Loan Singh Weekly Special: Diwali is here! Its Time for a Diwali Personal Loan



The big day is finally upon us. Wow! Diwali is here and you can sense the buzz!
Flipkart and Amazon have been going gung-ho through their Diwali sale tempting one and all with offers running from electronics to apparel. With so much focus on Diwali, and its impending festivities, we had to dedicate a special piece for Diwali and its significance. We are flooded with so many Diwali personal loan applications simply for the purpose of Diwali shopping. Hang around till the end of this article to learn more about Diwali, its traditional significance and its impact on businesses and consumers alike. We will also tell you how to apply for a Diwali personal loan from the best digital lending platform in India – Yours truly!


The festival of lights

Diwali is a Hindu festival of lights that is celebrated with traditional reverence and pomp throughout India. Diwali is a public holiday which couples for greater unity, bonding and fun. It spiritually signifies the victory of light over darkness, good over evil, hope over despair and knowledge over ignorance.

The festival unfolds over a 5 day period, with Diwali being the main festival night.

People clean, renovate, upgrade and decorate their homes and offices. Purchase and wearing of new clothes or apparel is a must. Clay diyas and sky lanterns are illuminated outside each home. Puja is performed for the Goddess Lakshmi – to invite prosperity and fertility into the home. Exchange of gifts and welcoming of guests with sweets is mandatory.


The festival days

Being a 5 day festival, the festive period begins much before the actual day of Diwali. The 5 days of this festive period are

Day 1 – Dhanteras

It is a day when houses and business premises are cleaned and decorated. Entrances of homes are adorned with Rangoli, including the walkways of offices. The setting up of lighting for the 5 day period begins on this day. Dhanteras is marked as the birth day of Goddess Lakshmi, and hence spurs the buying of gold or silver articles as a good omen. Merchants, traders and online portals stock up their products and offer hefty discounts.

Day 2 – Naraka Chaturdasi

The second day is also sometimes referred to as ‘Choti Diwali’ or ‘Mini Diwali’. It is symbolized as the day when the asura demon Narakasura was killed by Lord Krishna. In some states of India, this day is celebrated as the main day of Diwali (rather than the next). Families are seen to be busy preparing shopping lists or making homemade sweets and savories.

Day 3 – Lakshmi Puja

Celebrated as Diwali across most of India, people celebrate this day wearing the best outfits they can afford. Pujas are offered, earthenware lamps are lit with oil, doors are left ajar for guests to come and the festivities begin in full swing. After the puja, people go outside their homes and light an array of fireworks. Cultural programmes are held everywhere.

Day 4 – Padwa

This day is celebrated as a token of love between a husband and wife. Husbands purchase thoughtful gifts for their better halves. So in case you want to make your wife get a bigger smile, pamper her with leather bags or an expensive wardrobe filled with designer shoes or clothes this Diwali.

Day 5 – Bhai Dooj

The fifth day of the period is celebrated as Bhai Dooj. The day ritually emphasizes the love and lifelong bond between siblings. A puja is performed by sisters for their brothers, culminating with sharing of gifts.


The shopping season

Diwali is easily the most awaited time during the year to shop and spend money on whatever you feel like buying. As seen from the information above, Diwali is a festival for everyone – Young, old, siblings, couples and even millennials like us. Each year it is estimated that close to Rs.25000 Crore is spent by Indians on just the shopping during Diwali. This number is set to further increase this year. News of Seventh Pay Commission brought cheers to the Government employees whereas private company employees await Diwali for the annual bonus. Those who feel they have no other source of funds to indulge in Diwali shopping can easily avail a Diwali personal loan from Loan Singh. More on that later…

Marketing ploys by major retailers largely go unnoticed. Giant billboards, commercial jingles and Facebook Ads hardly let us turn a blind eye from Diwali’s spending lure. Past years saw a sluggish economy and spiraling inflation which affected sales. Crowds are attracted to malls by celebrities, whereas offers, discounts and schemes know no bound. The e-commerce side of business cannot be lagging behind, can it? Heavy discounts, Diwali centric super sales and free delivery waivers tend to turn our attention to spending big on e-commerce websites.

Long queues force some of us to plan and spend for Diwali much in advance. This is a good tactic to employ. People are not interested in simply buying shoe racks or coffee tables; their need now encompassed sofas and dining table sets. Such items of furniture do not work on the ‘discount formula’ because not always do we need furniture. But, Diwali is that time of the year when an upgrade to your home is paramount. As per a recent study, ‘Gifting Friends and Family’ was the top most reason to spend big during Diwali last year. It is our love and affection to one another that a reason like this has topped other materialistic reasons such as ‘Clothes and fireworks’, ‘Gold’, ‘Electronics’ and ‘Second Hand Vehicles’.

The past weekend saw a heightened level of shopping as families headed out to purchase clothes, dry fruit boxes, sweet hampers, lights, decorations and what not. The ones who want to upgrade their home, buy a second hand vehicle or purchase expensive furniture are always on the lookout for a source of quick funds because going to a bank and applying for a personal loan will not just take time but also require a long list of documentation.  This is where Loan Singh enters…


Online Diwali loan

One of Loan Singh’s unique offerings is to provide an online personal loan to salaried individuals who have never availed credit before. To cater to the long list of Diwali expenses, it is obvious that you need a source of funds to celebrate the festival in all its pomp and fervor. Personal loans are unsecured loans that are availed to meet these exact fund requirements. As it is an unsecured loan, it does not require any collateral.

Loan Singh looks at your creditworthiness to determine if you can pay the loan EMIs regularly, or not. The idea is to not strain you with credit but to make sure that your salary and savings permit you to avail credit. Your credit report acts like a gauge for Loan Singh. It shows how prompt you have been in your previous credit responsibilities and how trustworthy you are. Loan Singh is perfect because of

No collateral – Having no collateral gives personal loan an advantage over a secured loan. Even if you do not own any fixed assets, you can at still get funds from Loan Singh.

Multiple purposes – A personal loan can be availed for a number of purposes such as shopping for Diwali, purchasing household appliances, electronic gadgets, purchasing gold, holiday travel, home improvement, job relocation, medical expenses, marriage, etc.


Application process at Loan Singh

Not only is 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.


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