With the festive season round the corner, this is the right time to start new things. You may invest in a new business, or purchase gold, jewelry, appliances, and gadgets, besides others.
You may even consider borrowing a personal loan, alsoknown as an unsecured loan, to fund all of these purchases and investments. An unsecured loan has numerous benefits. It helps you get access to capital without collateral. Besides, lenders these days offer competitive interest rates and attractive terms, such as flexible repayment schemes, extended loan tenure, and lower charges, among others. The borrowed amount has to be repaid regularly through Equated Monthly Installments (EMIs), thus reducing excess strain on your finances.
Following are five ways you may use loans to add to the festivities.
1. Invest in a new business
The festive season is considered as an auspicious time to begin new ventures. By doing so, it is believed that the business will flourish and will reach great heights of success. You may take this opportunity to begin your dream venture. You could borrow a loan and utilize it to fund all your business-related expenses such as start-up costs, working capital costs, research and development, and more.
2. Buy a new home
Purchasing a home of your own is the best investment you may make this festive season. Real estate developers launch new projects during this time in order to induce buyers. The property market is also brimming with offers, such as waiver of stamp duty and other lucrative discounts. Through such deals, customers enjoy attractive markdowns, while developers register a rise in bookings, thus making it a win-win situation for both.
3. Make purchases
Individuals take steps towards building their wealth during the festive season. Festivals like Akshaya Tritiya and Dhanteras signify wealth and prosperity, and hence people invest in gold and jewelry. This time is also considered to be an auspicious period to buy electrical appliances, apparel, vehicles, and latest gadgets.
4. Gift your loved ones
There is nothing better than making your loved ones smile this festive season. With numerous options available in the market, it often becomes overwhelming to decide on a gift within your budget. The good news is that many stores and e-commerce websites offer discounts, rebates, and gift vouchers. This helps you reduce your spending to a great extent.
5. Go on a holiday A holiday is a great time to bond with your family and create unforgettable memories with them. It also helps you take a break from your mundane routine. You may borrow a loan this festive season and take that holiday you have always dreamed of.