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Loan Options for festive shopping

By: Makemymoney

Festivals and wedding season are almost here and it’s high time for personal and gift shopping. If you haven’t shopped yet, then there are many online and offline options for you for collecting gifts and things. These are the time when we shop for so many things especially all those on which you have been eyeing for too long. Now you don’t need to hold back yourself from collecting all these goodies due to money constraints. The market has n number of platforms to shop but also offer numerous loan choices to make an instant payment. Yes, you can apply for Loan Against Property or Personal loan online. Let’s talk about money management to understand what loan options to shop are available.

Must consider the following points:

  • You must have received a Diwali bonus or saved up to some amount for shopping. But it’s always not advisable to invest all your saving or bonus value in collecting festive necessities. Using a credit card or EMI option for a planned payment cycle is better advisable in case you do not have enough money in your disposal. But always keep in mind; do not spend all your savings away on purchasing goodies for an event.
  • Emergencies can happen anytime so plan your money accordingly. There is no need to break your FD’s or other savings for purchasing gifts and necessities. You may get a loan option to shop.
  • Credit cards come with a pack of offers and rewards. There are many online and offline brands and retailers who use to have a tie-up with credit card companies. These reward points and offer help in making your purchase easy and cost-effective.
  • Plan your payment especially big payments like electronic, car, home etc. In such case, you can make a payment through credit card as it gives you some additional time paying the entire amount.

The idea of Personal Loan

It ’s a one loan option for festive shopping. The idea of personal loan looks attractive but it’s expensive. As it charges very high interest rates and this may toll on your cash flow. You should go for it when you are not left with any other option. In case if you need a personal loan, make sure you do a proper search on multiple accounts and interest rates offered by lenders. It will be better if you will choose the cheapest option at your disposal with reasonable loan tenure.  

Other Loan Options to Shop

Other options like LAP, Loan against investment like PPF, mutual funds or gold etc are the best options to shop.  You can also ask for advance salary at work or ask for help from family and friends. There are various banks who offer EMI facility on Debit cards. It’s a helpful factor for all those who don’t use credit cards. But interest charged on it is much higher than that of Credit card EMI. Credit card purchases are especially wise for small purchases, as provides you a reasonable time, say 45 days, before the interest charges start kicking-in. Plan all your shopping well in advance. And if you are planning to apply for a home loan then do it a month before the festive season. So, it’s time to plan your shopping for celebrating upcoming celebrations and occasions.

 

 

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