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November 28, 2025
With Diwali celebrations coming to an end, it is time to get back to work and responsibilities. The holiday period is one of relaxation and enjoyment, which encourages spending, and it is easy to go over your budget.
Post Diwali, it’s time to review your finances to ensure you have enough funds to cover mandatory expenses and repay credit obligations on time. This includes checking your bank account and credit standing. Listed below are the major checks that will help you consolidate your finances.
Check your account for the balance. Is it sufficient for your needs till you receive your salary credit? Are there any EMI payments due, and are there enough funds to clear them? If not, make arrangements in advance by transferring funds from savings accounts. An instant HDFC Bank personal loan will help meet immediate needs.
Credit cards are handy, especially during Diwali, when the temptation to spend is high. Using your credit card to cover shortfalls and impulsive expenses can lead to overspending. After Diwali, it is essential to review your credit dues. Check each credit card individually for any outstanding dues. Give priority to the credit card used most frequently and with the highest outstanding balance.
Keeping track of your EMI and bill deadlines will help you stay ahead. A late EMI payment for your ICICI Bank personal loan can incur late payment charges and may negatively impact your loan record and CIBIL score. If you cannot pay your credit card bill in full, paying the minimum due amount by the deadline will help maintain your credit score. Not paying the minimum due amount will lead to late payment charges, and the delay will be reflected in your credit score and history.
If you have secured and unsecured credit, such as a home loan, unsecured personal loans, and credit card debts, you need to work out a way to repay them on their due dates. In case of a shortage of funds, a personal loan top-up or a balance transfer can be availed if needed. Planning for your shortfall and applying for a top-up or balance transfer in advance will help ensure you have enough funds in your account to clear the credit bill and pay the EMI.
The interest rate on credit card debt is 36% to 40% per annum, far higher than that on secured or unsecured loans. Building up credit card debt can easily lead to a debt trap, so consider the following ways to consolidate your credit card debt.
A CIBIL update occurs whenever you make a payment or apply for new credit. Monitoring your credit score is crucial. Have you missed any EMI or credit card payments? What is your current credit score, and are you financially prepared to apply for additional credit if needed? If, for some reason, your credit score has fallen below the required benchmark do not apply for further credit, as each inquiry will further lower your credit score.
Timely repayment of credit dues and effective financial management will help you stay above board; better still is planning so that expenses are covered and Diwali celebrations are enjoyed stress-free. Steps you can take include the following:
Setting aside a monthly amount for Diwali expenses will help build stability and avoid an additional burden during the holiday season.
Planning your spending will help you keep it affordable.
Points you have earned on your ICICI Bank Coral Credit Card will help you incur savings by redeeming them for gifts.
Ensure a memorable Diwali by planning your finances. After the break, review your spending and organise a repayment schedule for the credit taken to keep your CIBIL score intact for future requirements.
