Marriage symbolises the beautiful union of two people who’ve made the decision to spend the rest of their life together. It’s one of those special events where there’s no holding back when it comes to spending money to make it as memorable as possible. However, with the inflation and rising costs, weddings have become a lot more expensive than before.
In a country like India, where weddings are a really big deal, a lot of people get disheartened due to financial restrictions. However, with a personal loan for wedding, you can easily break free from those constraints and have the wedding you’ve always dreamed of. Let’s a take a look at how wedding loans work and what their advantages are.
What is a wedding loan?
Wedding loans are unsecured personal loans taken to cover the expenses incurred for a wedding. These could include anything from booking a venue, buying gifts for guests, sponsoring a honeymoon trip, or buying an expensive wedding ring. You will not be asked to divulge details of where you plan to use the loaned amount, so once your loan gets sanctioned, you can use it for any wedding-related expense that you’d like to cover.
The advantages of a wedding loan
Wedding loans are beneficial not just because they help you offset the major costs of hosting a marriage, but due to a host of other benefits too.
Since these loans are unsecured, you do not need to offer any collateral or find yourself a guarantor.
The approval process is fairly simple. If you have a good financial track record, it shouldn’t be hard to find lenders who are willing to give you a personal loan for a wedding.
You do not have to handle too much paperwork or make multiple trips to a bank or financial institution. Most lenders are now offering wedding loans online which you can avail from the comfort of your home.
With most lenders offering a cap of Rs.35 lakh, you can cover most of your costs through the loan itself without digging through your hard earned savings.
Things to look out for
Whenever you take a wedding loan, there are a few things you should always keep in mind.
First off, do proper research and compare all the different offers in the market. Once you’ve shortlisted a few lenders, read through their offer documents carefully and check for things like processing fee and pre-payment penalties. Many lenders offer flexible repayment options and won’t charge you extra if you want to pay your loan off before the tenure gets over.
The most important thing to keep in mind, however, is to make sure that you’re living within your means. Don’t take up a loan you can’t afford just to look good in front of your relatives and neighbours. Remember that it’s more important to create memories that you’ll cherish for the rest of your life instead of worrying about everyone else’s opinions.
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