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. 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, the 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
- You don’t need any collateral:
A personal loan is a type of unsecured loan. When you take a personal loan for a wedding, you get it on the basis of your credit score and financial history. The funds are disbursed by the bank without any collateral.
- You can easily manage your wedding costs:
There are many bills to be paid in a wedding ceremony. You have to pay for the venue, decorations, photographer, food, gifts, jewellery, clothes, entertainment etc. By taking a personal loan for your wedding you can manage all these costs easily and can pay the vendors swiftly.
- You get flexible and maximum loan amount:
Banks and NBFCs across India offer a personal loan for weddings 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 the maximum loan amount to celebrate the most special day of your life in a grand manner.
- You don’t need to discharge your savings:
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.
- Quick loan approval:
Weddings require spending money on an immediate basis. Banks and NBFCs understand your early requirement of funds. They disburse the personal loan for your wedding as quickly as within 72 hours* from the application. This way you get the funds quickly and use them for your wedding planning.
- Easy repayment:-
Banks and NBFCs offer very easy loan repayment terms for your personal loan for weddings. The tenure ranges from 5 to 7 years. You can also repay your personal loan for a wedding by part payment. This way you can get debt free quickly