How to Avail Small Cash Loans Instantly This Festive Season

Updated on: 18 Jan 2024 // 4 min read // Personal Loans
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Festivals are the times of joy and celebration. You tend to forget about the daily hassles of life and indulge with your friends and family. With the festive season in its full swing, you must also be rushing around getting things done. It is evident that during festivals, you want to purchase some lifestyle products for yourself, such as smartphones, television, refrigerator, laptop, and several other things. Moreover, you need to buy gifts for your friends and family as well. Additionally, as the retailers, both online and offline, are providing great deals and offers, the festive season is, in fact, the best time to indulge in shopping.

Now, it might happen that you are feeling a lack of funds during the festivities as your expenses are significantly higher during this period. There is no need to be worried about this temporary shortage of funds as you can now avail small cash loans and continue revelling in the festive spirit.

How to avail small cash loans effortlessly

Gone are the days when you had to borrow money from your friends or family when in need. With the opening up of the finance industry in India, there are now multiple avenues from where you can avail small loans for immediate cash requirements. Following are the most suitable options that you can avail during the holiday season to generate money for the upcoming expenses:

  • Instant Personal Loan: Many lenders are now offering Instant Personal Loans wherein the loan is disbursed within a couple of working days. These lenders support an online application process marked by minimal documentation. You just need to fill an online application form, upload the scanned copies of the required documents, and check your eligibility. If the lender finds your profile satisfactory according to the necessary parameters, your application will be approved, and the loan amount will be transferred directly to your bank account. For instance, you can Apply for a FlexSalary Personal Loan of up to Rs. 2 Lakhs directly on the NBFC’s website.
  • Gold loan: Gold Loans are one of the most readily available forms of small cash loans and ideal for making urgent festive purchases. Many banks and NBFCs now offer you instant gold loans of up to Rs. 50 Lakhs within a few working hours. Though, to avail of this facility, you must mortgage your physical gold in the form of coins, bullion, or jewellery with the lenders. The official valuer will evaluate the quality and purity of the gold, and the lender will offer you the amount accordingly. Presently, Gold Loans are offered with LTV of up to 75%. You can use the money as per your wishes on anything that you want, and there is no need to inform the lender. Moreover, you get flexible repayment options wherein you can opt to pay only interest as EMI or pay the entire amount at the completion of the tenor.
  • Loan against Credit Card: If you have a Credit Card from any of the banks in India, then you might be eligible for an instant loan against your Credit Card to finance your festive purchases. Various Credit Card companies and banks offer this facility to select customers based on their Credit Score and repayment history. These loans are provided in the form of pre-approved loans. You need to log-in to your internet banking account and check for the available loan offer applicable against your Credit Card. You need to agree to the terms and conditions of the bank, and the amount will be transferred to your account within a few minutes. The repayment must be made through EMIs, which will be over and above your Credit Card bill.
  • Loan against FD: Although a traditional investment option, Fixed Deposit is one of the most dynamic financial products. You need not liquidate your Fixed Deposit to avail the loan against it. All banks offer the facility of a loan against the Fixed Deposit for their customers. Herein your fixed deposit will be kept as collateral by the bank by marking a charge against it on the back of the receipt while the physical possession of the fixed deposit will be with you. You can avail of this facility as a Term Loan or an Overdraft, depending on your requirement. You have to pay only 1%-2% interest over and above the Fixed Deposit rate to avail of this facility.
  • Online small cash loans: Many online lenders are now offering small cash loans to their customers on an instant basis for various financial requirements of theirs. You can apply for an instant loan through their website or mobile app. For instance, to avail of a Credy Personal Loan, you can use their website as well as a mobile app to apply for the Personal Loan. These companies follow a paperless procedure wherein you must upload the scanned copies of the documents as well as complete the application form online. Once approved, the loan amount will be transferred to your bank account within a few hours.
  • Instant EMIs: Many e-commerce platforms are now offering the facility of instant EMIs against your Credit Card and Debit Card. This facility will allow you to complete any festive purchase efficiently and that too, without emptying your wallet. Avail the benefits of instant EMIs by receiving your purchased product immediately while making repayments over the given period in the form of EMIs.

While it is crucial to make most of the festive season and fulfil all your wishes and desires, it is also essential to exercise financial discipline. It is easy to get carried away during festivities, but the consequences might have to be borne for long periods. So, do not purchase anything just because it is available; purchase it if you absolutely need it.

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