It is that time of the year when Durga Puja or Navratra festivities are just around the corner, followed by Diwali, Christmas and then the New Year. It is the time when you might want to buy gifts for your family, upgrade that old refrigerator or washing machine at home that has been giving you some trouble, perhaps get the new car you have been eyeing for long, or simply buy the phone that has just hit the market. But isn’t this year going to be different because of the Coronavirus pandemic, you ask? Well, that is up to you, the consumer.
After the stressful year so far, the good news is that a whopping 61 per cent of consumers intend to spend during the festive season, according to a survey1. These consumers would not only be making their friends and family happy by buying that perfect gift for them, they would also be helping the ailing economy of the country by boosting consumer demand, which is currently a major worry for India2.
Festive Shopping During Pandemic Times
Shopping during the festive season also serves the purpose of strengthening family bonds. So if you are among that 61 per cent, kudos to you! If you are not, perhaps the allure of heavy discounts during the festive sales would make you change your mind. If safety is what you are worried about, while it is a great thought, you can safely shop online from the comfort of your home like over 50 percent of shoppers who chose e-commerce as their method of shopping in this survey conducted by LocalCircles3. The survey collected over 300,000 responses from consumers residing in over 330 districts of India.
There is no doubt that the post-pandemic world will see drastic shifts in buying habits. There would be increased adoption of online shopping, contactless payments, and consumers preferring safety over price. According to a study by KPMG and Retailers’ Association of India, shoppers are also expected to return to physical stores over the next few months as India hits peak festive season4.
Personal Loans for Funding Big Purchases
If you have a big ticket item in mind to buy during the festive season, , a personal loan can come in handy. Many lenders provide specially curated loans for a limited amount for this purpose with relaxed eligibility criteria. Taking a personal loan to fund your festive expenses does not harm if you have planned for it in advance. These loans can especially come in handy for reasonably big purchases such as appliances, gadgets and jewellery.
Many people tend to liquidate their investments for a big purchase like a car or a high-end LED TV. However, this may be detrimental to their long-term financial goals. One must also take into account that while one pays interest on diminishing principal amount in case of a loan, they earn compounded interest on increasing principal amount of their investments. So in the long run, taking a loan to make your purchases may turn out to be a better option than liquidating your assets, which you may need for a secure future not only for yourself but also for your loved ones.
Enter Finserv MARKETS
A great option to fund your big purchase during this festive season is the ‘Hybrid Flexi Personal Loan’, an innovative variation to the traditional form of personal loanthat we are all aware about. This is offered by Finserv MARKETS and gives you added convenience and a suite of benefits. One major difference between a traditional loan and a ‘hybrid flexi loan’ is the amount sanctioned. In case of a term loan, the entire loan amount is disbursed in one go and you pay interest on the same. However, in case of a hybrid flexi personal loan, the sanctioned amount is assigned to your account and you can withdraw any part of it as per your requirement, whenever you want, and pay interest only on the utilized amount. So you effectively get a high loan amount sanctioned but you do not need to bear the burden of high interest; you only pay for what you use.
And true to its name, unlike a personal loan where your EMI includes both principal and interest, in case of a flexi loan you can choose to pay only the interest as your EMI, for the initial months. It gives you the freedom to make the principal payment as per your convenience, making it a very flexible option. The part-payment facility as per your convenience also enhances the flexibility offered in this loan.
And like a personal loan, a hybrid flexi loan also does not require any collateral or security and can be approved quickly. You can simplyapply for the loan online in a few steps.
Before applying for a loan, you can take the help of a ‘personal loan eligibility calculator’ offered by Finserv MARKETS to calculate your personal loan eligibility criteria.You can take the help of a personal loan EMI calculator to calculate the EMIs. The complete application process is carried out online and requires minimal documentation. Once the application gets approved, the loan amount will be credited in your bank account within 24 hours.
What’s more? Now, you can also apply for a Hybrid Flexi Personal Loan using the Finserv MARKETS app, which offers a host of benefits and features such as exclusive app-only rewards, 24x7 chatbot assistance, a wide variety of products and lastly, a name that you can trust! Moreover, you also get to check your credit worthiness through the free Financial Health Check Report, which is available to you along with the loan application. This makes checking your financial health a smooth and easy process.
The year 2020 has been stressful so far. In such times, the upcoming festive season can bring a cheer to us all. The way we celebrate festivals will certainly be different this time around as we still need to take adequate social distancing precautions like avoiding crowded places and large gatherings. The celebrations this time could be about pampering yourselves with the gift of your choice, or a much-needed upgrade in your lifestyle and spreading happiness amongst your loved ones with similar acts of kindness from the comfort of your home.