Dhanteras, which initiates the Diwali celebrations in a positive manner, is the period when people invest in value augmentation like gold, silver, or new household equipment. However, financial liquidity is not available for all to invest in these purchases, more so during festival seasons. If you are among those who wish to find out where to apply in case you require a personal loan this Dhanteras, then you are luckier. In this guide, various personal loans options are discussed, benefits, and also steps to ensure the application process is free from hassles.
Why is a Personal Loan on Dhanteras Preferred?
A personal loan can be the answer to all your Dhanteras needs. Personal loans provide unsecured loans, where there is no need to provide any collateral. Whether you want to buy gold worth ₹60,000, carry out Dussehra home makeover during the festival season, or cover other expenses, a personal loan can be a lifesaver. The advantage is that one can use it for any reason, giving you the liberty to enjoy Dhanteras without going beyond your means.
What Is a ₹60k Personal Loan?
Many lenders offer personal loan amounts as per the borrower’s requirements, such as smaller sizes of ₹60,000. If you require personal loan of ₹60k on this Dhanteras, chances are that you want to purchase something specific or don’t wish to opt for exorbitantly large loans. Short-term personal loans are advantageous in the sense that they fetch quicker approval rates and smaller interest burden compared to bigger loan amounts. With all that we’ve highlighted regarding the necessity of personal loans on the Dhanteras occasion, following are some of the best lenders to go to if you require one.
Banks – Trustworthy and Reliable Lenders
Banks are the best bet when it comes to availing a personal loan, thanks to their proven and trusted reputation. All major Indian banks offer a personal loan of ₹50,000 to lakhs of rupees, making them a good choice in case you are in need of a personal loan for ₹60k.
Advantages of Bank Personal Loans
- Low Interest Rates: Banks offer personal loans at a lower interest rate compared to other means.
- Flexibility: Banks offer loans for both small (e.g., ₹60k) and big personal loan amounts.
- Prestige: Applying for a loan from a reputable bank is likely to generate confidence and faith.
How to Apply for a Personal Loan Through Banks
- Eligibility Criteria: Ensure that you fit the bank’s criteria under income and credit score.
- Application Process: The submission of documents for identification and address is usually required, typically Including PAN cards, Aadhaar cards, and income proof.
- Respond to Verification: Physical or call verification could be required from certain banks prior to the sanctioning of the loan.
If you have an existing account in a bank, there are higher chances that you’ll receive preferential interest rates.
Non-Banking Financial Companies (NBFCs)
NBFCs are becoming famous for personal loans due to their customer-oriented policies and rather flexible policies. For a personal loan on this Dhanteras, consider these financial institutions for a speedy and convenient approval.
Curious to know why?
- Flexible Eligibility Policies: NBFCs have the provision to lend money to applicants with low credit scores, unlike the traditional banks.
- Fast Processing: Most of the NBFCs provide instant or same-day loan approval, which is ideal when you require funds immediately at Dhanteras.
- Online-Friendly: Most of the modern NBFCs have a 100% online application process for loans, which is highly convenient for digitally savvy borrowers.
NBFC Choices for ₹60k Personal Loans
A few of the well-known NBFCs are HDFC Credila, Bajaj Finserv, and Tata Capital. They have a fast approval process and can help you obtain a personal loan 60k that will suit your personal needs.
Online Lenders and FinTech Platforms
With the arrival of online lenders and FinTech platforms in this online age, taking personal loans has become the quickest and simplest option. You can get a personal loan on Dhanteras if you require one through these platforms, as they can provide small amounts of ₹60k with minimal paperwork.
Key Advantages
- Instant Approvals: Some platforms provide instant approvals for personal loans based on AI-driven credit checks.
- Less Documentation Requirements: A simple online form completes all the details that are needed.
- Tailored for Small Needs: FinTech websites do well to offer small, quick loans, perfect for borrowers looking for a ₹60k personal loan.
Popular FinTech Websites
Go to websites like PaySense, CASHe, or KreditBee for personal loans. These institutions are interested in providing quick loans with easy repayment terms.
Peer-to-Peer Lending Websites
In case your needs are not met by traditional banks, NBFCs, or online lending organizations, peer-to-peer (P2P) lending websites can be the answer. The websites directly connect borrowers with institutional investors, leaving out the middleman and offering good terms for lending.
Characteristics of P2P Lending
- No Dependence on Financial Institutions: There are no NBFCs or banks in P2P lending, so more flexibility.
- Negotiated Loan Rates: The rates of lenders and borrowers that have been negotiated can be good for both.
- Reasonable Chances of Acceptance: You can access P2P lending even if you require a personal loan but are suffering from problems like a poor credit history.
Popular P2P Sites
Some of the most popular P2P sites in India are Faircent and i2iFunding.
Employee-Funded Loans
If you are an employee and require a personal loan this Dhanteras, don’t overlook seeking a financial assistance from your employer. Some companies, particularly large organizations, offer interest-free or low-interest personal loans to their staff.
How to Get Employer-Funded Loans
- Ask for HR Help: Approach your company’s human resources or payroll department.
- Explain Purpose: Employers may be more willing to lend if they understand the celebratory nature of your loan request.
- Repayment Terms: Some payroll deduction facilities for repayment are available, so in that sense, it is easier to repay payments.
It is not always available in all offices, but if it exists, it may provide a cheaper way to get a personal loan.
Credit Cards and Overdraft Accounts
If you have a credit card or an overdraft facility, you may not need to go to the trouble of taking a separate personal loan. Instant cash withdrawal facilities are available with most credit cards, which can be used to finance Dhanteras purchases.
Credit Card Borrowing Considerations
- Increased Interest Rates: Sometimes, interest rates charged on credit card loans are a little higher than those charged on personal loans.
- Quick Access: One can access money instantly, but for repayment, the tenure is shorter.
Use credit cards for loans only if you’re sure you can repay within the given time period to save on extra charges or penalties.
Conclusion: Select the Right Option and Have a Financially Secure Dhanteras
With so many options available to you from safe banks and friendly NBFCs to fast FinTech platforms, innovative P2P lenders, or even employer schemes you can pick the source best suited to you. Look at interest rates, repayment periods, and approval time with great care. With the best loan option, your Dhanteras celebrations will be happy and financially worry-free.