Diwali 2023 is almost here! It’s time to clean and decorate our homes, do a lot of shopping, wear our finest clothes, observe the rituals and celebrate the victory of good over evil with friends and family.

The festival of light comes with many expenses like buying new clothes, gifts, home decor items and firecrackers. In case you need money for these expenses, a Diwali personal loan is the best way to avail funds.

In this blog, we will learn how you can make the most out of personal loans and other tips to manage your finances during Diwali.

Benefits of Taking an Instant Personal Loan This Diwali

A personal loan is a type of loan offered by banks and NBFCs where you can usually borrow money quickly without pledging any collateral. You can use the money for anything you want and repay in convenient EMIs.

Getting a personal loan is more hassle-free than other types of loans as it requires minimum documentation.

Here are the benefits of availing a personal loan this Diwali festival 2023 from Zype –

1. Loans up to ₹5,00,000

You can borrow from ₹1000 to ₹5,00,000 as per your needs from the Zype credit line.

2. Instant Approval

Once you enter your basic details like your mobile number and PAN, your loan offer is generated in less than 60 seconds.

3. No Collateral Required

The Diwali 2023 holidays is a busy time for everyone. You can quickly avail loans from Zype without pledging anything in return.

4. Flexible EMI Options

You can repay the Zype loans in 3, 6, 9 and 12 EMIs as per your finances.

5. Fast Disbursal

When you take a loan from Zype, the money is disbursed on the same day of the loan application.

6. Loan Without Document

When you apply for personal loan from Zype, there is no need to upload any document to complete your loan application process.

7. Get Multiple Loans

You can get as many loans as you want simultaneously from your Zype credit line.

8. Competitive Interest Rate

Download the Zype app to get affordable personal loans. Interest rates at Zype start at 1.5% per month.

Best Ways to use your Personal Loans This Diwali 2023

Since a personal loan is a no-questions-asked loan, you can use it for anything you want during the Diwali festival 2023.

You can spend the loan amount on planned expenses like buying gifts for friends and family, getting a new two-wheeler, shopping for new clothes, covering travel expenses and decorating your home.

You can also use the borrowed sum for unplanned or emergency expenses such as vehicle repairs or medical emergencies.

Must Read: Things to Buy This Diwali 2023 with a Personal Loan

How to Manage Expenses This Diwali

1. Create a Diwali Budget

You should create a list of anticipated expenses based on the money spent during Diwali in the last few years. The list can include the costs like gifts, sweets and decorations.

2. Track Expenses

Tracking your purchases is a good financial habit to keep your expenses in check. This becomes even more crucial during Diwali since the festive season can easily lead to overspending.

3. Avoid Impulse Purchases

This Diwali 2023 holidays, say no to spontaneous shopping. Stick to your budget and always think it through before making a major purchase.

4. Shop Smarter

Make the most out of Diwali deals and discounts offered by brands and e-commerce websites. You can also compare prices at different stores before making a purchase.

5. Debt Consolidation

This means taking a loan to pay off all the ongoing debts in a lump sum. You can do this if you have to pay off multiple loan EMIs of credit cards and personal loans. Download the Zype app and get a personal loan up to ₹5,00,000 to repay your debt this Diwali.

Other Financial Considerations for Diwali

Along with welcoming the goddess of wealth Laxmi and seeking her blessings for abundance and prosperity, Diwali is also a good time to focus on your personal finances. You can work on evaluating your investments, planning your taxes, buying necessary insurance and managing your debt.

Doing these will secure your finances and help you in achieving your financial goals.

Here are a few additional tips to deal with your finances smartly this Diwali –

1. Save Money for Diwali in Advance

The shortage of money shouldn’t come in the way of celebrating Diwali to the fullest. The festival of light comes with countless expenses. You can keep aside some money every month and use the same during Diwali.

You could create a separate savings account or open a recurring deposit for this. Doing this will enable you to celebrate the festival better with no financial stress.

2. Reduce your Diwali Expenses

There are many measures you can take to make your Diwali more affordable. Making a budget will help you to prioritise your expenses. You can set a limit for expenses like gifts and decorations and shop accordingly.

Instead of buying expensive decorations, you can watch DIY tutorials and make your own Diwali decorations. Also, always be on the lookout for discounts and cashback offers so you can have a joyful and budget-friendly Diwali celebration.

3. Alternatives to Personal Loans

• Borrow from Friends and Family

You can ask for money from close friends or relatives to cover your Diwali expenses.

• Get a Gold Loan

You can get a loan by pledging your gold jewellery or gold coins as collateral.

• Use savings

You can avoid debt by using money from your savings for Diwali expenses. Make sure that you replenish the amount withdrawn to keep your finances on track.

Why you Should Avail a Personal Loan This Diwali

Diwali is a hectic time for everyone. If you are running low on cash, a Diwali personal loan is the best way to solve this problem without wasting your precious time.

There are many lenders like Zype from where you can get an instant loan online without any hassle. You can get money from the comfort of your couch and repay in flexible EMIs.

In short, a personal loan is a time-efficient and convenient financial solution to curb your money needs.

Tips for Diwali Gift Shopping Using a Personal Loan

A thoughtful gift is a perfect way to make your friends and family feel loved, appreciated and valued.

Here are 3 tips if you want to shop for gifts this Diwali using a personal loan –

• You should only borrow the amount you can easily repay. This will save you from falling into a debt trap.
• Choose the loan company after reading the ratings, reviews and loan terms of different lenders.
• Use an Personal Loan EMI Calculator before finalising the loan amount and repayment tenure of personal loan this Diwali.

Conclusion

Get an instant personal loan up to ₹5,00,000 from Zype and have a blast this Diwali season.

You only need to enter basic details like name and PAN to get a loan limit which takes less than a minute. Take as many loans as you want from your credit line and enjoy the same-day disbursal on your loans. You can repay the loan in convenient 3, 6, 9 and 12 EMIs.

Download the Zype app now and complete the loan application process in less than 8 minutes.