Digital credit has transformed the way we approach festive spending, offering convenience, flexibility, and enticing rewards
As the festive season approaches, the joy of celebrations and gift-giving fills the air. In India, festivals are more than just occasions; they are moments of togetherness, traditions, and a time to cherish with family and friends. However, the anticipation of these joyous festivities can sometimes be accompanied by financial concerns. The pressure of juggling expenses, from gifts to holiday treats, can easily dampen the holiday spirit.
In this context, Axis My India, a consumer data intelligence company, released insights from the India Consumer Sentiment Index (CSI) report. The report reveals that 23% of people anticipate an increase in shopping activities during the upcoming festive season. This data highlights the anticipation and excitement that surrounds the festival. Moreover, 44% of those participating in e-commerce festive sales this year plan to spend more compared to the previous year. It’s clear that the festive spirit is intertwined with a willingness to indulge.
However, for many, the excitement is tinged with financial worry. That’s where the magic of digital credit steps in. With digital credit, the once difficult process of financing your festive spending has been transformed into a hassle-free experience. Imagine bidding adieu to stacks of paperwork and lengthy approval processes. Today, digital credit, accessible through various platforms and apps, simplifies your financial world with quick approvals and instant access to funds. Whether you need 100 rupees or 5 lakhs rupees, digital credit caters to all age groups, making it a flexible solution to spread out your expenses during this festive season.
Some key things to know when availing digital credit:
Instant Approval & Disbursement
Digital credit has revolutionized the way we shop during festive seasons, making it incredibly convenient and hassle-free. Gone are the days when one had to stand in long queues at banks or fill out tedious paperwork to obtain credit for their festive shopping. With just a few clicks on our smartphones, we can now access instant credit from a multitude of digital platforms. These apps and platforms offer swift approvals and disbursement, transforming the way we finance our festive spending.
This convenience is especially beneficial during festive periods when shopping lists seem never-ending. Digital credit allows us to make quick and secure purchases online, eliminating the need to carry large amounts of cash or worry about card limits. Picture this: a stress-free online shopping experience where you can select and purchase gifts for your loved ones without any worries.
Flexibility & Inclusivity
Another remarkable advantage of digital credit is its unparalleled flexibility, setting it apart from traditional financing options. Unlike conventional financing, which often comes with fixed repayment terms and borrowing limits, digital credit platforms empower users with the ability to tailor their repayment plans to suit their unique financial circumstances. Picture this: you can choose the duration and structure of your repayments, making it a perfect fit for your budget, especially during the festive season.
Digital credit takes inclusivity to the next level. It opens the financial doors wider, welcoming individuals who may not have access to traditional banking services or boast an extensive credit history. These platforms harness the power of alternative data sources and innovative risk assessment techniques to extend their financial services to underserved populations. Whether you are a student looking to finance a special gift for your parents or a self-employed artisan eager to stock up on supplies for Diwali decorations, digital credit has you covered. It’s a financial ally that adapts to your needs, making your festive dreams more achievable than ever before.
Cashback and Rewards
Digital credit goes beyond convenience and flexibility; it often brings an array of enticing offers that add an extra layer of delight to your festive shopping. Digital platforms entice users with attractive cashback rewards and incentives on their favourite festive items. For instance, you can instantly receive a 10% cashback on that stunning Diwali saree you have had your eye on, or enjoy a 15% discount on a set of exquisite lamps to illuminate your home during the festival of lights.
These offers aren’t just about savings; they are about the immediate joy they bring. With digital credit, you can seize these deals on the spot and relish the festivities without any financial constraints. Imagine the smiles on your loved ones’ faces as you share beautifully wrapped gifts, all made possible with these irresistible offers. It’s like the magic of Diwali extends to your finances, making every rupee count during this special time.
Responsible Borrowing
Ensuring responsible use of digital credit during the festive season is crucial for maintaining your financial well-being. To achieve this, start by setting a budget that outlines how much you can afford to borrow and spend. It’s essential to create a comprehensive budget that covers all your expenses and commit to sticking to it. Familiarize yourself with your digital credit provider’s terms and conditions, understanding factors like interest rates, repayment terms, and potential fees to prevent any unwelcome surprises. In the midst of the festive shopping frenzy, remember to resist the temptation to borrow more than necessary. Borrow only what you need for essential purchases and celebrations, keeping your financial goals in focus. To stay on top of your spending, maintain a record of all digital credit transactions and regularly review your statements. Lastly, making timely repayments is vital to avoid accumulating excessive interest or penalties. By following these tips, you can make the most of digital credit while ensuring a festive season filled with joy and financial peace of mind.
In conclusion, digital credit has transformed the way we approach festive spending, offering convenience, flexibility, and enticing rewards. By setting budgets, understanding terms, borrowing sensibly, and tracking expenses, you can make the most of these platforms responsibly. With digital credit by your side, your festive season can be stress-free, allowing you to fully embrace the joy of celebrating with loved ones. It simplifies the process, ensuring that the festivities shine brightly without financial constraints.
(This article is authored by Sonali Jindal who is the COO & Co-founder of RING)
