Personal Loan for Gifting: 5 Ways To Make Your Celebration Special

Availing of a personal loan for gifting is a straightforward and rapid solution for arranging the funds you need. The funding you get comes with no restrictions, so you can use it for umpteen expenses, including giving special gifts to your loved ones. 

Read on to know why you should choose a personal loan for gifting and easy tips on choosing the right lender. 

Features and Benefits of a Gift Loan

If you are wondering whether a personal loan is the right option for a gift, then consider these factors. 

• Easy Online Application 

Most lenders allow you to apply digitally from their web portal or app, which makes the application process straightforward and hassle-free. For instance, at Fibe, you can apply in just 3 easy steps, which are:

• Download the app or register on the website
• Apply with basic details 
• Upload the required documents for verification

• Quick Disbursement

Thanks to fintech advancements, you can get your loan approved instantly and sanctioned in just a few hours. Additionally, it is an unsecured loan, so the processing is quicker than secured loans, leading to faster access to funds.

• No Collateral Required 

When applying for a gift loan, you do not need to pledge any security as it is an unsecured loan. As such, you can keep your assets secure and enjoy stress-free repayment. 

• Minimum Documentation 

You can apply with basic KYC documents and income proof to get your best loan offer. This ensures you can get funds whenever you want without any lengthy and time-consuming paperwork. At Fibe, you can get funds by submitting only the following documents:

• Proof of identity
• Proof of address
• Proof of Income
• Selfie

• Flexible Repayment 

Lenders allow you to choose from a range of tenure options, which enables you to pay the loan comfortably and without burdening or stretching your budget. 

• Customised Offers 

The loan offered to you is tailored to your finances, which you can use as per your needs. Generally, lenders offer loans based on your finances and several other factors, such as:

• Credit score
• Debt-to-income ratio 
• Income
• Repayment history

• Lower Interest Rates 

These loans have a competitive interest rate, which is often lower when compared to credit cards. This makes it an affordable option to get funds for giving the best gifts. 

• Unrestricted Use

Personal loan funding comes with no limitation on how and where you can use it. So, you pay for gifts, emergency expenses, travel, or any other requirement with no questions asked by the lender.

Also Read: Benefits of a Personal Loan

Tips for Getting a Personal Loan for Gifting

Here are some tips that will help you secure the best loan offer:

• Compare multiple lenders’ interest rates and other terms before you apply
• Choose a digital lender for smooth application and quick sanction 
• Apply during the festive season or other sales to keep costs low
• Set a budget to determine your desired loan amount
• Leverage your excellent credit score and history to bargain for a lower interest rate
• Borrow only the amount required and use an EMI calculator to plan repayment

You can choose from several lenders offering great deals. So, make sure you use the above tips to choose the most cost-effective option to meet your needs without any hassles. Fibe is a leading lender offering Personal Loan of up to ₹5 lakhs at rates starting at 2% per month and tenure going up to 36 months. 

You can also enjoy 2-minute disbursal, minimum paperwork, no collateral, no pre-closure charges and many other benefits. Once you’ve paid your loan completely, you can apply again in 3 days easily, making future borrowing just as simple. Visit our website or download the Fibe Cash Loan  App to get started! 

FAQs on Personal Loans for Gifting  

Is it a good idea to avail a personal loan for gifts?

Whether it is an ideal choice depends on your finances and requirements. If you need a big sum without depleting your savings, then it can be an ideal option. This is because the loan is available without collateral, at affordable interest rates, and with budget-friendly EMIs. 

What is a gift loan?

It is a type of personal loan through which you can get funds for buying a present. These generally come with no end-use restrictions, so you can finance any need you want.

How to use personal loans for gifting?

Once your loan gets disbursed, you can use the loan amount to buy any gift you want and repay in EMIs for the approved tenure.