Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • How to Spend your Diwali Bonus wisely is Rated as "Great!" by 92866 Users

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    How to Spend your Diwali Bonus wisely

    How to spend your Diwali Bonus wisely – Check in 5 Simple Steps

    Diwali is an auspicious occasion for most of us. As it is the season for shopping and gifts, receiving additional money in the form of Diwali bonus from your organisation can be a boon in disguise. Usually the bonus is spent on impulsive purchases in the spirit of the festival. We tend to put aside our liabilities and focus on spending the extra amount on the festivities. However, there are certain ways you can spend your Diwali bonus wisely! Listed below are some of the tips you can use to best utilize your Diwali Bonus:

    Clear Liabilities:

    Most of us have one or two liabilities on our shoulders, either in the form of a home loan or car loan, or it could be a personal loan. When managing your finances, clearing your liabilities should be our first priority and should be taken care of, at the first opportunity. A Diwali bonus, usually, comes in the form of a lump-sum amount. This amount can be used to pay off your loans. It may be assumed that continuing with liabilities and investing this amount instead, could be more beneficial. However, starting new investments could prove more costly than paying off your loans.

    Make Investments:

    Bonus money can be considered to be a wise option for making long-term investments. If you are unable to save from your monthly earning, you can keep aside the additional bonuses for investing in appropriate assets in order to achieve your financial goal. You can either invest the entire bonus amount or invest a part of it, depending on your plan.

    Create Emergency Funds:

    You can use your regular income to plan your expenses and treat your Diwali bonus as an emergency fund. As this is a lump-sum amount received on top of your monthly salary, you can use it for opening a short-term fixed deposit or direct it towards debt mutual funds. If your liabilities such as personal loans, car loans, and home loans, are taken care of, you can prepare for contingencies.

    Buy Insurance:

    If you do not already have enough insurance for health, or lifetime, use the additional bonus to take insurance. You may be postponing the decision of taking up life or health insurance for you or your family, owing to dearth of funds. However, instead of spending away your Diwali bonus impulsively, take a sensible decision and get yourself adequately insured.

    Make Tax Saving Investments:

    If you are unable to make those investments that you had planned to provide as proof of tax savings to your employer, a Diwali bonus can come to your rescue. By doing so, you can save that tax cut from your salary, maintaining the balance in the monthly household expenses.

    Once you have used your Diwali bonus efficiently to handle your finances and fix the loopholes, you can also indulge in some shopping. After all, a Diwali bonus is a bonus meant for Diwali expenses. Ensure you are clear about your wants and needs when you spend your bonus. Create a balance so that you bring your finances on track as well as treat your friends and family well on this auspicious occasion of Diwali.

    Personal Loan Reviews

    • HDFC Bank Personal Loan
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've taken a personal loan from the HDFC bank for 70000. There is no flexibility and the loan experience was good. The process and the application was smooth and hassle free. They need to provide more flexible options for their customers...
      Was this review helpful? 0
      , pune
      Reviewed on Jul 16, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      My personal loan experience was good with HDFC bank, the loan amount was for Rs 2 lakhs with 13% interest rate which is nominal rate. The process was quick and the loan amount was disbursed on time. 2% charges are applicable for preclosure of the loan and the tenure period is 3 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 16, 2018
    • HDFC Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with HDFC bank and my experience was good, the loan amount was for Rs 10 lakhs with nominal interest rate when compared to others. Customer service was good and they followed up on time. The tenure period for this loan is 5 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 16, 2018
    • YES Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I've take a personal loan from the Yes bank for 2 lakhs. It was not good, the associate told me 13.29% but the bank is charging 14 %. I am paying an EMI of 9803 for 24 Months. There were also hidden charges too when it comes to the YES bank with respect to personal loan.
      Was this review helpful? 2
      , delhi
      Reviewed on Jul 14, 2018
    • Kotak Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've taken a personal loan from the Kotak Mahindra bank. I have taken 1 lac, I got the loan with in 2 days. I applied online banking. The interest rate is low. It was a very fast personal loan experience with the bank and their services.
      Was this review helpful? 2
      , pune
      Reviewed on Jul 14, 2018
    • HDFC Bank Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with HDFC bank 1 year back. The loan amount was 5 lakhs and the interest rate was satisfactory . The tenure period was 5 years . The process was very quick and satisfactory . I have got the loan with in a day. Here pre closure is after 3 months and the processing fee was bit high . My overall experience was good.
      Was this review helpful? 2
      , navi mumbai
      Reviewed on Jul 14, 2018
    • SBI Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      My personal loan was taken with SBI 2 years back.The loan amount was 2 lakhs and the interest rate as very high . The EMI period was 5 years .The process was very slow and they have delayed processing it .The documentation was smooth .hey did not sanction the loan within the committed time. Their processing fee was average in the market.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jul 14, 2018
    • Tata capital Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I took loan personal loan from the Tata Capital for 4.25 lacs. I got the loan amount with in 15 days cheque. The interest rate was 14% initially and they reduced the interest rate to 13.5% Overall it has been a good experience so far. They need to lower the interest rates.
      Was this review helpful? 4
      , chennai
      Reviewed on Jul 13, 2018
    • SBI Personal Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      I had chosen to go with them since i was holding my salary account from the same bank. The process in getting the loan had been very easy and smooth. The loan amount which they had given had been okay and the interest rate with them had been nominal. There has not been any processing fee which they have charged. Their customer support and the staff responses had been helpful as well.
      Was this review helpful? 3
      , kochi
      Reviewed on Jul 13, 2018
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting the loan had been very smooth and easy and the loan amount which they had provided had been satisfactory. The interest rate with them had been average and there has not been any hassles faced during the process and with the staff responses. I have taken totally two loans from them.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 13, 2018
    • Bajaj Finserv Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was a too expensive loan where the interest rate with them had been on the higher end. The process in getting the loan had been simple and smooth and the loan amount of 1.25L which they had provided me has been satisfactory. There has not been any hassle faced during the whole process and i am satisfied with the services of them.
      Was this review helpful? 3
      , chennai
      Reviewed on Jul 13, 2018
    • Bajaj Finserv Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with BAJAJ 1 years back. The loan amount was 1 lakh and the interest rate was bit high and the tnrue period was 2 years . The process was very immediate and hassle free . I have upload ll my documents through on line so i had smooth loan experience here .The processing fee was also nominal.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 13, 2018
    • Bajaj Finserv Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      My personal loan was taken with BAJAJ 6 months back. The loan amount was 1,40,000 and the interest rate was very high . The tenure period was 4 years . The process was very simply and the documentation was very simple. They have provide door step service for collected documents but the processing fee was bit high.
      Was this review helpful? 4
      , secunderabad
      Reviewed on Jul 13, 2018
    • Axis Bank Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with AXIS Bank 6 months back. The loan amount was lakhs and the interest rate was very high but the service was amazing . The tenure period was 36 months. I had a very hassle free process and smooth documentation.There is no processing fee and the pre closure is allowed after 6 months.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 13, 2018
    • HDFC Bank Personal Loan
      "Better service"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with HDFC Bank 1 month back. The loan amount was 1,90,000 and the interest rate was very satisfactory . The customer service and responses was good. The tenure period was 3 years .The staffs were very supportive and guided well. The processing fee was very nominal.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 12, 2018
    • HSBC Bank Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I took a ,personal loan from the HSBC bank. The loan amount was 6 lacs, I applied for the loan via an HSBC executive. I got the loan with in 3 days, it was quick. The interest rate is higher side but they promised that there will be a revised rate soon.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 12, 2018
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan from the HDFC bank. The loan amount was 15 lacs, it was quite fast and the processing was very fast. The interest rate was low when comparing to other banks. Overall it has been a very good loan experience with the HDFC bank.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 12, 2018
    • Citibank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It had been a very good experience i had with them in taking this personal loan where the process in getting the loan had been easy and smooth where the loan amount also had been satisfactory. The interest rate had been good with them where it was not much higher. There has not been any hassle so far.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jul 12, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with ICICI bank and my loan experience was good, the loan amount was for Rs 2 lakhs with nominal interest rate when compared to other banks. I received my loan amount on time and there are no preclosure charges. The tenure period for this loan is 2 years.
      Was this review helpful? 3
      , ahmedabad
      Reviewed on Jul 12, 2018
    • Citibank Personal Loan
      "Very Good Service"
      0.5 3.5/5 "Pretty good"
      I had taken this loan almost a year back and it had been a very good experience with them. The loan amount which they where providing had been satisfactory and the interest rate with them has been okay and it was not that high. There has not been any issues faced with the services of them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 12, 2018
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