Core Insights - The festival season drives increased household spending, leading to a surge in personal loan applications to cover expenses related to celebrations, gifts, and travel [1][2]. Personal Loans Overview - Personal loans are a practical financial tool for managing festival expenses, offering quick approval and minimal paperwork [3]. - Interest rates for personal loans from leading financial institutions range from 10% to 16.5% per annum, with flexible repayment periods from 12 to 96 months [3][4]. Usage of Festival Loans - Personal loans can be utilized for various festival-related expenses, including shopping for apparel and jewelry, home renovations, family trips, and purchasing furniture and electronics [7]. Digital Convenience - The online application process for personal loans allows for instant approvals and disbursal within 24 hours, catering to the urgent financial needs during the festival season [5][6]. Smart Borrowing Tips - To maximize benefits from personal loans, borrowers should compare interest rates and processing charges, ensure EMIs do not exceed 40% of monthly income, and read the terms carefully [11].