Most Indian weddings are a spectacle to behold. Lavish and spectacular in the display, these extravaganzas cost a lot of money and resources as Indians love to celebrate in style. Celebrations and parties marked by sumptuous food, costly drinks, a wide range of buffets and huge gatherings mark most marriages in most Indian families.
Funding these big fat weddings may not be easy as these elaborately planned functions involve a lot of money. Innumerable expenses, big and small, add to the wedding budget, thus, prompting one to avail wedding loans to pay for them. One can avail of a personal loan to fund the grand marriage.
Financial institutions are eager to lend to their potential customers. In addition to easy accessibility, there are other reasons to use a personal loan to pay for the wedding ceremony. These include:
Funding numerous expenses: A wedding is more than simply vows taken to protect and preserve. Celebrations of weddings involve countless expenses like those on the venue taken on rent, lighting, decoration, catering, drinks, etc. Then, there is the wedding trousseau and jewelry, the costs of which run into lakhs. With a loan, it becomes easy to fund these expenses.
Choice of the loan amount: The choice of loan amount means that you do not fall short of money necessary to fund your wedding. Lending institutions lend up to Rs. 25 lakhs* for wedding loans, which is enough to take care of your wedding expenses. Since you can avail of the loan amount in one place, you are relieved from the burden of taking multiple loans.
Unsecured loans: Most lenders do not seek collateral on these loans, thus, rendering them unsecured. It translates to easy disbursal as lenders determine your credit score, approve the loan amount and ask you to submit the documents required for the personal loans. Once the loan amount gets credited to your account, you can withdraw the amount and spend it on whatever you deem best.
Choice of loan tenure: Repaying a loan involves monthly interest payments over a predetermined loan tenure. Lenders allow you the flexibility to choose the period during which you would repay the entire loan amount along with interest. Most lending institutions allow you to choose the loan repayment period between one and five years, which means that you have enough time to return the loan amount in equated monthly installments (EMIs).
Less financial stress: Most lenders allow their customers to choose between flat rate method and reducing balance rate method to make the loan repayment. In the flat rate method, interest rates are low and would require you to pay interest calculated on the principal amount of the loan. In the other method, lending institutions calculate the interest on the outstanding loan amount monthly. Depending on the availability of funds, you may choose your loan repayment mode.
As mentioned above, weddings are a costly affair in India, thus, forcing parents and elder members of families to break into their savings accounts to make fund arrangements. Hence, avail personal loan to fund the wedding helps people meet their wedding financial goals. documents required for personal loans. For taking the loan you must have the documents required for a personal loan and satisfies the eligibility for it.
This involves withdrawing money from savings accounts or breaking into fixed deposits, recurring accounts, and long-term deposits. An imminent and sudden need for funds may also result in premature withdrawal of fixed deposits, thus, incurring unwarranted penalties and added charges. However, easy availability of money through personal loans means lowered financial distress as you do not have to dip into your savings or liquefy your assets for the same.
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