Raksha Bandhan is a celebration which brings the brother and sister in love, affection, and memories of sheer happiness. Since the festival is soon to be here, we all are going to make it even more memorable for the relatives and friends by showering them with gifts, giving them an extravagant welcome, or even at times memorable family gatherings. But all that always has a price to pay, especially if you must take an extra step and give the little extra in addition to showing your love. Luckily, personal loans are the savior which can be present to help you create lifetime memories without setting your hard-earned cash ablaze.
This Raksha Bandhan, banks and financial institutions are offering breathtaking personal loan offers just to spoil oneself with festival expenses. With the right tool such as an interest calculator and even a compound interest calculator, it becomes so much easier for you to manage your repayment. Let us examine the best personal loan offers in detail and how you can use them better to the maximum.
Why to Take Personal Loan This Festival Season
Raksha Bandhan is one such festival that is meant to bond the brother-sister relationship. Be it buying that perfect gift for your sister or brother, or getting your house ready for the festival days, or throwing a grand party, you might not be able to spend extra money. Credit cards might, of course, come to one’s rescue, but the steep revolving credit rate of interest rate makes it an expensive affair to celebrate.
Personal loans offer the most ease, lowest interest rates, and simple repayment options. Personal loans have no loan utilization restriction, thus this is an ideal means of festival shopping.
Features to Look for in Raksha Bandhan Personal Loan Offers
Before you borrow, you should know what the lenders are providing and how the conditions can facilitate it for you to borrow. Some of the terms listed below are most significant:
1. Reasonable Interest Rates
One of the first things to check while selecting a personal loan is the rate of interest. Banks have festival offers, and hence it would be fitting to check for a lower rate of interest during the celebration of Raksha Bandhan. You can easily compute your EMI (Equated Monthly Installments) on an interest calculator at the above rate. A calculator makes it easy to compute complicated arithmetic and helps you compute the cost of borrowing.
2. Repayment Tenure Flexibility
The lenders also provide repayment during festive times with extended repayment tenures. Compare and pick the best offer with a repayment tenure in line with your financial situation.
3. Low Processing Fees
Festival season offers also provide offers on processing fees. Choose lenders that charge nothing or lower upfront fees as it will be your advantage.
4. Quick Approvals
Since technology has gone to its pinnacle, online loan application is also feasible in most cases with the lenders. Banks and NBFCs might also do quick disbursal of loans on Raksha Bandhan for matching the festival timing, but there are other lenders who have a better trick up their sleeve.
5. Festive Rewards
All the lenders provide festival deals, discounts, or cashback on personal loan applications if there are festivals like Raksha Bandhan going on. The deals save borrowers money or provide them with extra benefits.
Best Raksha Bandhan Personal Loan Deals You Must Know
The best personal loan offers this Raksha Bandhan that you can choose to make the celebration even better are:
1. HDFC Bank Personal Loan
HDFC Bank has begun the festival season on a sweet note by launching good personal loan offers. HDFC Bank is offering interest rates of 10.50% per annum and flexible repayment tenor of up to 5 years. The bank also offers instant disbursement and approval, which is suitable for those sudden arrangements.
With the help of an HDFC personal loan interest calculator, you will be able to make a decision as to whether this is a worthwhile offer for your pocket or not.
2. SBI Festive Personal Loan Offer
State Bank of India (SBI) provides its customers very popular personal loan deals during the festive seasons. Bank’s Raksha Bandhan offers are no charges on interest and no processing fee on pre-approved loan requests. SBI’s transparency policy and excellent festival offers are not to be missed.
Make your money sense, compute your savings with SBI’s compound interest calculator online.
3. ICICI Bank Festive Loan Scheme
ICICI Bank is soaking itself and the customers in celebrations and loans with incredible offers. ICICI Bank, which is in the festive spirit of the Raksha Bandhan celebration, is providing the interest rates of 10.99% and hassle-free application processes with fewer documents. Immediate disbursals are provided to the customers for paying off the proposals without any inconvenience.
4. Bajaj Finserv Personal Loan
Famous for fast processing and simple terms, Bajaj Finserv offers personal loans too good to resist, especially in festive season. Without any guarantor and festive-special rate of interest, Raksha Bandhan shoppers can treat themselves to simple lending.
5. Axis Bank Festive Bonanza
Axis Bank launched special festival deals on personal loans on this Raksha Bandhan. Loan borrowers can expect reduced interest rates, reduced processing fees, and extra repayment schedules. Using the bank’s internet facility as an interest calculator, applicants can schedule repayment arrangements from home.
How to Use Interest and Compound Interest Calculators for Your Loan Planning
Understanding how much is going to be the cost of taking out a personal loan is ultimately required so that any additional financial strain is not added later on. Interest calculators, as well as compound interest calculators, allow this to be simple by providing clear and honest feedback when it comes to paying back.
1. Interest Calculator
An interest calculator enables you to calculate your EMIs a month ahead of the loan amount, rate, and duration. You can change these inputs and see how little variations will impact your payment schedule all at once. It is very useful in pre-budgeting.
For example, suppose you have borrowed ₹2,00,000 for a period of 3 years at 12% per annum interest rate. An interest calculator will provide the monthly EMI that needs to be paid.
2. Compound Interest Calculator
Although compound interest does not actually apply to personal loans at all, it helps you grasp how your money grows in a fixed deposit or in any other investment if you repay the loan. It forces you to calculate the return on investment and the cost of borrowing and check if you would be gaining by taking a loan or keeping your money in deposits.
For instance, let’s say you need to invest ₹1,00,000 at an interest compounded by 7% per annum. You can make use of a compound interest calculator to calculate future proceeds and match it against your cost of borrowing.
Personal Loan Tips for Selecting the Best Personal Loan This Raksha Bandhan
If you are making a Christmas payment or buying a gift, the appropriate loan scheme can relieve you of unnecessary financial stress. Here’s what you should recall:
- Shortlist the best offers by comparing lenders both online and offline.
- Buy EMIs using an interest calculator prior to applying.
- Include processing fees, prepayment penalty, and other additional charges.
- Ensure customer ratings and review of feedback to deliver authentic service.
- Look for pre-approved quotes to get faster approval and more favorable terms.
Conclusion
Raksha Bandhan is the day of gifting, exchanging, and spending time with your sisters/brothers. It is difficult to be concerned about money, but if you avail a personal loan, then you would not need to compromise on anything on your festival shopping. As most financial institutions and banks are proclaiming special schemes for Raksha Bandhan, now it is the ideal time to consider availing facilities that are especially designed to meet your need.
Programs like an interest calculator will walk you through the repayment cost, and a compound interest calculator will tell you how much your savings account will grow simultaneously. You will be making smart money decisions by utilizing the tools along with smart comparison techniques.
And then proceed to enjoy the celebration of love and festivities to its fullest. Choose a personal loan plan that suits your requirements the most, and make this Raksha Bandhan one to never forget for ever for your dear ones and relatives.