People tend to go on the gifting spree during Diwali and need funds to do the shopping – often exceeding the available money. As people are not exclusively dependent on cash now, shopping may be done on credit also.
Apart from options like credit card, buy now pay later (BNPL) etc, there are a number of digital lending platforms available in the market to avail small-ticket loans very easily.
“Since Diwali is around the corner, there is a festive atmosphere everywhere; joy in the markets and happiness in the hearts of the people. In such a situation, everyone does a lot of shopping from clothes to home. But heavy expenses are not feasible for everyone during the festival days and in today’s increasingly digital age, people have reduced their use of cash too much. At the same time, loans have emerged as a good option to mitigate financial shortage. Along with banks, fintech companies are also playing an important role in this change. In this situation, by taking a personal loan for festive shopping, you can meet all your expenses very easily,” said Mahesh Shukla, CEO & Founder, PayMe.
“Availing of a fast digital loan from an RBI-recognised NBFC/Fintech is a convenient choice for borrowers. This way the borrower keeps himself free from a lengthy validation process and annoying paperwork,” he added.
As taking loans from a conventional bank is a lengthy process involving lots of paperwork, it’s not feasible to take a small loan quickly for shopping.
“The festival is a time for people to make happy memories with their friends and family. But this time of celebration also brings with it huge expenses. Many people consider it auspicious to buy other essential purchases like a home, car, expensive appliances or gadgets, etc., around the time of the festival. To accomplish this, many people turn to loans to purchase items of their choice. But getting a loan from the bank takes a lot of paperwork and more time to get the loan passed. You can easily take a loan through an app in just one step and make your festival a grand celebration,” said Rachit Chawla, CEO & Founder, Finway FSC.
However, you should remember that taking a loan also creates the obligation to repay it with interest. So, before taking a loan, you should be clear of the terms and conditions to ensure repercussions for any delay in repayment.