At the time of writing this, Kerala is still reeling from the after-effects of flash floods that has brought everything to a stand-still. That however has still not deterred some from celebrating Onam with all its pomp and fervor. One of India’s most revered and loved festivals, Onam also brings with it the promise of a good year and plenty of celebrations. We are about to begin Onam 2018, which would be a 10 days festival starting August 15th to August 27th. We wish all our readers a Happy Onam in advance from the Loan Singh team. Day 1 of Onam also coincides with Independence Day 2018. So, we also wish you all a Happy Independence Day 2018 in advance.
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A festival for spending
Onam also serves as a great opportunity for shopping. So, if you are wondering how to get the funds to spend on this Onam, we have the perfect solution for that – Loan Singh!
During the 10 days of Onam, different brands across India spend close to 40-50% of their annual budget over advertising. Close to 50-60% of consumer durables are sold during the Onam festival period. The message has to be apt, as items such as TVs, washing machines, jewelry, refrigerator, etc. need to be sold in plenty. Since years, there have been examples to indicate how much of shopping happens during the festival of Onam.
- Traditional sellers of textiles and jewelry have always had a steady flow of customers, as Onam is all about dressing your best and giving gifts to your loved ones
- The boom in mobile phones is apparent. What better gift for loved ones other than an iPhone or a Samsung
- Online shopping has been a sure shot way to purchase dream products
- Schools and colleges remain closed during Onam which allows the entire family to go out shopping and spend
- Onam is also the time for Malayalis living abroad and outside of Kerala to descend to their native homes. This increases the population who go out to shop in large numbers
- The planning and preparation of pujas, ceremonies, games and festivities also need spending towards shopping
- Onam is Kerala’s biggest festival with employees given bonuses to spend on Onam shopping
- With companies/brands also getting ready to test new products, this is the perfect time to do so with products from consumer durables to textiles
- Another perfect opportunity for spending comes through the cascading of festivals in India
- Firstly, Ganesh Chaturthi, then Durga Puja, then Onam and, lastly, Diwali – All these festivals follow each other and naturally trigger excessive spending. This goes on till Christmas and then Pongal (Tamil Nadu New Year)
- Onam is the testing ground for big brands to target their advertisements for consumer durables
- Promotional offers, exchange offers and extended warranty are just some of the features that are promoted during Onam
- Print, TV, Radio and Social media marketing done by almost all brands keep the buzz alive
- GST’s pre-and-post offers were a huge success and the timing of Onam will benefit the lenders and store owners, tremendously
- The consumption will always exist. The brands have to hence create enough durables to be sold during the festive period
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Shopping Personal Loan
To cater to the 10 days of festivities during Onam, 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.
The best place to get a really quick and easy personal loan is a digital lending platform such as Loan Singh. For salaried individuals, to gather up funds to celebrate Onam within a short span of time is possible only through digital means; as traditional banking solutions would take up to weeks to disburse the funds. For a personal loan, the borrower’s credit worthiness determines if he/she can pay the loan EMIs regularly and, that too, without straining his/her daily living. 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 secured loan. Even if you do not own any fixed assets, you can at least get funds from Loan Singh.
Multiple purposes – A personal loan can be availed for a number of purposes such as shopping for Onam, purchase of household appliances, electronic gadgets, used vehicles, holiday travel, home improvement, relocation of job, medical expenses, home renovation, marriage, etc.
Being Loan Singh Eligible
Before you begin the quick and easy application process at Loan Singh, check the following eligibility criteria required for a personal loan.
Salaried
To avail a personal loan from Loan Singh, you need to be a salaried individual with a monthly salary of minimum Rs.20000.
Credit Score
Loan Singh looks at your credit score to gauge your credit worthiness. A credit worthy 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.
Age
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 a salaried professional as well.
About Loan Singh
Loan Singh is a digital lending platform that prides in providing online personal loan or unsecured personal loan to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan. We provide a loan with the best personal loan interest rates. The instant funds, or instant loans, are loans between Rs.50,000 and Rs.5,00,000 taken for purposes such as:
- Home improvement loan/Home renovation loan
- Marriage loan/ Wedding loan
- Medical loan
- Used vehicle loan
- Consumer durable loan
- Vacation loan
- Debt consolidation loan
- Credit card refinancing loan
- Job relocation loan
- Travel loan
- Festival loan
- Shopping loan
- Lifestyle loan
You can calculate your easy EMIs using our personal loan EMI calculator. We accept bank statement, PAN, and Aadhaar for quick loan approval. A bad credit score or credit report errors can lead to personal loan rejection. The ‘Loan Singh Finance Blog’ is one of the best finance blogs in India.
Loan Singh’s Online Presence
Loan Singh is not an anonymous digital platform. We are present on almost all leading social media platforms. All you need to do is look for us. You can find us on Loan Singh Facebook, Loan Singh Twitter, Loan Singh YouTube, Loan Singh Pinterest, Loan Singh Instagram, Loan Singh LinkedIn, Loan Singh Blogarama, Loan Singh Google Review, Loan Singh Medium, Loan Singh Reddit, Loan Singh Tumblr, Loan Singh Scoop It, Loan Singh Storify, Loan Singh Digg and Loan Singh Blogger.
