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Diwali, one of the most popular festivals in our country, is around the corner. It is one of the most auspicious occasions when people purchase new home appliances, gadgets, gold, cars, homes, etc. to add more brightness to their lives. 

Hence, your Diwali 2021 wish list is growing longer and so are the funding options. Yes, many banks and other financial institutions are offering a wide range of loan and credit card offers to cater to varying needs of consumers to make this Diwali a special occasion. Here are some tempting loan offers including lower interest rates, processing fee waivers, reduced EMI, no-cost EMI, among others.    

HDFC Bank Diwali Offers

This Diwali you can brighten up your celebration by enjoying over 1,000 offers from leading players - online and in-store - on Cards, EasyEMI, loans, and wallets. These offers are available for the retail and business customers of HDFC Bank. Apart from this HDFC Bank has also joined hands with many e-commerce platforms like Amazon, Flipkart, Myntra, Paytm, to give you various discounts, cashback on a variety of products this Diwali.

Following are some of the other features and benefits of HDFC personal loan for Diwali 2021:

• Customized financial solutions are designed for borrowers to suit their requirements.
• HDFC bank personal loan interest rates start as low as 10.25%.  
• HDFC Bank is offering 50% off on processing fee on personal loans as a Diwali offer. 
• You can pay reduced EMI as low as Rs. 2149 per lakh. 
• A flexible repayment term of 60 months is available as per the customer’s needs.
• If you are an existing customer of the HDFC, then you can get some additional benefits as well.

ICICI Bank Diwali Offers

When it comes to festive offers, ICICI Bank always remains at the forefront. Likewise, this Diwali season ICICI Bank has again come up with festive bonanza offers with additional discounts on personal loans like low processing charges on loans, reduced EMIs, and many other benefits. So, if you are looking for a loan, then you can choose an ICICI bank personal loan that comes at a low-interest rate starting from 10.5% per annum and a flat processing fee up to 2.50% of the loan amount.

Some attractive features of ICICI Bank personal loan for Diwali: 

• You can get a higher loan amount of up to Rs. 25 lakhs.
• Flat processing fee up to 2.50 % of the loan amount to make a personal loan more affordable
• Minimum documents such as ID proof, proof of residency, income proof, etc. are required.
• Quick disbursement of the loan amount.

Diwali Loan Offers by State Bank of India 

SBI has launched multiple offers on a personal loan to make sure you buy everything on your wish list. One of the best things about SBI personal loans for Diwali is the bank has reduced personal loan interest rates from double digits to 9.60% per annum. The bank has also announced a complete waiver in processing fees for all customers applying for a personal loan through its digital platform, the YONO app.

Features of an SBI personal loan:

• SBI offers various personal loan schemes to meet the diverse needs of customers namely, SBI Xpress Credit, SBI Quick personal loan, SBI Kavach personal loan, and SBI pension loan.
• Zero hidden cost on a personal loan from SBI. 
• Everyone whether salaried employees, self-employed individual, or pensioner can avail of a personal loan.
• A pocket-friendly rate of interest is charged along with the flexible tenure.

Yes Bank Diwali Offers

This Diwali Yes Bank offers discounts on personal loans like low processing charges on loans, reduced EMIs, and many other benefits. So, if you are looking for a loan, then you can get a high loan amount of up to Rs. 50 lakhs at a low-interest rate starting from 10.45% with the highest repayment tenure of 72 months.

Features of Yes Bank personal loan:

• You can get Yes Bank personal loan approval in a short time.
• No need to pledge any collateral in order to get the loan
• One of the longest repayment tenure up to 72 months
• Budget-friendly interest is charged along with the flexible tenure.

Why should you apply for a Personal Loan on Diwali?

• Rather than dipping into your savings, it’s best to apply for a personal loan when lenders are rolling out attractive offers during Diwali 2021. To have a clear understanding, take a look at a few reasons why you should finance your Diwali expenses with a personal loan. Versatile end use: Not like a home loan or an automobile loan, there's complete flexibility on loan amount usage availed from a personal loan. you'll be able to use the personal loan during:
• Dhanteras: To shop for gold and silver jewelry, silver utensils, electronics, car, and so forth.
• Diwali: To renovate your home, buy shopper durables, buy gifts for family and friends, adorn your home, buy pooja-related items, buy new clothes, etc.
• Bhai Dhooj: To buy an upscale gift for your siblings or to offer them cash, and so on.
• High loan amount: Ranging from Rs. 25,000, banks offer personal loan that goes up to Rs. 40 lakhs. Therefore, with one personal loan, you'll be able to modify numerous personal expenses.
• Collateral free: A personal loan is an unsecured loan and thus you won’t have to be compelled to undergo any further stress of keeping collateral with the bank throughout the joyous season.
• Repayment flexibility: With a personal loan, you get the flexibility to repay your loan. The tenure to repay a personal loan sometimes varies from 12 months up to 60 months and may be set by you as per your repayment ability.
• Simple to apply: With banks obtaining digitalized, you'll be able to apply for a personal loan online from the comfort of your home or office. Also, you don’t have to visit the bank even for documentation as you can transfer all the documents online, and when approved, the loan amount gets disbursed to your account directly.
• Enticing charge per unit: The interest rate of a personal loan starts from 9.70%. However, the interest rate offered to a person by the bank depends on his credit score, age, income, and so on.

Things to Consider While Borrowing a Personal Loan during Diwali

• Maintain your credit score rating: Most lenders choose people having a credit score rating of 750 or above. If your credit score rating is under 750, your utility may also get rejected. Therefore, it's miles vital to have a healthful credit score rating, if now no longer, take it slow and enhance it earlier than you observe for a personal loan.
• Don’t overborrow: Always recall not to get over-excited with appealing gives or festive temper and borrow extra than required. A personal loan comes with an interest rate and different expenses like processing charges and borrowing extra than required may also result in debt entice as you would possibly fail to pay off the loan amount.
• Check your eligibility: Make certain to check your personal loan eligibility earlier than making use of a loan. When you apply without checking your eligibility and your loan application gets rejected, your credit score rating might be badly impacted, and also you may not be capable of applying for a loan mortgage once more for some time.
• Compare lenders: Different lenders offer many appealing gives for each salaried people and self-employed professionals at some stage in the festive season. Take it slow and examine personal loan offers by comparing diverse lenders and select the pleasant one as in line with your requirement and repayment ability.
• Don’t apply for more than one lender: Applying with diverse lenders immediately may result in the rejection of your loan application as each time you apply for a personal loan, it receives recorded for your credit score record as tough inquiries and could be seen to all of the lenders inclined to check your credit score record. Therefore, you would possibly appear to be credit score hungry to the lender and he may reject your loan application.

Conclusion:

A personal loan on Diwali can indeed make your celebration much more lavish and joyful but it is always advisable to take a smart decision before applying for a personal loan. We hope that you will have a happy and illuminated Diwali.