The country we live in is rich in culture and heritage. ‘Every person has his own way of celebrating festivals according to his own culture and practices’, is what exists in writing. But the ultimate truth is that, the level of celebrations at any point of time is completely dependent on the weight of a person’s pocket. The flow in the consumers spending during festival season is very high. Money sometimes acts as an obstacle to the excitement of the children and the expectation of the family about the festival season.
This can be solved by a festival loan. Festival loans are loans offered by the banks on festival season with cheaper and discounted interest rates. Festival loans are however, an alternative of personal loan. The loans are restricted to a year, and from Rs 5,000 to maximum Rs 50,000.The processing fee charged is Rs. 100 and the repayment can be made by monthly EMIs. The interest rates vary from bank to bank and the loans take very less time to be sanctioned.
The extraordinary features of festival loans are that they are lend with very low interest rates because of the discounts offered during festival seasons. It is very easy to process these loan as they require lesser certifications and quick approval.