We are looking for excuses to shop, aren’t’ we? First – Onam, second – Navratri, now the upcoming Dhanteras, and lastly the big daddy – Diwali. We, at Loan Singh, are already receiving a number of applications for an Online Diwali Personal Loan. We have borrowers applying for a personal loan to buy a second-hand car, for wedding arrangements, for home improvement, for buying gadgets and appliances, and for foreign travel, as well.
Dhanteras is synonymous with purchase of gold. So, rejoice millennials because Loan Singh provides a personal loan for purchasing gold, as well. A Dhanteras gold personal loan is the perfect financial avenue for you to get funds by which you can easily purchase gold.
Dhanteras is exactly a week away, and although you don’t need that much time to get a personal loan from Loan Singh, it’s best that you apply for one now and plan the purchase later. Dhanteras is the first day of Diwali and is a day when business premises are renovated and decorated. Entrances are laden with colorful lanterns and Rangoli designs. Lamps are also kept burning throughout the night in a bid to welcome Goddess Lakshmi – the Goddess of wealth and prosperity.
Dhanteras is also a day for celebrating wealth – with the word ‘Dhan’ in ‘Dhanteras’ literally means wealth. The Goddess’ footprints are marked along pathways. Aartis or devotional hymns are sung in tribute to Goddess Lakshmi with offerings of sweets and fruits. Along with Goddess Lakshmi, some also worship Lord Kuber who is said to be the treasurer of wealth and riches. The custom of worshiping both Goddess Lakshmi and Lord Kuber is done in hopes of doubling the benefits of prayers.
The ‘teras’ in Dhanteras indicates the number 13 as Dhanteras falls on the thirteenth day after the full moon day in the month of Karthik. Lakshmi puja is done with the lighting of diyas done to ward off evil spirits. In small villages, where not everybody can afford the purchase of gold, cattle are decked and worshiped by farmers as they are a principal source of income. Dhanteras is slowly transforming into a pan Indian festival. Of course, because any festival that augurs into wealth and prosperity would be appealing to us.
Dhanteras: Time for gold
Dhanteras is a time when people flock to jewelers, locally or far, to buy the best in jewelry or utensils to venerate the occasion. New clothes are also bought. Similar to Akshaya Trithya, where buying of gold is a tradition, Dhanteras is considered auspicious to either buy something made of gold or silver or purchase utensils or vessels as a symbolic way to usher in wealth. New ‘dhan’ is considered to be a harbinger of new luck.
Prior to the implementation of GST, jewelers paid a 10% customs duty on gold, 1% excise and 1.2% VAT over that. All of these taxes, when summed up, came to around 12.43% when people bought jewelry and close to 11.32% when purchasing gold bars as no excise duty existed on gold bars. With GST coming in, gold is charged at 3% GST and 18% of making charges, which sets it a total of 15.67%. In a bid to provide some relief to jewelers, no Aadhaar or PAN card would be required for jewelry purchase of above Rs.50,000. Although GST was supposed to deter the purchase of gold in India, apparently it has not.
Lately, we have seen a surge in the purchase of gold coins. Jewelers see Dhanteras as the perfect time to boost sales. Some people, however, prefer purchasing gold only once the hustle and bustle, until Diwali, has subsided. Today’s millennials are much smarter. They like to research at multiple stores, and then buy what they feel is best. Gold or silver idols of deities are also sold prominently. Many prefer making purchases much beforehand and then come collect the ornament or jewelry sets on the day of Dhanteras. This way they can avoid spending too much time at crowded jewelry stores.
Best source for online gold personal loan
This Dhanteras, Loan Singh’s easy process, and quick disbursement allow you to avail a personal loan for purchasing gold. A personal loan is the best financial option for you because
No collateral – Having no collateral gives a second-hand vehicle loan, an advantage over a brand new one. Even if you do not own any fixed assets, you can at least get funds from Loan Singh for buying a vehicle.
Multiple purposes – A personal loan can be availed for a number of purposes such as buying gold for Dhanteras, purchasing household appliances, electronic gadgets, holiday travel, home improvement, relocation of job, medical expenses, home renovation, marriage, etc.
Before you begin the quick and easy application process at Loan Singh, check the following eligibility criteria required for a personal loan.
To avail a personal loan from Loan Singh, you need to be a salaried individual with a minimum monthly salary of Rs.15000.
Loan Singh looks at your credit score, to evaluate your creditworthiness, before approving the loan. A creditworthy borrower is someone who has been prompt in his/her previous loan EMI payments, maintains a good credit utilization ratio, has been paying off his/her credit card bill on time and has never overspent over the credit card limit. If you have never availed of a loan before, you will have no credit history. In that case, you need to be salaried for at least 3 months to be eligible for a loan at Loan Singh. The lower your credit score, the lower your chances of being eligible for a personal loan.
You need to be at least 21 years of age to be considered eligible for availing a personal loan with Loan Singh. As mentioned above, you must be of Indian nationality and salaried, as well.
You need to have a stable monthly income. A good budget is advised to avoid times when you might find it hard to pay-off the loan EMIs.
Application process at Loan Singh
Not only is a personal loan the best alternative for quick funds, Loan Singh’s quick and easy application process also helps you get the funds you need for any financial emergency. The process to get an easy and quick loan with Loan Singh, is mentioned below:
Get Started page – Select ‘PERSONAL LOAN’ from the drop-down for ‘Loan Type’ and enter the loan amount with the desired repayment tenure.
Registration page – Add your contact number, personal email ID, and corporate email ID
Social Authorization – Connect your Facebook, Google+ and LinkedIn profiles for discounted rates
Profile Page – Fill in your name, gender, father’s name, number of dependents and PAN Details. We use your PAN Card Number to check your Credit Score and as a KYC document.
Address page – Choose your type of residence; mention your street address, city, state and pin code.
Job Profile page – Mention your current designation, total work experience, company name, highest qualification, last institution attended and monthly salary.
Financials page – Upload your latest 6 months bank statement from your computer, your GMail account or from your net-banking account.
Auto Debit page – Provide permissions to your bank name, account number, and IFSC code so that Loan Singh can auto debit the EMI amount from your account every month. This way you don’t need to set reminders or miss-out on any loan EMI repayments.
Advantages of Loan Singh
Availing a personal loan through a digital lending platform is always advantageous compared to traditional lending institutions, such as banks. Some of these advantages are
Hassle-free process – No requirement of paperwork; nor is it required to run from bank-to-bank. You can apply for a personal loan from your home, your office, your friend’s barbeque party, or from wherever you want to.
EMIs – Loan Singh’s EMI calculator, lets you find out your monthly EMI repayment amount before you even apply for a personal loan. You can track your loan status by logging onto your personal dashboard. Loan Singh’s auto debit feature allows you to make EMI payments without missing any due-date.
Varied purposes – At Loan Singh, you can avail a personal loan for a number of reasons such as medical emergency, wedding, travel, gadget funding, relocation, etc. You will have the funds in your account, in up to 36 hours from loan approval.
Secured platform – With Loan Singh being SSL certified, all the information you share is private and protected.