Navratri is that season when your entire household is transformed. There are nine days of garba and dandiya, new clothes for each color of the week, new decorations for the pooja, sweets and gifts for everyone, and the shopping sprees that stretch right from Navratri into Dussehra and Diwali. Joyous as it is, it is also deeply expensive.
Have you ever stood, disheartened, in a crowded marketplace, adding up the amount that you knew your purchases would run up to, and thought, maybe this year I will skip the new outfit? Festive events have a way of stealthily devouring a large chunk of your salary. However, the key to getting through Navratri on a budget, without having to dip into your emergency fund, is careful planning and maybe a small personal loan for Navratri shopping to bridge the gap.
Let us take a look at how you can manage your expenses during this period and when a small personal loan for Navratri shopping is a good idea.
Why festive spending seems to balloon out of control
We all have a rough budget in mind for big purchases, or gifts to our parents and grandparents. But we do not think as carefully about the many small expenses that add up — the chaniya cholis, jewelry on rent, footwear and accessories, dance classes, decorations, prasad, gifts for children and a last-minute salon visit. Each of these on their own may seem like a small expense, but altogether they can add up to between ten and twenty thousand rupees!
Add to that the fact that festivals often fall at inconvenient times of the month and not right after you receive your salary. If Navratri falls in the last week of the month, your Navratri shopping budget can easily feel undersized.
This is why a small loan taken in advance can be an important way to time your purchases and pay later in installments. Here is how you can plan your festival budget.
A good way to look at Navratri spending:
Before taking a festive shopping loan, it is always a good idea to first write down a detailed list of things you wish to purchase. A personal loan for Navratri shopping should supplement careful planning rather than replace it.
Divide your list into three categories:
- Must buy: These are outfits you will wear and things you cannot do without during Navratri. Must buy also includes things like gifts you cannot avoid giving.
- Wish list: This is everything you would like to buy in addition to the must-buys, such as extra accessories or a new decorating piece.
- Can wait: This category is for things you only want to buy because there is a sale on; in other words, things you can easily do without. Once you have created this list and assigned a rough amount to each purchase, you will have a good idea of your Navratri shopping budget. In most cases, writing down the exact amount you wish to spend will help you cut down on unnecessary expenses.
Some tips for shopping on a festival budget
A festive shopping loan for Navratri shopping is only one part of the puzzle. A few simple budgeting tactics can help you save substantially. First, try shopping early. In the weeks leading up to the festival, both the prices and the crowds swell.
It is a good idea to buy what you can well in advance and hold off on smaller purchases until closer to the festival. Also try a combination of new and old things. It is not essential to own nine outfits for nine days. Rather, you can mix-match outfits and accessories, or you can go for rental options for such occasions.
Finally, set spending limits for each category while thinking about a festive shopping loan. Set a limit for how much you will spend on clothes, for instance, and stick to it.
How a small personal loan for Navratri shopping can help
Let us say you have planned your festival budget carefully, but you still find that you are short by a large sum. This is where an instant personal loan can help you tide over the festival season without draining your savings.
Here is how an instant personal loan can help in a situation like this:
InstaMoney is a digital lending platform that connects you to NBFC lending partners. An instant personal loan for Navratri shopping is a convenient way to bridge the gap between your festival budget and your current income. The entire process is digital and streamlined to be as quick as possible, so you do not waste any valuable time during the busy festival season. Here is how the InstaMoney process works:
Check your eligibility: You enter some details and see if you are eligible for a personal loan.
Complete your KYC: You submit your PAN, Aadhaar, and bank statement for KYC verification.
Review your offer: You receive your loan amount, tenure, interest, fees, and more.
Disbursement: If you accept the offer, the amount will be directly transferred to your bank account.
Personal loan amounts typically range between INR 5,000 and INR 1,000,000. Tenures typically range between 3 and 12 months, which is a good range for you to spread out your festival expenses. Your eligibility, as well as that of the NBFC lending partner, will determine the amount, interest, and tenure that you see on your screen. Always remember that borrowing the entire amount that you are eligible for is not always a good idea.
Here are a few things to keep in mind when considering a Navratri personal loan for shopping: Borrow only as much as you need: If you find that you are short by INR 15,000, for instance, borrow only that amount and no more.
Look at the interest rate and processing fee (with GST): As with any personal loan, you will need to pay some interest on the amount that you borrow. You will also be charged a processing fee (with GST). Always read the fine print so that you know the amount you will be responsible for paying back.
Choose a tenure that suits your needs:
When it comes to longer tenures, it usually means lower monthly payments but a big chunk of interest. On the other hand, shorter tenures mean higher monthly payments; however, the interest is lower. Choose a tenure you are comfortable with.
Plan your repayment
Keep in mind that taking a personal loan for Navratri shopping works best when supported by a clear repayment plan. Before committing to any festive spending, review your expected monthly EMI and exact due dates. Ultimately, a small personal loan should make your celebrations worry-free without compromising your long-term financial security or draining your savings.
A small Navratri personal loan for shopping can be a great way to supplement your festival budget. As you can see, a little planning can help you get through this festival without breaking the bank.
Festive seasons are all about joy and celebration. At the end of the day, a small personal loan for Navratri shopping is meant to help you have a good time while avoiding the stress of a huge expense all at once. Plan your festival budget carefully, keep track of small expenses, and only borrow what you need to enjoy the season!
