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2 mins Read | 5 Years Ago

Enjoy Your Shopping This Festive Season With Festive Loans

Enjoy shopping this season with festive loans

With the festive season around the corner, your expenses are probably at an all-time high. Whether you’re looking to get your kids a laptop or renovate your home, there are plenty of expenses to deal with at this time.

During this season, most people plan big-ticket purchases. Additionally, with incredible festive sales and deals, shopping during this season is good for your budget and overall financial planning.

However, if you find yourself cash-strapped, there are plenty of finance options available for meeting your cash expenses during this season.

Take a look at the various financial services provided by banks and other lenders during the festive season:

1. Advance salary loans

As the name implies, you can take a loan against your salary and repay the loan amount once you receive your salary. A few reasons why this option may not work for all include — advance salary loan is usually available only in select cities and the interest rates are quite steep. If your cash requirement is lesser than your monthly salary, this option may work for you.

2. Credit card EMI

You can make a big-ticket purchase with your Credit Card and repay the amount as Equated Monthly Instalments (EMIs). For instance, if you buy a refrigerator for INR 20,000, you can repay it for monthly EMIs of INR 2000 INR. But this restricts your Credit Card limit for the upcoming months and the interest and default penalties are high, somewhere around 30 – 40%.

3. Festive loans

Compared to both the above options, Festive Loans work better. It’s a special type of loan offered by banks to meet festival-related expenses.

Why opt for instant cash loans during the festive season instead of other options?

The features of the Festive Loan, also known as Shopping Loan, make it a better choice compared to other loan products like Two-Wheeler or Four-Wheeler Loans, Loan against Credit Card, Advance Salary Loans and more, especially if you’re borrowing during the festive season. Here are some reasons why Festive Loans can be your preferred option:

Zero Processing Fees: Banks usually waive off Processing Fees for people taking Instant Personal Loan during the festive season.

  • Attractive interest rates: The interest rates for Festive Loans are significantly lower compared to other traditional loan products like Home Loans. So if you have planned to take an instant loan to meet planned expenses, doing so during the festive season helps you reduce the EMI burden.
  • No guarantor or security: Unlike other loans like a Commercial Property Loan or Home Loan, where you have to submit collaterals, Festive Loans are unsecured, which means you don’t have to submit security or look for a guarantor.
  • Convenient: These are quick cash loans and the entire process, right from submitting the loan application to loan disbursal, is completed online in most cases.
  • Minimal documentation: No lengthy paperwork. All you have to submit are basic documents — like ID proof, address proof and employment details and your loan is completed quickly.
  • Flexible terms: This is one of the biggest benefits of Festive Loans. The repayment terms are flexible, and most banks don’t charge any prepayment penalties. So you can repay the loan on your terms.

Look out for Festive Loan offers from your bank:

Most banks offer special discounts on Festive Loans. So if you have planned a big purchase, it’s better for your financial health to take a loan during the festival season.



The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith and sources considered reliable by lClCl Bank. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. 'lClCl ' and the 'I-man' logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.

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