Diwali Season Online Loan Trends: What to Expect This Year

The festive season begins in India with Navratris. Markets get abuzz, decorated with lights. Shops roll out attractive offers, letting you prepare for your Diwali shopping sprees. Whether you want to purchase a new gadget, upgrade a home appliance, buy gifts, or splurge on fashion trends, you need substantial funds. Usually, it becomes challenging to manage all these expenses solely through your regular savings. This is where a loan app fulfils your desire to indulge.

With reliable lending institutions like Hero FinCorp, you can get the necessary monetary assistance to fulfil your short-term needs this Diwali season. Explore these latest Diwali season online loan trends you can expect this year.

Understanding Personal Loans

Personal Loans are unsecured credit facilities designed for personal expenses like home renovation, major purchases, travel plans, etc. They have flexible repayment terms and do not require collateral, making them attractive options for financing festive expenditures. The convenience of these loans often comes at competitive interest rates. Additionally, paying their EMIs on time leads to a better credit score, improving your eligibility for future loans.

Besides this, you can utilise the facility of online lending apps to get credit. Rather than going through conventional procedures, you can now apply online through loan apps.

How Can a Personal Loan App Make Your Diwali Celebration Even Better?

Online loan apps have made getting financial assistance easier than ever before. A reliable app like Hero FinCorp makes borrowing easier and faster. Its features and benefits have drastically changed the way you borrow. Now, you can obtain a loan from anywhere, anytime. Here is a look at them:

• Ease of Use: The loan app is known for its user-friendly interface, which makes borrowing easy. People without technical knowledge can also easily apply for a loan.
• 24/7 Availability: It is accessible 24/7. You can apply for a loan at any time. Flexibility is significantly beneficial for those with busy schedules. Those with an urgent financial need will also find this feature working in their favour. The loan app keeps financial assistance just a few clicks away whenever required.
• Swift Funding Access: Traditional loan providers require extensive paperwork, several branch visits, and lengthy form-filling procedures. Their approval timelines take days, sometimes even weeks. The instant loan app streamlines the process by providing instant funds.
• Real-Time Tracking: The app offers real-time tracking features. Use these features to check your application status and monitor repayment schedules. The transparency it provides builds trust, provides information, and controls financial commitments.
• Quick Disbursal: The app is designed to provide swift approvals and rapid funds disbursal. The Personal Loan app sends the approved loan amount directly to your bank account. Quick disbursal is beneficial during emergencies when you require immediate access to funds.

Latest Features to Look for in Loan Apps

Apart from the above trends, look for these latest features when choosing a loan app:

• Minimal Documentation: Modern loan apps do not require hard copies of the required documents. They accept soft copies uploaded through their platform. You can simply scan and upload the necessary documents online through the app. The online documentation process streamlines the loan process and makes it faster. Moreover, it eliminates the hassle of handling excessive paper documents.
• No Branch Visits: Lending apps supporting 100% digital loan procedures do not call you to their office even once. You can download the loan app on your smartphone and complete the application from anywhere. It reduces the lender’s overhead costs, which they transfer to you through lower interest rates and discounted processing charges.
• Versatile Usage: You may use a Personal Loan for various purposes. Modern lenders do not impose any restrictions on the usage of the loan amount. So, whether you need a loan to shop for the festival, renovate your house, go on a trip with family to enjoy the holidays, or change your furniture, a Personal Loan serves the purpose without hassle.
• EMI Calculator: Latest apps like Hero FinCorp have online EMI calculators. You may use these tools to calculate the EMI amount for various loan terms. Finally, choose a tenure with EMIs you can easily afford to pay each month.
• Online EMI Payments: Modern loan apps offer various methods to pay EMIs online. You no longer need to visit the lender's office to pay the EMI in cash or cheque. If you have trouble remembering the due dates each month, you can activate the e-mandate to automatically pay the EMI from your bank account without manual intervention. However, you must maintain a sufficient balance to clear the monthly payment.

Eligibility Criteria for New-Age Loan Providers

New-age loan providers have straightforward eligibility criteria to approve loan applications. For instance, you may qualify for a Personal Loan at Hero FinCorp if you fulfil the following eligibility conditions:

• Citizenship: Indian citizenship
• Age: 21-58 years
• Occupation: Salaried employees and self-employed professionals
• Minimum Income: Rs 15,000 pm
• Work Experience: Six months for salaried and two years for self-employed

Simple Steps for Loan Application

With digital advancements, applying for a Personal Loan has become much more convenient than ever before. By following a few simple steps, you can apply through an online loan app. These are the steps to follow:

• Install the app from the Play Store.
• Choose a loan amount and preferred EMI.
• Enter basic details: Name, Income, Loan Purpose, and PAN Card number.
• Complete the KYC process.
• Provide your bank account details.
• Get real-time loan approval.
• Digitally sign the e-mandate and loan agreement.
• Receive the amount credited to your account.

You can use the festive season to celebrate and indulge by leveraging these trends and features. A Personal Loan of up to Rs 5 Lakh from reliable lenders like Hero FinCorp can help you fulfil aspirations without affecting your finances. Also, do not forget to use their online EMI calculator to choose a tenure with budget-friendly EMIs and manage your finances during the upcoming Diwali festival.