Weddings in India are not just about two people; they involve a union of two families as well as two different cultures. There is no doubt – why weddings in India are a huge celebration. Whether the wedding is an intimate ceremony or a big fat celebration, the expense will surely affect your pocket. Since weddings are certainly one of the biggest events in the life of an individual, the cost involved in managing the marriage can also be a stressful task. No matter how much you plan, the expenses will surely underestimate you.
Considering the average Indian weddings, the cost can weigh around 15 to 20 lakhs. Frankly speaking, not many households can save that much for marriage. It is advisable here, to borrow a small loan in order to finance these wedding expenses. Many people usually prefer taking personal loans for marriage.
Borrowing a loan will not only help you manage the wedding expenses, but you can also plan a dream wedding.
However, before applying for a personal loan, you need to do your homework. Firstly, make a list of all the expenses and categorise them accordingly. Once the list is made, you will get an idea of the fund allocation. Secondly, take a look at your savings. This will give you an estimated idea about the amount to be borrowed as a personal loan for a wedding. Besides this, your capability to manage your expenses should also be looked upon after you have taken the personal loan.
What is a Personal Loan?
Weddings these days have become a quite fancy affair and to manage the related cost, you might need a helping hand. In this situation, personal loans can help you finance your wedding expenses. Personal loans are a form of unsecured loans wherein there is no need for collateral to be put up against the borrowed loan amount. Since the lender does not ask you to back the loan with any asset. One of the most beneficial parts of a personal loan is, you are provided with the flexibility of fund usage, wherein the lender does not monitor the usage of funds.
Since the loan allows flexible fund usage, you can easily allocate the money for any wedding expense. Apart from the wedding décor, there are many other costs involved in like food, photography, venue, dresses, jewellery and much more. You might have come across the new trend, which has taken over the wedding events by storms: The theme weddings. These theme weddings involve heavy decor and costume bills. In case if you are planning to do so, then it is essential to keep other marriage costs in mind too. However, regardless of your ambitions, you don’t have to feel low about the shortage of funds. A theme wedding is still possible if you borrow a personal loan.
There are many facilities provide by the financial institutions which you can benefit from, by applying for a personal loan for wedding purpose.
a.) Eligibility Calculators:
When applying for a wedding loan, it is important you check the eligibility criteria set by the lender. To fit the eligibility criteria, you need to be in the age group of 25 to 58 years. Besides this, you need to have a high and a stable income as well as proper documents to get your wedding loan approved. In order to check your eligibility, you can also use the eligibility calculator provided by the financial institutions on their website. If you are eligible for the wedding loan, you can further move to the application process.
b.) EMI Calculators:
Before applying for the wedding loan, it is important to check the interest that you will be paying over your loan amount. In order to calculate your personal loan EMI, you can use the calculator provided by the lender. Wherein you just have to enter the loan amount, tenor and the interest rate; the calculator will then estimate the EMI amount. By knowing the interest amount, you can check your repayment capacity as well as manage your monthly payments.
c.) Instant Application and Loan Approval:
By visiting the lender's website, you can easily apply for the wedding loan online. Thus, this saves a lot of time and also the application process is quite fast. Here you don’t need to visit the financial institution and wait for hours to proceed with the application. Besides the loan application, the wedding loan is also approved faster, if you fit the eligibility criteria set by the lender. Also, the money is transferred within 72hrs in your account.
To conclude with, you don’t have to compromise with your wedding expenses. Instead, you can apply for a personal loan and enhance your wedding experience.