Festivals are celebrations of various events, either to celebrate seasons or certain religious occasions. And we Indians leave no stones unturned to make each celebration a memorable one.
When it comes to festivals, there are a lot of associated expenses right from renovating or decorating a home, buying gifts or clothes for friends or family, buying gadgets or entertaining friends/families.
Altogether, celebrating festivals might turn out to be an affair that might be difficult to manage just with your salary or savings.
With easy personal loans, managing a festival budget is no more an uphill task. It should become stress-free and comfortable without pinching your pocket.
Table of Contents
- Various Festive Expenses that Can Be Met with a Personal Loan
- Pointers to Help You use a Personal Loan Effectively for Festive Spending
Various Festive Expenses that Can Be Met with a Personal Loan
Personal Loan for Renovating a Home
A home is at the center of all festivities and celebrations during a festival. If you have been waiting for an occasion to renovate or redo your home, then a festival like Diwali, Id or Christmas might be the right opportunity to do so. However, a home renovation may cost quite a bit, depending upon the extent of renovation or modification needed.
A lender that allows higher amounts of the loan at a low rate of interest may work well for home renovation purposes.
Personal Loan for Refurnishing a Home
A festival can also be the ideal time to refurnish a home. A new sofa, a new bed or some new furniture is all it takes to give an uplift to your home. Moreover, festivals are the periods when there are many offers and discounts available on home furniture and furnishings. Considering that, it is ideal that you make the best use of the festive season to refurnish your home.
You could also use the opportunity to do the interiors of your home if you haven’t done it earlier or looking to change it during the festivals.
Refurnishing a home might cost a few thousand or a can go up to a few lakhs of rupees, especially if you are looking at redoing the interiors.
A personal loan may come across as the right solution to make changes that you wish for during the festivals.
Personal Loan for Buying a Consumer Utility Gadget
Buying consumer utility gadgets like washing machines, television or microwave ovens may add to the overall cheer of festivities and may also help you in your day to day activities. Consumer durable/utility gadgets may get difficult to buy on your regular salary unless you have planned for it earlier.
However, a personal loan can prove to be a good aid to help you make that purchase.
Personal Loan for Buying Gold or other Precious Metals
Festivals involve a lot of religious connotations, like the purchase of gold or silver on occasions like Dhan Teras or Akshay Tritiya. However, at times you may want to fulfill your obligations but not have the resources to meet it immediately.
Personal loans can come in as an immediate savior to help you undertake the religious obligations.
Personal Loan for Buying Gifts or Meeting Entertaining Expenses
Festivals like Diwali, Thanksgiving or Christmas involve a lot of gifting and entertaining with friends and family. At times, you might fall short of money to meet all your festive entertaining requirements but may not want to tone down your celebrations.
A personal loan may help you make good the shortage of money for celebrations.
Personal Loan for Repaying other Loans
As you clean up your home and surroundings during the festivals, you may want to clean up your credit portfolio as well. It is good to take stock of your loans and clear off some of the high-interest debts. If you have some high-interest debt like credit card outstanding, festivals may be a good time to clear them off with your savings or a low-interest personal loan like the one from Money View.
While personal loans may help you do manage many of your festive obligations, there are certain pointers that you shouldn’t forget while using personal loans for consumption purposes.
Pointers to Help You use a Personal Loan Effectively for Festive Spending
- Create a plan for your festival spending
- Support your expenses with your savings as much as possible
- Consider plugging the gap with a loan only to the extent that you are comfortable with your existing income and other loans.
- Do your research between lenders to get the loan at the best terms and conditions.
- Look for avenues to spend your money effectively; like getting good deals on online shopping for gifts, discounts or offers on furniture, etc.
- Once you avail of a personal loan, make sure you remain regular in your repayments, so that your credit score and further availability of credit is not affected.
- ● Do not make it a habit to avail loans each time you fall short of money for festival celebrations. It is always good to plan your expenses and save for it.