Instant festive loans for Diwali: Celebrate big with quick personal loan offers in India

Diwali’s almost here, and what’s the festive season without loads of shopping! From dreamy outfits to dazzling home décor, it's all part of the celebrations. Not to forget the joy of gifting your loved ones to make their festivities extra special. It’s only right that you don’t hold back.

After all, festivals are meant to have fun and let loose after months of hard work. But what if your budget’s feeling tight? An instant Personal Loan is just the solution. Learn all about it here to celebrate this Diwali the way you want it.

What is a festive loan?
 

A festive loan is a personal loan that provides the financial support to help you make the most of the festive season without any compromises. It is specifically meant for you to make your wishlist a reality and truly embrace the joy of festivities in all its glory. Whether you want to upgrade your home, get new clothes, buy gifts, or treat yourself, a festive loan gives you quick access to funds to make it all happen.

It gives you a nudge when your shopping list is long, but your bank balance isn’t keeping up. Getting this Personal Loan on Diwali is practical as it comes with no collateral requirement, quick disbursal, and flexible EMIs.

How to check the eligibility criteria for the Diwali loan instantly?

 

Wondering if you’re eligible for a Diwali loan? You can get quick answers online. Most lenders provide a personal loan eligibility calculator on their portal to help you get clarity and apply confidently.

An eligibility calculator is a free tool that requires you to input your basic information and understand your eligibility in seconds. You typically enter your monthly income, your preferred loan tenure, and existing financial obligations (monthly expenses + debt). Based on these details, the tool shows an estimate of how much you can borrow. It gives you a quick overview of your eligibility.

To check your personal loan eligibility, follow these steps:

• Step 1: Start by visiting the official site of the lender you’ve chosen.
• Step 2: Search for the section or tool - Personal Loan Eligibility Calculator.
• Step 3: Share information about your income, expenses, and what you need from the loan.
• Step 4: Submit and proceed.

You can use the online personal loan eligibility calculator from IDFC FIRST Bank. The calculator will give you an estimate of how much you might be eligible to borrow based on your financial situation.

The eligibility criteria for FIRSTmoney personal loan is simple. You should be: Salaried or Self-Employed, between 21-60 years of age and have a CIBIL Score of 710 and above.

Understanding the overall loan cost
 

If you qualify for a festive loan, congratulations! But before you hit the ‘Apply Now’ button, take a moment to understand the loan cost. This will help you borrow consciously and avoid surprises later. The loan cost typically includes:

· Interest
 

This is a major component of your loan cost. It’s the percentage charged on the amount you borrow. It has a direct impact on your EMI. Personal loan interest rates differ based on the lender’s terms and your eligibility. Consider checking IDFC FIRST Bank personal loan interest rates.

· Processing fee
 

You are charged with this one-time fee for processing your loan application. It’s a nominal charge, typically, 1% to 3% of the loan amount. Lenders deduct this charge before disbursing your loan amount. In the case of FIRSTmoney personal loan, the processing fee is 2% of the total loan amount (incl. GST).

· Prepayment and foreclosure charges
 

If you want to repay your loan early, partially or fully, you will incur a prepayment penalty. In case of full settlement of your loan, the lender imposes foreclosure charges. These charges usually range between 2%-5% of the outstanding principal amount. In the case of FIRSTmoney personal loan, there are zero foreclosure charges applicable.

· EMI bounce charges
 

If your EMI payment fails, be it due to insufficient funds or technical issues, you incur an EMI bounce charge. Lenders impose this as a percentage of your EMI or outstanding amount.

· Late payment fee
 

Delaying your EMI beyond the due date is met with a late payment fee. This is either a fixed amount or a percentage of the overdue EMI. It also impacts your credit score.

How quick disbursal options make your Diwali brighter
 

When Diwali is just around the corner, waiting days or even weeks for loan approval won’t cut it. This is why festive loan involves a quick disbursal option. While traditional personal loans can typically take 5 to 7 working days to process, instant personal loans offer quick disbursal of funds often within the same day. Here is how:

· Faster processing time: Instant personal loan comes with same-day disbursal. E.g FIRSTmoney personal loan by IDFC FIRST Bank disburses funds within 30 minutes.

· Online application: The process to apply for a festive loan is carried out online with simple application process and documentation requirements, saving you more time.

· Instant fund transfer: The amount is credited to your account within a few minutes to hours of approval.

Such speed lets you catch up with your last-minute Diwali shopping and gift runs, adding spark to your celebrations.

How to choose the right EMI & tenure for a festive loan?
 

Picking the right EMI & tenure is a crucial part of planning your loan repayment. It’s a proactive step to avoid any hassles when it’s time to clear EMIs. Here’s how you can decide on the right EMI and tenure for you:

· Assess affordability: Consider monthly affordability and choose an EMI that you can comfortably manage along with other expenses.

· Have a repayment plan: Decide your flexibility needs. If you need more time to repay, you can opt for a longer tenure, and a shorter tenure will help you become debt-free early.

· Evaluate interest impact: While stretching your loan tenure gives more flexibility, it also increases your interest outgo and vice versa. Consider this cost factor to make an informed decision.

· Utilise online tools: Use an EMI calculator to compare different EMI and tenure combinations to know what works for you.

· Review existing liabilities: Account for your current credit dues and EMIs to avoid overburdening your budget.

Smart tips to minimise the festive loan cost
 

Strategising to save on the loan cost will help you squeeze the most value out of the Diwali loan. Here are some tips to cut down on the total cost and repay without strain:

· Compare loan offers
 

Don’t settle for the first option you see. Take your time comparing different lenders based on their interest rate, charges, and other loan features.

· Leverage festival loan offers
 

The festive season calls for special offers. Many lenders roll out special rates, zero processing fee deals, and other festival loan offers during Diwali. You can check IDFC FIRST Bank for festive loan offers and attractive interest rates.  

· Use a mix of bonus and loan
 

If you are expecting a Diwali bonus or incentive, check how it covers your expenses and borrow the rest. This reduces your loan amount requirement.

· Borrow thoughtfully
 

Most lenders offer a sizeable amount to borrow with a festive loan to cover a wide range of expenses. This may seem tempting but avoid overestimating your expenses and borrow as per your need. A lower amount means lower interest.  

· Shorten the tenure if possible
 

While it is easier to repay with a longer tenure, it affects the loan cost in the long run. So, if your financial situation allows, consider a shorter repayment period.

Risks and mistakes to avoid when you get a personal loan for Diwali
 

As you progress with your Diwali loan application, watch out for these common risks and mistakes:

· Overborrowing
 

Borrowing more than you need might seem like a cushion, but it increases your repayment burden and overall interest cost.

· Ignoring EMI obligations
 

Sure, life happens, and it’s hard to keep up with payments. But when this makes you miss or delay your EMIs, you attract penalties, and your credit score takes a hit.

· Skipping the fine print
 

Hidden charges, penalties, and other crucial clauses are in the details. Hence, it is crucial to read the terms carefully before applying for a festive loan.

· Not checking lender credibility
 

Going for an affordable festival loan offer is good, but being blinded and applying with unverified lenders increases fraud risks.

· Applying with multiple lenders
 

You may think applying with multiple lenders can improve your chances of approval. On the contrary, it affects your credit score due to multiple hard inquiries. Check eligibility and offer terms carefully before making an application.

Why consider FIRSTmoney personal loan for your last minute Diwali shopping
 

When Diwali is just around the corner, timing and convenience matter. The FIRSTmoney Personal Loan from IDFC FIRST Bank is designed to make last-minute festive shopping stress-free:

· Instant Disbursal: Get your loan approved up to ₹10 lakh and funds credited in as little as 30 minutes, so you can shop without delay.

· Flexible Repayment: Choose repayment tenure between 9 to 60 months that suit your monthly budget and comfort level.

· Zero foreclosure charges: If you want to close your loan early, you can do so without any foreclosure charges.

· No Collateral Required: Enjoy the freedom of an unsecured personal loan, without pledging assets.

· No Documentation: Apply online with simple KYC and eligibility checks — no paperwork.

Whether it’s gifts for loved ones, home décor, or last-minute fashion upgrades, FIRSTmoney Personal Loan helps you make the most of the festive season responsibly and conveniently.

Conclusion
 

With all these insights in mind, you are well-equipped to capitalise on the festive loan to wholeheartedly enjoy your Diwali celebrations. In essence, you want to proceed with your application, keeping planning at the forefront and being conscious of your decisions with the loan amount, tenure, and EMIs. Also, stay on top of the repayments to avoid financial stress. Taking these steps will make the whole process purposeful and easy.