Christmas is the time when families, relatives and friends come together to celebrate this festival with joy, happiness, hope and laughter. This is also the time to share best wishes and happiness through gifts or plan a small trip together. Whether you are planning to travel to your home city, go on a trip or night out, or share gifts; you require adequate funds to meet such festive obligations. While you may accumulate some funds for this celebration, at times the accumulated funds may not be enough to meet your festive commitments. In such a scenario, opting for a personal loan is a prudent choice.
A personal loan is one of the preferred options as it is disbursed quickly and comes with no restriction on end usage of funds, i.e., you can use the fund for any purpose as per your requirement, with no need to provide collateral. However, as your personal loan interest rate is majorly based on your credit score, ensure to maintain a good one. Also, before you hit on the personal loan apply online button, ensure to compare amongst different lenders to zero in on the suitable one through online lending marketplaces.
Once you decide on the lender, you must use the online personal loan EMI calculator, to determine your preferred personal loan EMI and tenure as per your cash inflow and suitability. Ensure to opt for the personal loan EMI, which you are comfortable repaying, along with your other financial obligations. Doing so would prevent you from any personal loan EMI defaults in the future.
Table of Contents
Discussed here are the reasons to opt for a personal loan to celebrate Christmas –
- Multipurpose
The best part about opting for a personal loan is that it is multipurpose in nature. This means, you as a borrower can use the borrowed funds for any purpose. Whether you want to buy gifts for your family or friends or decorate your home with the proceeds, personal loan lenders will never question you on how you used the amount.
- Flexible repayment tenure
Repayment tenure of personal loans is very flexible and ranges anywhere between 1 and 5 years. A few lenders may permit a higher repayment tenure of 6 years. Before availing the loan, check the breakup of your monthly repayments using an online personal loan EMI calculator. You can opt for any repayment tenure as per your repayment potential. In case you go for a higher repayment tenure, your loan EMI may be lower and versa. However, while a higher tenure lowers your EMI, it enhances your overall interest constituent, so ensure to opt for the tenure as per your repayment capacity and not unnecessarily opt for a higher tenure to serve a lower EMI.
- Hassle-free loan application
The application procedure of a personal loan is simple. To apply for a loan, you do not need to visit the bank branch. Now, you can place your personal loan application through the online channel. While the process to apply for a personal loan is simple, in-depth research is a must before you select the personal loan apply option on the lender’s website. Do not zero in on any lender without proper research. Doing so may make you choose an incorrect lender. Thus, for selecting a lender, ensure to visit online lending marketplaces to compare different lenders that are willing to offer you a loan to select the appropriate one based on factors like processing charges, interest rate, tenure, etc.
- Ease of repayment
Like any other loan option, personal loan repayment is simple. Repayment of personal loans can be done in simple instalments, which may be deducted automatically from your account on a predetermined date. To enable this option, you must sign the personal loan agreement, which allows the lender to automatically deduct the monthly repayments. This frees you from the need of remembering the due date for your personal loan repayments every month.
Ending note
From holiday trips to presents, Christmas preparation costs may add up quickly. In case you are one of those strapped for cash, consider opting for a personal loan to celebrate this festival of giving. Personal loans are the best way to meet your financial mismatches. However, ensure to opt for an appropriate lender providing suitable terms and conditions on the loan.
Also Read: Why you need to quarantine after touring for Christmas
