Diwali – India’s biggest festival that is synonymous with glittering lights, colorful rangolis, savory snacks, scrumptious sweets, family get-togethers, and grand meals. From decorating the home to decking up ourselves, Diwali is a non-stop extravaganza that brings with itself an endless shopping list. Expenses skyrocket and savings plummet at a time of such spending and many people face a financial crisis even before the festivities can start. This is an ideal time to take advantage of a personal line of credit and pay back at ease. But what are the biggest benefits of applying for a personal line of credit for Diwali? Let’s find out!

Benefits of Taking a Personal Loan This Diwali

1. Quick and Easy Funding

The busy festive season leaves little time at your disposal so if you don’t want to waste it waiting for an approval or doing tedious paperwork, simply go online and opt for a convenient line of credit that you can you pay back at ease depending on your repayment ability and cash flow. You can use your personal of credit for a variety of financial needs like renovating your home, purchasing consumer durables, funding a family vacation or purchasing a second hand car. The entire process of getting a personal line of credit takes place in real-time without any hassles of paperwork!

2. Pocket-Friendly EMIs

Opting for a personal line of credit to purchase home appliances is a smart way to deal with Diwali expenses that you can’t pay for upfront. Whether you want to bring home an OLED TV or the best air available conditioner on the market, a personal line of credit is the best way to make the most of the festive deals and discounts this Diwali. With a personal line of credit, you get the flexibility to convert your purchase into affordable EMIs that come with convenient repayment tenures.

3. Flexible Tenure

With a personal line of credit, you can not only choose your own EMIs but also your repayment tenure which ideally varies between 2 months to 36 months depending on the rate of interest and repayment capacity.

4. No-Usage; No Interest

With a personal line of credit, you get a lump sum amount which you can use as and when you need – a perfect solution for a festive home improvement where you can never be certain of the expenses. This is the best feature of a personal line of credit because unlike a home renovation loan where you are charged interest on the entire loan amount approved, a credit line has a no-usage; no-interest policy. Pay interest only on the amount you use!

5. 100% Cash Withdrawal Facility

When it comes to festivals, you can never be sure of the amount you would need handy. With a personal line of credit, you stay covered for all your estimated and unanticipated, last-minute expenses. A credit line comes with 100% cash withdrawal facility so if you need, you can withdraw your entire approved limit in one go swipe in small chunks.

6. No Paperwork, No Collateral and No Prepayment Fees

Yes, the application process is pretty easy, approvals are instant, there is no paperwork involved and in case you want to repay the loan early on – there are no prepayment penalties on a personal line of credit. Also, you don’t need any collateral for getting approved for a credit line.

Now isn’t a credit line clearly a better option than burning a hole in your pocket with the high-interest repayment rates of credit cards or dipping into your savings? So what are you waiting for? Apply for a personal line of credit now instead of exhausting your savings and get funds instantly for this festive season!

Author's Bio: 

Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India's first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan.