Wedding Loans are the Best Way to Plan Your Wedding Expenses! Do You Know How?
Indian weddings are an extravagant affair. From hosting a huge gathering of friends and family to accomplishing the ancestral rituals, planning a wedding involves complex financial calculations. People used to sell off their properties or liquidate their lifetime of savings to accommodate the wedding expenses. But today, you can easily cater to such expenses with a wedding loan. You can rely on the best loan app to meet the financial gap.
Wedding loans are a type of personal loan offered by many lenders for both small-ticket and big-ticket expenses related to a wedding. You can avail a wedding loan for any purpose and any amount depending on your eligibility and choice of lender. Availing a wedding loan is often more affordable then selling off your property or liquidating your investments.
In addition to that, the attractive features of a wedding loan makes it one of the smartest ways to manage your wedding finances.
Features of a wedding loan
High loan amount
Many lenders offer you a very high loan amount depending on your eligibility. You can avail a loan ranging from Rs. 25000 to Rs. 1 crore. If you need a small ticket loan of up to Rs. 1.5 lakh then you can apply through a personal loan app. For higher amounts of up to Rs. 1 crore, you can apply with a bank or NBFC.
Available to salaried and self-employed
Whether you are a salaried or self-employed individual, you can avail a wedding loan if you meet the eligibility criteria.Usually, self-employed people remain sceptical about the feasibility of a loan and shell out their savings to fund a wedding. However, you can easily tap into a loan app and get a wedding loan irrespective of the fact if you are salaried or self-employed.
No security required
Personal loans are unsecured loans. This means that you do not need to provide any security or collateral to obtain a wedding loan. This makes wedding loans more accessible and safe for all borrowers. You just have to meet the eligibility criteria and submit the requested documents to avail a wedding loan.
Competitive interest rates
Many financial institutions offer wedding loans at a competitive interest rate which makes it an affordable funding tool for wedding. If you have a good borrowing profile, the lender might offer you the requested loan at a reduced interest rate. However, do note that the interest rate also depends on the loan amount and loan tenure that you choose. You can check out the loan apps to get the best interest rates on wedding loans.
Flexible repayment tenure
One of the best features of a wedding loan is the flexible repayment tenure of these loans. You can avail a lum sum amount to meet your urgent financial requirement and pay back in easy monthly instalments. You can choose a loan tenure, EMI, and scheduled repayment date as per your convenience.
No tedious documentation
When you are encumbered with all the wedding preparations, the last thing you need is a pile of documents to sort. Thankfully, wedding loans are available against minimal documentations. You just need to submit a few basic documents, such as identity proof, proof of your address, and proof of your income.
Using a personal loan app, you can apply for a wedding loan right away. These personal loan applications are available around-the-clock and can be used from any location around the world. The entire loan process is digitalized which makes it much easier to avail the loan. You just need to have a digital copy of all your documents uploaded on the cloud for easy access.
If you meet the eligibility requirements for a wedding loan and you submit the documents correctly then the loan amount will be disbursed almost immediately after approval. With advanced machine learning and AI, loan apps process your loan applications in no time.
Why fund the wedding using a personal loan?
Here is a list of reasons why you should avail a wedding loan instead of using your savings and investments to fund a wedding –
- No need to liquidate assets – By funding the wedding with a wedding loan, you do not have to liquidate any of your hard assets.Liquidating your assets can be time consuming and it might be a big loss as there is a great probability of value increase in the future.
- Continue investments – With a wedding loan, you do not have to pull out your The longer you invest, the better are your returns. This helps you save the money for your retirement or medical emergencies.
- Savings remain unexhausted – The savings that you make over time can get exhausted if you spend it on the wedding. Usinga personal loankeeps your savings intact.
- No restriction on end-usage – You can use the wedding loan to bear any wedding-related expenses. From booking the wedding hall to buying jewellery, you can use it as you deem fit.
- Consolidated financing– Instead of getting funding from multiple sources, like selling assets, or borrowing from friends and relatives, a personal loancan be your one single stop.
A wedding loan is an easy and convenient way to finance your wedding expenses. It not only takes away the financial burden, but also helps you in planning your expenses in a better way. In addition to that, applying for a personal loan for wedding keeps your savings intact for future purposes.
Today, you can easily apply for a wedding loan even at the last minute through a loan app. But it is always adviced to do the due diligence before choosing your lending partner. You must also have a specific budget in mind and try to accommodate the expenses within that budget. Overborrowing can increase your repayment burden and lower your eligibility for future loans.
Finally, talk with your partner about the loan and consider the increase in expenses after the wedding. Based on all those calculations, you must calculate your EMI affordability using an online loan calculator. Always keep in mind that the repayment of the loan should not strain your budget.