If you want to take any goods, you can take it through No Coast EMI, if you use a credit card, then you can take a loan on it too.
The festive season has come and many online shopping websites have brought special offers for you. In such a situation, people would be thinking of doing a lot of shopping. But due to the economic downturn caused by Corona, many people are facing economic troubles. There are many ways in which you can meet the needs of shopping and home in this festival season by arranging money for yourself.
7 ways To manage the household expenses
1. Personal loan
Personal loans can be an easy way to overcome your money problem. In view of the festival season, several banks including State Bank of India, HDFC and ICICI have decided not to charge process fees and other charges on personal loans. Apart from this, if your CIBIL score is good, then you will get a personal loan easily.
2. Take goods from EMI on credit card
Many merchants, e-commerce websites and retailers etc. tie-up with credit card issuers and offer EMI option on credit card purchases. Apart from this, many e-commerce websites are also offering no-cost EMI facility on credit card purchases.
3. Consumer durable loan
You can also consider taking a consumer durable loan for shopping in the festive season. The charges on a consumer durable loan are less than the charges on a credit card. Non-banking finance companies or NBFCs along with various retailers and brands offer easy consumer durables during the festive season.
4. Top-Up Home Loan
You can also take a top-up home loan from a bank to meet your money needs. This loan provides you money at a low-interest rate. If you have taken a home loan, you can easily talk to the bank and get it top-up on that loan. The interest rates of top-up loans are slightly higher than home loans but lower than personal loans.
5. Credit card loan
Credit card issuing financial institutions give credit to cardholders based on their card type, expenses and repayments. Once a cardholder avails this loan, his credit limit will be reduced by that amount. However, some lenders give more than the sanctioned credit limit and loan against the credit card. If you also use a credit card, then you can take a loan on it.
6. Can take advantage of overdraft facility
Many banks also provide overdraft facility on bank accounts to their customers. An overdraft facility can be availed when there is no money in your account. However, interest is charged on it. Let us tell you that the benefit of overdraft is also available on the Jan Dhan account. You can return the money taken under this facility in easy installments.
7. Can take the loan on FD
If you have a fixed deposit (FD), then you can take a loan on it. It provides loans easily and at a low-interest rate. There are many banks which are giving loans at less than 6% interest on FD. If you take a loan on FD, then you will have to pay 1-2% more than the interest on fixed deposits. For example, if you are getting 4% interest on your FD, then you can get a loan at 6% interest rate. You can take a loan up to 90% of the value of FD. Suppose your FD is worth 1.5 lakh rupees, then you can get a loan of 1 lakh 35 thousand rupees.