Loans are quite helpful in our lives as they help us cover big expenses like buying a car, going on a vacation, or even purchasing gifts. Whether it is a car loan, a travel loan, or a two-wheeler loan, many people rely on borrowing money to achieve their financial goals. However, getting a loan from a bank isn’t always easy, right? Because you have to go through lots of paperwork, meet eligibility criteria, and wait for approval, which can take time.
But what if you need money quickly and without all the hassle? That’s where a gift loan comes in. Let’s take a closer look at what are gift loans, how gift loans work and why they could be the right choice for you.
How Does a Gift Loan Work?
Gift loans are pretty simple. You borrow money from someone you know, like a family member, and you both agree on when and how you would pay it back. There is usually no pressure to follow a strict repayment schedule like with traditional loans. You and the lender can decide what works best for both of you.
Even though gift loans are informal, there are a few things to keep in mind. If you borrow a large amount of money, you would have to pay taxes on it. However, there is an exemption from tax for gifts of up to ₹50,000 per annum in India. For smaller amounts, gift loans are a quick and easy way to get the money you need.
Common Uses of Gift Loans
A personal loan for gifts can help you in many ways:
Buying a Car: Instead of applying for a bank car loan, you could borrow money from a family member to buy a car.
Travel Expenses: Want to go on a trip but short on cash? A gift loan can work as a travel loan. It is a simpler option for funding your vacation.
Two-Wheeler Loan: Some people borrow money from friends or family to buy a two-wheeler. It is more flexible than going through a bank for a two-wheeler loan.
Loan for Buying Gifts: If you need to buy gifts for a birthday, wedding, or any other occasion, a gift loan from a friend can help cover the costs.
Loan for Gifting Special Items: Want to give someone a special gift like jewellery or a gadget? A gift loan makes it easier to afford without the hassle of getting a formal loan.
Home Renovation: You can even use a gift loan to make changes or repairs to your home, like repainting or renovating a room with a home renovation loan.
Advantages of Gift Loans
- Most gift loans come with little or no interest, and hence, they are often easy on your wallet.
- You and the lender can work out a repayment plan that’s easy for both of you, unlike bank loans where rules are strict.
- Gift loans do not need approval or paperwork, so you can get the money right away.
- You also do not need to offer anything as security, which is often required in bank loans.
Conclusion
So, if you need cash for buying gifts, travelling, or even getting a car, a gift loan can certainly help you without all the stress of dealing with a bank.
If you do not wish to ask for help from family or friends and prefer a more formal option, then you can check the CASHe loan options. The CASHe app offers instant personal loans for all kinds of needs like buying gifts or travelling. Whether you need a personal loan for gift purchases or a loan for buying gifts like two-wheelers, CASHe has got you covered.
Download the CASHe app and get the money today!
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