If you don't have money for household expenses this festive season, you too can meet your needs by adopting these 7 tips.
If you want to take an item, you can take it through No Cost EMI
You can also take out a loan if you use a credit card
The festive season has arrived and many online shopping websites have come up with special offers for you. In such a situation people are thinking of buying a lot of things. But many people are facing financial difficulties due to the economic downturn caused by Corona. In such a situation there are many ways through which you can manage money for yourself and shop this festival season.
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Personal loan
A personal loan can also be an easy way to solve your money problem. Many banks, including State Bank of India, HDFC and ICICI, have decided not to charge process fees and other charges on personal loans in view of the festival season. In addition, if your Sibyl score is good, you will easily get a personal loan.
Credit card item on EMI
Many merchants, e-commerce websites and retailers tie up with credit card issuers and offer the option of EMI on credit card purchases. In addition, many e-commerce websites are offering no-cost EMIs on credit card purchases.
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Consumer durable loans
You could also consider taking out a consumer durable loan for shopping during the festive season. The charge on a consumer durable loan is lower than the charge on a credit card. Non-banking finance companies or NBFCs together with various retailers and brands offer easy consumer durable loans during the festive season.
Top-up home loan
To meet your money needs, you can also take a top-up home loan from a bank. This loan gives you money at a low interest rate. If you have taken home, you can easily top-up the loan by talking to the bank. The interest rates on top-up loans are slightly higher than home loans but lower than personal loans.
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Credit card loans
Credit card financial institutions offer credit to cardholders based on their card type, cost and re-payment. Once the cardholder gets this loan, his credit limit will be less than the amount. However, some banks offer loans against credit cards in excess of the approved credit limit. If you also use a credit card then you can take a loan on it.
Take advantage of the overdraft facility
Many banks also offer overdrafts to their customers on bank accounts. The overdraft facility can be availed when you do not have money in your account. However, interest is charged on it. Jandhan also gets the benefit of overdraft facility. You can repay the money taken under this facility in easy installments.
Loans can be taken on FD
If you have a fixed deposit (FD), you can take a loan on it. This makes it easy to get a loan at a low interest rate. There are many banks that are offering loans at less than 6% interest on FDs. If you take a loan on FD, you will have to pay 1% -2% more than the interest you get on the fixed deposit. For example, if you are getting 4% interest on your FD, you can get a loan at 6% interest. You can take a loan up to 90% of the value of FD. Suppose your FD is worth Rs 1.5 lakh then you will get a loan of Rs 1 lakh 35 thousand.
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