Jan 15, 2022 ●15 min read
Everything You Need to Know About Festival Loans and Why You Should Take One
As we begin a new year, it is also time to be grateful for the times we have spent and welcome a fresh year of festivities and countless opportunities of creating memories with our loved ones.
However, although each of us loves festive seasons, one of the downsides it has is the excessive spending it can orchestrate even from the most mindful of us. But wouldn't it be nice for you to engage in festive celebrations while gifting your loved ones the best gifts money can buy without having to worry about your finances? Well, that is exactly what a festival loan from ZinCash personal loan app will help you to do, and in today's article, we will discuss exactly how. Without further ado, let's get started.
While there is no technical definition of a festival loan, in simple terms, it can be understood as another type of personal loans, wherein you borrow a certain amount of funds from the lender, usually in the range of ₹10,000 to ₹200,000 and pay it back using a flexible repayment plan. One of the best aspects of a festival loan is the fact that you can use the loan amount to fund any and all of your expenses, as the lender does not specify the spending area for you.
Along with this, since these days there are multiple such applications like ZinCash where you can get an instant festival loan, you can enjoy very competitive rates of interest.
Now that you are aware of the exact meaning of a festival loan, the question that must be pondering your mind is, why should I avail the features of a festival loan in the first place? The advantages of doing so are many, and thus outlined below are the most significant ones.
One of the first and most important reasons as to why you should avail the features of a festival loan is because you can get access to the loan amount instantly. Instead of having to wait for 2 to 4 business weeks, like in the case of a traditional loan, just to get your application approved and the loan amount further-reaching your account, you can get the money within a matter of hours.
This feature of festival loans not only saves you time but also ensures that you have access to capital when you need it the most, rather than at a later date, essentially making the festive season even better for you.
Unlike a traditional loan wherein the lender specifies the exact area where you can spend the loan amount, in a festival loan, you are at complete freedom and control to decide where you will spend the loan amount. Since a festival loan offers you a greater degree of freedom and flexibility, you have the choice of either using it to buy gifts for your loved ones or simply use the amount to gift your house a well-deserved renovation. Irrespective of the spending area you decide upon, the lender won't ask you any questions, and you just need to pay back the EMIs on time.
While a majority of us like to believe that we are punctual and disciplined in our financial practices, in reality, there are times when even the best of us can make mistakes. In order to counter and to safeguard your interests, festival loans these days arrive with a flexible repayment schedule wherein you can choose a tenure that suits your requirements and needs the best.
For example, ZinCash offers you a tenure ranging from 12 to 36 months on festival loans, and this essentially extends you the ability to pay back your obligations without taking on too much financial burden.
Last but not least, our busy everyday lives ensure that we do not have time for other activities, let alone visit the lender's office and physically apply for a loan.
That is one of the main reasons as to why the current generation stays away from traditional lending instruments. To counter this, festival loans from leading lenders across the country arrive with 100% online application processes wherein you can complete the entire loan application from the comfort of your home.
For instance, all you need to do to avail a loan from Zavron is to download their instant loan application, ZinCash, on your smartphone, fill out the 2-minute application form and electronically upload all your relevant documentation. Once the application is complete, the artificially intelligent algorithm will automatically assess your application, and upon approval, the loan amount will be disbursed to your bank account within the next few business hours.
Now that you know everything about festival loans, the last key information you need to acquire is the eligibility for the same.
While the exact eligibility for festival loans might differ between lenders, the fundamentals remain the same, and they are as listed below.
● You need to be an Indian resident between the ages of 21 years and 59 years at the time of application.
● You need to have a stable in-hand income of ₹15,000
● You need to be either a self-employed or a salaried individual
● You need to have at least two years of employment experience or an equivalent business vintage
● You need to have your last 6 months bank statements
● You need to have last 4 salary slips.
● You need to have your eKYC documentation present, which is, Aadhar Card linked with phone number and PAN Card
● You need to have a credit score of above 640
Getting a festival loan can prove to be a life-changer as it essentially equips you to spend at your heart's content during the festival season without burning a hole in your pocket, and with so many options available these days, you can literally choose one which suits your exact requirements. So what are you waiting for? Go ahead and apply for a festival loan from ZinCash app today.