Should you go for a festival loan?

If you are facing cash crunch due to some reason and are worried about how to celebrate the oncoming festival season with your family, stop worrying as there is a way out now.

Aug 13, 2017 05:08 IST India Infoline News Service

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If you are facing cash crunch due to some reason and are worried about how to celebrate the oncoming festival season with your family, stop worrying as there is a way out now. The onset of festival season is an opportunity for the bankers who would be eager to make your festivities merrier by offering you festival loan. These loans are easy to get with minimal formalities and documentation. Here are some of the features of a festival loan:

· The loan amount ranges from a minimum of Rs 5,000 to a maximum of Rs 50,000, subject to four times net monthly salary

· The rate of interest usually ranges from 13% to 15%, but a lower rate can be negotiated

· The tenure of the loan is usually 12 months and prepayment is allowed with no prepayment charges

· The processing fee is minimal at Rs 100 or 1% of the loan amount, plus 18% GST on processing fee

· No security or guarantor is required to be furnished

· No administrative charges or any other charges are required to be paid

A festival loan is cheaper as compared to a personal loan and there are no hassles in availing this loan.

So, what are you waiting for? Go ahead, get a festival loan and celebrate the festival season in style with your family.

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