Festival Loan Offers for Festival Expenses The festival season has started and if you need money for big ticket shopping at festivals then you can avail the festivals. Festival loan offers include low EMI, zero down payment and fee waiver. Most lending institutions and banks offer festival loans with attractive benefits. In this post, I will share full details of festival loans, features and comparisons.
What is a festival loan?
A loan given by the bank or lending institution in the festive season at a cheaper or subsidized rate is known as festival loan. These types of loans are offered to entice customers to increase their expenses. You can use this loan amount to meet any type of festival-related expenses.
A festival loan is a type of personal loan with some additional benefits. Festival loans are more affordable than personal loans. Festival loans are offered only if you meet the eligibility criteria set by the bank or financial institution. These types of loans are also known as short term personal loans. The main features and factors when opting for festival loans are given below.
Also Read - Best Business Loan in India for Small Business
Features and factors while opting for festival loans
cost
The first thing is the amount of loan given by the bank or financial institution. As a festival loan amount of at least Rs. 5000 is given. The maximum amount of loan to be given under this scheme is Rs. 5,00,000 or 4 times your net monthly income.
credit period
The loan tenure is the next factor when opting for this loan. The term of the loan is generally limited to 12 months. There is no prepayment fee applicable for this loan.
Additional festival benefits
Some banks offer additional festival benefits such as additional discounts and cashback benefits. You will also get the additional benefit of a lucky draw, where you can win exciting prizes.
Processing fee
The next factor to consider when taking a festival loan is a processing fee. In general, the processing fee for these types of loans is 1% less of the loan amount.
Rate of interest
The interest rate is the next important factor to consider before taking a loan. Festival loans have lower interest rates than personal loans. In general, you can avail this loan with an interest rate of 13-15%.
Required documents
To take a loan you will need the following documents.
Application letter
Passport size photo
proof of residence
Pay certificate / slip from employer
Form No. 16 (Latest)
Bank's Form No. 35, duly filed by the borrower and guarantor
Popular festival loans in india
# 1 SBI Festival Loan
SBI Festival Loan is a unique facility that helps you meet all types of festival expenses. The minimum loan amount is Rs. Is 5000 and the maximum loan amount is Rs.50000. No marginal money is required to take a loan. The eligibility conditions for SBI Festival loan are given below.
Government or PSU employees with a minimum of 2 years of service.
Self-employed with 3 years of experience.
Net monthly income of Rs. Must be 3000 or more.
Your spouse's income can also be considered in calculating the loan amount.
The interest rate is low and the processing fee is 1% of the loan amount + GST.
# 2 HDFC Festive Treats
HDFC Festive Treats has several loan offers for various purposes. This includes personal and car loans, two-wheeler loans, gold loans, business growth loans, digital loans against mutual funds and loans against property.
Major discounts are offered on many products.
On selected products Rs. There is a cashback offer of up to 7,000.
Immediate discounts of up to 15% are offered on some electronic products.
Up to 50% off on processing fees for commercial loans.
This offer is offered for a limited time festival season.
# 3 Bank of Baroda Happy Life Festival
Bank of Baroda brings Happy Life Festival this season. Under this scheme, BOB will offer attractive loan offers and benefits on home loans, car loans and debit cards, credit cards. BOB is offering loans at a discounted rate of interest as a part of Happy Life Festival. The loan given by Bank of Baroda is for a special product like house, car etc.
There are many options to face the credit crunch in the festive season like credit card, zero percent loan, personal loan, easy EMI option etc.
Festival loans are an attractive option compared to personal loans and other options. The processing fee for this loan is low. Necessary documents are the minimum and no security required for this loan. Even no prepayment penalty on this loan.
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| Festival Loan Offers for Festival Expenses |
What is a festival loan?
A loan given by the bank or lending institution in the festive season at a cheaper or subsidized rate is known as festival loan. These types of loans are offered to entice customers to increase their expenses. You can use this loan amount to meet any type of festival-related expenses.
A festival loan is a type of personal loan with some additional benefits. Festival loans are more affordable than personal loans. Festival loans are offered only if you meet the eligibility criteria set by the bank or financial institution. These types of loans are also known as short term personal loans. The main features and factors when opting for festival loans are given below.
Also Read - Best Business Loan in India for Small Business
Features and factors while opting for festival loans
cost
The first thing is the amount of loan given by the bank or financial institution. As a festival loan amount of at least Rs. 5000 is given. The maximum amount of loan to be given under this scheme is Rs. 5,00,000 or 4 times your net monthly income.
credit period
The loan tenure is the next factor when opting for this loan. The term of the loan is generally limited to 12 months. There is no prepayment fee applicable for this loan.
Additional festival benefits
Some banks offer additional festival benefits such as additional discounts and cashback benefits. You will also get the additional benefit of a lucky draw, where you can win exciting prizes.
Processing fee
The next factor to consider when taking a festival loan is a processing fee. In general, the processing fee for these types of loans is 1% less of the loan amount.
Rate of interest
The interest rate is the next important factor to consider before taking a loan. Festival loans have lower interest rates than personal loans. In general, you can avail this loan with an interest rate of 13-15%.
Required documents
To take a loan you will need the following documents.
Application letter
Passport size photo
proof of residence
Pay certificate / slip from employer
Form No. 16 (Latest)
Bank's Form No. 35, duly filed by the borrower and guarantor
Popular festival loans in india
# 1 SBI Festival Loan
SBI Festival Loan is a unique facility that helps you meet all types of festival expenses. The minimum loan amount is Rs. Is 5000 and the maximum loan amount is Rs.50000. No marginal money is required to take a loan. The eligibility conditions for SBI Festival loan are given below.
Government or PSU employees with a minimum of 2 years of service.
Self-employed with 3 years of experience.
Net monthly income of Rs. Must be 3000 or more.
Your spouse's income can also be considered in calculating the loan amount.
The interest rate is low and the processing fee is 1% of the loan amount + GST.
# 2 HDFC Festive Treats
HDFC Festive Treats has several loan offers for various purposes. This includes personal and car loans, two-wheeler loans, gold loans, business growth loans, digital loans against mutual funds and loans against property.
Major discounts are offered on many products.
On selected products Rs. There is a cashback offer of up to 7,000.
Immediate discounts of up to 15% are offered on some electronic products.
Up to 50% off on processing fees for commercial loans.
This offer is offered for a limited time festival season.
# 3 Bank of Baroda Happy Life Festival
Bank of Baroda brings Happy Life Festival this season. Under this scheme, BOB will offer attractive loan offers and benefits on home loans, car loans and debit cards, credit cards. BOB is offering loans at a discounted rate of interest as a part of Happy Life Festival. The loan given by Bank of Baroda is for a special product like house, car etc.
Should you opt for a festival loan?
There are many options to face the credit crunch in the festive season like credit card, zero percent loan, personal loan, easy EMI option etc.
Festival loans are an attractive option compared to personal loans and other options. The processing fee for this loan is low. Necessary documents are the minimum and no security required for this loan. Even no prepayment penalty on this loan.
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