We all know that Indian weddings are lavish affairs with multiple ceremonies that last for two to three days. The cost of such grand weddings often runs into several lakhs of rupees. Some of the destination weddings cost crore rupees including all the arrangements or without it. Hence, people are not able to arrange such a heavy amount of funds.
If you are worried about how to arrange the money required for the wedding of your dreams and for the marriage functions, stop worrying. In that case, availing personal loan for wedding is a great option for recovering the funds. You can now easily apply for the loan to cover most of the expenses that your wedding would incur.
What Is Personal Loan For A Dream Wedding?
These are unsecured (collateral-free) loans of a sizable amount. There are no spending constraints with the sanction, and hence, you can allocate it to the various expenses. Many banks and NBFCs offer personal loans for weddings with reasonable interest rates and require minimum documents too. But which one is best for you totally depends upon your requirement and choice. To understand the benefits of such a loan, let’s see how a personal loan can help you plan a memorable wedding.
Advantages Of Availing Wedding Loan:
- Ample sanction can let you select the destination for a dream wedding
Don’t search for a local hotel or party plot for your big day. Instead, plan a destination wedding. Select a place on the globe where you want to get married and start your preparations. Even though a destination wedding costs a fortune, personal loans for marriage can take care of expenses like flight tickets, hotel stay and a wedding venue.
- Instant financing
Apart from a venue and the flight tickets, you may have to arrange for a wedding planner, photographer and a videographer to capture your special moments. You may also have to give booking money or some confirmation amount, where your loan amount can help you. Marriage loans are easy to avail, with simple eligibility criteria. You can also apply online and get approval in minutes. The loan amount would come into your account within 24 hours. The quick access to funds helps you in proper planning.
- No immediate repayments
One of the most attractive features of a personal loan for marriage is that you do not have to make repayments immediately after the wedding. Most personal loans come with a flexible tenure of repayment which you can do at your own pace. You can make use of a personal loan calculator to find EMI value that best suits your repayment capabilities.
- Flexi Loan facility
Your loan permits you to make multiple withdrawals from the sanction as and when you need funds. The interest on the loan applies only to the actual amount that you withdraw from your account and not on the exact amount sanctioned. If you wish, you can pay interest-only EMIs for the initial few months of the tenor to reduce your monthly instalments by a substantial amount.
- Low rate of interest
Personal loan for the wedding comes at an approximate interest rate of 10% to 12%, depending upon the lender. It makes the loan more attractive. Your dream wedding would have been more costly if you had raised funds through some other means.
It is good to dream big and still better to see it coming true. One can make their dream wedding a reality by opting for a personal loan to fund the wedding. For the successful and instant approval of the loan, you have to fill the eligibility criteria and provide the necessary documents.