Loan Calculator
Each bank and financial institution provides an EMI calculator on their website. Input the loan amount, term, and rate of interest and determine an estimated monthly installment. Keep them in handy every month.
4. Online or Offline Application Submission
Once the lender is selected, fill the loan application form and documents. Your bank and NBFCs go a step ahead by providing an online apply facility which is time as well as labor-saving.
5. Disbursal and Approval
Loan will be disbursed after your application submission through cheques and credited into your account in 24-48 hours.
Personal Loan Tips to Get the Best on Dhanteras
Personal loan is borrowing help but must be used in the right manner to avoid the mistake of managing debt. Some tips to remember:
Budgeting: Be reminded of the amount you wish to spend on Dhanteras day and plan the loan. Stick to it.
Do Not Overspend: An 8-lakh loan offers ample financial freedom, but over-spending could lead to repayment issues. Keep hold of the essentials.
Consolidate High-Cost Loans: Take a low interest personal loan and settle high-cost short-term loans or credit card payments and sort finances and settle dues.
Pay on Time: Timely payment of EMIs to avoid default fee charges and a poor credit score. Reminders or auto-debits can come in handy.
Key Points to Remember While Selecting a Personal Loan
While selecting your financier for your personal loan of 8 lakhs, keep the following in mind:
Interest Rates: Choose a lender who gives you the lowest rates possible in the festive season. A difference of a minute would mean a huge difference in what you pay back as loan amount.
Processing Time: Choose a lender who offers you instant approval and disbursal so that you get your money at the time you need it.
Repayment Flexibility: Opt for a loan with flexible tenures to be able to time your EMIs in sync with income.
Conclusion
Dhanteras is a season to indulge in prosperity, but managed timing of financial ailments is essential to enjoy untrammelled. Your 8-lakh personal loan can be a cost-effective finance tool to fund your indulgence during the festival season, without undermining your savings or cutting your family’s festival cheer.
By taking a low interest personal loan to pay off debts or for spending on celebrations, not only do you gain money freedom but also place your debts in fair terms. Compare bankers, go around, and plan your spending in a proper manner in a bid to maximize the utilization of this money facility.
With the right loan in hand and prudent planning, you’ll be well-prepared to celebrate Dhanteras with cheer and abundance, without any financial hurdles dimming your festive spirit!
