Everyone dreams of having a big, fat, Indian wedding. However, you don't need to have a big, fat check to fund it. What to do if you don’t have the money but want a wedding of your dreams? Simple – Apply for a marriage loan. Here are 6 benefits of a wedding loan:
1. Savings Will Be Intact
Weddings are expensive and it is not wise to use up all your savings on the occasion. You have to pay for many things and there may be unforeseen wedding expenses. It would make sense to take a personal loan to cover those expenses rather than dip into your savings.
Keep those wedding savings for situations like medical emergencies.
2. Quick Approval Time
You can easily match the eligibility criteria to get a personal loan for a wedding. You need to be a salaried individual without too many loans or outstanding debt. Use the personal loan eligibility criteria to check if you are eligible for the loan or not. The process barely takes a few seconds.
Once your eligibility is verified, you have to submit your loan application along with the necessary documents. Your marriage loan will be approved within minutes.
3. Sanctions Amount To Fund The Entire Wedding
You can apply for a personal loan for a couple of lakhs and choose a flexible repayment policy. You can then use the loan amount to fund different aspects of the wedding like catering, décor, venue, shopping, etc.
Choose a tenor that works for you so that you can repay the loan easily. The tenure usually ranges from 24 to 60 months.
4. It Is A Collateral-Free Loan
A personal loan is an unsecured loan – which means you do not have to pledge any collateral against it. You do not have to risk big assets like property or a vehicle to get the loan. Since there is no collateral involved, the processing and disbursal of the personal loan are much faster.
Moreover, it is a good option if you do not have any personal assets to put as collateral.
5. Enables You To Tackle Unexpected Expenses
Sudden last-minute expenses are common at any wedding and it can be quite stressful if you do not have sufficient money in hand. This is where a personal line of credit comes into play.
You can borrow as much as you need from the credit line and you will just be charged interest for that amount only. This way you can tackle sudden wedding expenses without any worry.
6. Flexible Usage Of The Loan
A personal loan gives you the flexibility to use the money any way you want. You can spend it on paying the vendors, buying the wedding attire and jewelry, arranging accommodation or transportation for guests, etc.
If you are left with extra money after all the wedding expenses, you can use it for your personal use.
Conclusion
Memories of a wedding last a lifetime. You can’t put a price tag on the happiness it brings. But you can certainly pay for it with the help of a wedding loan.
Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India's first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life's mission to help and educate people on various financial topics, so email him your questions at shiv @ moneytap dot com.
