8 Reasons To Take A Personal Loan This Wedding Season
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8 Reasons To Take A Personal Loan This Wedding Season

A wedding in India is an amalgamation of not just two people but also of two families. A wedding in India is known as ‘Big Fat Indian Wedding’ as the weddings are grand, expensive and extravagant in nature. Every couple wants to have a dream wedding with blessings of friends and family. Even parents try their best to make the wedding of their children the most memorable event of their life. But as the name suggests, the big fat Indian weddings are always expensive. A wedding in India costs anywhere between Rs. 5 lakh to Rs. 8 crores and in some cases even more. In 2017, Indian wedding industry witnessed a turnover of nearly Rs. 100,000 crores. The turnover of the wedding industry in India is increasing rapidly at the rate of 25% to 30% annually. These expenses are difficult to pay by only accumulated savings. Thus you should definitely opt for a personal loan for your wedding.

Reasons you should get a personal loan for your wedding…

  1. You don’t need any collateral:

A personal loan is a type of unsecured loan. When you take a personal loan for wedding, you get it on the basis of your credit score and financial history. The funds are disbursed by bank without any collateral. That means you don’t have to run around collecting and maintaining the original documents of your assets. This way you can be tension free as there is no collateral involved in loan to add to your worries.

  1. You can easily manage your wedding costs:

There are many bills to be paid n a wedding ceremony. You have to pay for venue, decorations, photographer, food, gifts, jewellery, clothes, entertainment etc. These things charge from mere thousands to lakhs and sometimes in crores. A wedding in India comprises of at least 2 to 3 different ceremonies. So for each ceremony you have to bear the cost of above mentioned details. By taking a personal loan for your wedding you can manage all these costs easily and can pay the vendors swiftly.

  1. You can manage all you financial obligations:

When a couple gets married, they have to consider financing not just the wedding ceremony but also many other elements related to it. Like honeymoon, pre-wedding expenses, buying or renting a house, shifting from one house to another, buying gifts for relatives etc. You may also have other personal financial obligations like EMIs, savings and investments on monthly basis. A wedding can hurt all your financial planning money wise. That’s why if you opt for a personal loan for your wedding, you can easily manage all your financial obligations without getting any extra burden.

  1. You get flexible and maximum loan amount:

As mentioned earlier, a wedding can cost more than a few lakhs. Banks and NBFCs across India offer a personal loan for wedding for up to Rs. 30 lakh and in some cases even more. This amount totally depends on your credit score and financial history. By taking a personal loan for your wedding you get maximum loan amount to celebrate the most special day of your life in a grand manner.

  1. You don’t need to borrow from friends and family:

As weddings are expensive, many people borrow money from friends and family to fund their wedding plan. But this can be awkward as you live under constant obligation of that person who lent you the money. There is no written agreement, a decided tenure and nor the details of how the borrowed sum should be paid. Many times borrowing money from friends and family may damage your relationship with them. Thus if you take a personal loan for your wedding, you don’t have to live under constant obligation or in the scare of damaging your relationship with loved ones.

  1. You don’t need to discharge your savings:

Many people start spending their savings on wedding only to realize later that it won’t be sufficient. Many end up discharging all of their savings putting their financial status to zero. This can be harmful if you have made a plan to utilize those funds elsewhere or if you get hit by an emergency. But if you take a personal loan for your wedding, you become able to keep a hold of your funds. You don’t need to utilize that precious money if you have taken a personal loan for your wedding.

  1. Quick loan approval:

Weddings require spending money on immediate basis. Many vendors ask you for an advance amount on payment. That’s why you may require the wedding funds in the early stage of wedding planning.  Banks and NBFCs understand your early requirement of funds. They disburse the personal loan for your wedding as quickly as within 72 hours* from application. This way you get the funds quickly and use them for your wedding planning.

  1. Easy repayment:

Banks and NBFCs offer very easy loan repayment terms for your personal loan for wedding. The tenure ranges from 5 to 7 years. You can also repay your personal loan for wedding by part payment. This way you can get debt free quickly.

So start planning a wedding by taking a personal loan for your wedding!

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