A wedding is one of the most expensive events in one's life. When it comes to an Indian wedding there are numerous expenses that you need to cater to. From paying for the venue and catering to décor, dress and jewellery; the list in unending. Though most people use their savings for the big day, but there is always the scope for needing extra funding. A personal loan can come to your aid in such a situation.
A personal loan is an
unsecured loan that needs no collateral or guarantee. The paperwork is comparatively much simple, and the disbursement is quick. You can use this loan amount to meet any of your expenses.
Let's look at how this loan fits into your big day.
Benefits of Personal Loan for Wedding
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Substantial funds
A personal loan for marriage is available for a maximum value of Rs 5,00,000. However, the funding amount might vary from one applicant to another, depending on your credit profile. If you earn well, have never defaulted on a loan before, and you do not have several debts, you can qualify for the amount mentioned on the lender's website.
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Longer repayment tenure
Loan for marriage purposes has a 60 months repayment tenure. The lender also allows you to choose the term based on your affordability using a personal loan EMI calculator. Since the payback period affects both EMI and interest payable, stretching tenure increases funding costs while shortening tenure increases EMI. Hence, striking a balance between the two is critical.
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Unsecured
Personal loan are unsecured financing which do not need any collateral or guarantee. Your assets are safe even in case of a loan default. The lender relies on your income, credit score, age and other factors to determine your repayment capability. These crucial parameters help them analyse the risk associated with your profile.
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Multiple usages
This is the primary reason for obtaining a personal loan for a wedding. The lender allows you to use the funds for whatever purpose you see fit. You can use it to buy designer clothes or to make wedding-related reservations.
Top Ways to Use a Personal Loan for a Wedding
For Pre-Wedding Expenses
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Organising ring ceremony
A ring ceremony or a roka ceremony is a very significant marriage ritual that can be heavy on your budget. Since, most Indian families are large, even an intimate ring ceremony can include 200-300 guests from both sides. In addition to this, you will have to bear the cost of ring, dress, make-up, décor and photography. A quick personal loan can help meet these expenses.
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Making reservations
Wedding reservations must be made well in advance of the big day. You must reserve the banquet hall, photographer, hotels for your guests, and cab services. All of these reservations would cost you lakhs of rupees. You need to make these payments at least 3 to 6 months prior to your wedding date. If your investments are yet to mature, then you can avail a personal loan to accommodate these expenses.
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Jewellery
Indian weddings are incomplete without jewellery. Even if you want a small and intimate wedding, you cannot do cost cutting on your jewellery. Wearing gold jewellery is considered auspicious and it is a representation of our culture and heritage. But with the surging price of gold, buying jewellery can strain your budget. In this scenario, a personal loan can help.
For Post-Wedding Expenses
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Moving to a new house
Whether you are living in a small bachelor pad or you are living with your parents, you and your spouse might want to move out to a new house post marriage. Having your own private space that you will create together can help in building your relationship. But moving into a new house entails many expenses. Right from making the deposit to buying the furniture, it is a costly affair. A personal loan can make this transition much easier. -
Furnishings
One of the things that need a desperate make-over after your marriage is your furniture. From changing your single bed to double bed and your single wardrobe to double wardrobe, your room will undergo a complete makeover to make space for your spouse. If you opt for good quality furnishings, then changing your bed and wardrobe can cost you in lakhs. A quick personal loan can help you in accommodating these expenses. -
Honeymoon
Going on a honeymoon trip can help a new couple bond and create beautiful memories. It is a very important post wedding ritual that gives the couple a break post their long tiring wedding rituals. But planning an exotic honeymoon trip can be very costly. Whether you travel domestic or international, it is likely to cost you in lakhs. Avail a quick loan to enjoy an exotic honeymoon. You can use this loan amount to book your flight tickets, hotel bookings, shopping, activities and other miscellaneous expenses. With a personal loan you can enjoy the best of this trip and repay in small monthly instalments.
Final Words
Personal loans for weddings act as a financial buffer against a variety of significant expenses. With substantial funding, flexibility in usage and repayment, and low-interest rate, a personal loan ensure that your special day is indeed special.
