While planning your wedding, irrespective of the initial budget, there is always a possibility of sudden, unaccounted for expenditure that disrupts your budget. A Personal Loan for marriage is a great way to finance all your wedding related requirements.
When it comes to your wedding celebration, money should not become a hindrance. Read on to find out why you should not hesitate to opt for a wedding loan to make this day in your life more special.
How can a Wedding Loan Help?
Weddings these days are quite fancy, with designer décor, elaborate menu, dessert bars, live performances and photo booths. The idea is to offer guests the best entertainment possible. A rising trend of theme weddings ensures that every ceremony is unique. The wedding expenditure does not end here. The basic expenses that every marriage ceremony entails, such as cost of buying jewellery for the bride and groom, clothes, gifts, catering service, wedding photography and booking the venue are crucial.
A financial cushion in the form of a Marriage Loan can help you lessen the burden of expenses, which you can easily pay back later.
How to Obtain a Wedding Loan?
The eligibility criteria for wedding loans are quite simple, whether you are availing the loan for your own marriage, or as a parent. However, you should choose your lender prudently, to make the most of your wedding loan and avail maximum benefits.
Bajaj Finserv, for instance, offers wedding loans of up to Rs.25 lakh, with features such as disbursal in 24 hours, Flexi Loan facility, easy EMI options and more. A flexible repayment tenor ensures you can pay off the loan conveniently.
Also, NBFCs brings you pre-approved offers for Personal Loans and a host of other financial products. Not only does this simplify the process of availing financing, but also helps you save on time. All you have to do is share a few basic details and check out your pre-approved offer.
All these special benefits make applying for a Marriage Loan the perfect option, which provides instant financing that can help ease expenses during your time of celebration and joy.
If you meet certain basic income criteria, have a good credit score and your documents are in order, obtaining a marriage loan is an easy task.
What to Keep in Mind before Applying for Personal Loan for Wedding?
Before you take the final dive and make the wedding loan application, it is important to keep certain crucial things in mind.
1) Discuss with your partner about the amount you are availing as a wedding loan. Avail the loan for an amount you both agree on. Your marriage loan will be the very first crucial financial decision you will be making together, so make sure you are both on the same page.
2) Consider the loan amount on the basis of your ability to pay back. Do not opt for an amount that is greater than what you need. Make sure the EMIs aren’t beyond 30-35% of your monthly income. You can use EMI calculator to calculate EMI for your wedding Loan. It comes with a Flexi Loan facility where you can borrow funds as and when required from the approved loan limit. Also, interest is charged only on the amount utilised.
A personal wedding loan can save you from financial stress and help you successfully conduct your marriage ceremony with peace of mind. It gives you the desired funds quickly to make your occasion truly memorable.