Valentine’s Day gifting on a budget: How a personal loan can help you show love | Mint

Valentine’s Day is a unique opportunity to express affection and gratitude towards your loved one. This can be done through well planned gifts. For the same it is crucial to carefully plan, budget and execute purchases so as to ensure successful results.

Now to make the entire process successful it is important to determine spending limits so as to preserve financial stability. Post the same a strategy must be chalked out to diversify payments for different kinds of expenditures.

So if your budget is limited and you still want to make your special one feel awesome you can consider taking a personal loan. Still, mark this in red that borrowing comes with its own risks. Borrow only what you can repay in a hassle free manner. Also, borrow only the amount you need. Below are some of the gift ideas that blend creativity with excitement:

• Technology gadgets: Smartwatches or high quality headphones can be reasonable gifts.
• Personalized gifts: Personalized engraved wallets, mugs or commissioned artwork add a sentimental touch.
• Wellness experiences: Spa days, curated grooming kits can all provide relaxation and rejuvenation.
• Experience based gifts: Activities like paragliding or cooking classes for memorable moments together can be another wonderful option.
• Fashion items: Timeless gifts like designer watches or bespoke suits, can enhance your partner’s style and presentation.
• Spontaneous travel plans: Short international trips can easily create unforgettable experiences. For the same personal loans can be planned at the lowest possible repayment rates.

What is a personal loan?

A personal loan is an unsecured financial product offered by banks, credit unions, or non-banking financial companies (NBFCs) to meet various personal needs, such as medical expenses, weddings, travel, or debt consolidation.

It does not require collateral, and the loan amount is approved based on the borrower’s creditworthiness, income, and repayment ability. Personal loans typically have fixed interest rates, a predefined tenure, and are repaid through Equated Monthly Installments (EMIs).

While quick approval and flexible usage are key advantages, interest rates are generally higher than secured loans. Eligibility depends on factors like credit score, income stability, and the lender’s criteria.

Why should you consider a personal loan this Valentines day?

A personal loan this Valentine’s Day can help you create unforgettable moments, plan a romantic getaway, buy a meaningful gift, or organize a dream date.

What is the best method of getting a personal loan?

You can apply for a personal loan through leading lending platforms. Online websites of lending institutions like Bajaj Finance, Chola Investment, Shriram Finance, Muthoot Finance among others can be considered for obtaining loans in seamless fashion.

These leading lending financial institutions can provide a platform with minimal processing fees and no paperwork. Further, the loan amount is directly credited to your bank account within minutes.

What are the steps of availing loans through such platforms?

• Enter your details like Aadhaar, PAN etc.
• Complete a quick KYC verification.
• Read the terms and conditions carefully.
• If in doubt, call on the customer support platform of these lending institutions.
• You can also write a mail, connect through WhatsApp with these platforms.
• Carefully choose your EMI repayment plan to avail the loan.
• The goal is to get into an agreement after clearly understanding the terms.

What about the repayment of the loan money taken?

It is crucial to understand that instant loans offer flexibility in repayment. It is very important to clearly understand the fixed interest rates charged on the repayment, its tenure and associated terms and conditions.

This will help you in making your Valentine’s Day special without depleting your hard earned savings. It is hence important to ensure repayments are diligently managed.

As it will help in maintaining a healthy credit score. Smart financial choices hence can propel thoughtful gifting and turning your Valentines Day as a memorable day.

(Note: Raising a loan comes with its own risks. So, due caution is advised)