Diwali is the time of celebration. It’s time we gift ourselves and our loved ones with sweets, crackers, electronic gadgets and many other things. Many face financial crisis during this festive season as the balance in our savings account is not enough to meet our needs. Yes, setting aside funds each month for festival shopping is ideal but not many are able to do that. Don’t let lack of funds kill your Diwali celebration. While you can use your credit card to meet few expenses, the credit limit is still not adequate. The best solution during such a financial crunch is to avail a festival loan from a reputed bank. Yes, you read it right. Banks understand that most of the time, Diwali celebrators need financial assistance to make their festival a memorable one. Banks roll out loans with many excellent features to attract customer to avail their loan. After all, banks have sales targets to achieve too. One such beneficial loan is the festival loan offered by State Bank of India.
Some of the main features of this loan include:
Reduced interest rate: During festive season, banks drop their interest rate to disburse as many loans as possible. Festival loans offered by State Bank of India comes with low interest rate which makes it an ideal personal loan in the market. The current interest rate varies from 12.50% to 15% p.a based on the check-off category. Visit the bank’s official website for more details about their interest rate.
Nil administrative charges: Most banks roll out attractive loan offers and have hidden charges and fees. State Bank of India’s festival loan is an exception. They do not have any administrative charges added to your loan amount. You pay what you owe.
Low processing fees: Being one of the most sought-after government banks in India, state bank of India charges a nominal amount as processing fee. Avoid paying a hefty processing fee which will only make the repayment of the loan difficult. Currently State Bank of India charges 1% processing fee on the loan amount plus any applicable service tax.
No security required: No security needed for this loan If check off is available.
Simple and quick documentation process: State Bank of India is known for simple and transparent loan documentation process. Enjoy the benefits of less paperwork.
No hidden and prepayment penalties: Many loans look attractive and beneficial but you look closer they have hidden costs and penalties which increases your debt. With SBI, there is no hidden costs or prepayment penalties.
Closure of account: If you are willing to prepay your EMIs in full and close your festival loan account before the end of the term, you will be liable to pay 3% on the prepaid loan amount as prepayment charges. No prepayment or foreclosure charges will be applied if the loan is closed from another loan obtained under the same scheme.
Overdraft credit facility: State Bank of India also allows you to take credit on the overdraft limit available on your account. Get in touch with the bank for more details on the overdraft credit facility they offer.
Loan amount: The minimum loan amount that can be availed under the festival loan offers by State Bank of India is Rs.5000 and the maximum loan amount can go up to 4 times your net monthly income. The loan has an upper ceiling limit of Rs.50000.
State Bank of India is one of the leading banks in India known for simple and quick documentation process. If you have decided to apply for this loan this Diwali, keep the following documents handy.
Apart from visiting the banks official website or visiting a branch nearby, you can also take advantage of third party websites like BankBazaar.com where you can compare personal loans offered by several banks and their features in details. If you want to find out if you are eligible for a particular loan, you can use their eligibility calculator and check your options in few seconds. BankBazaar has also launched a campaign called Dhamal Diwali Flash Sale to help loan seekers find the perfect loan with attractive discounts which is valid from 6th October, 2016 till 30th October, 2016. Visit the website to check the list of participating banks and offers.
Avail a festival loan and enjoy this auspicious festival. Happy Diwali to you!