Weddings in India are celebrated on a grand scale. The trends of Indian weddings, like royal venues, destination weddings, designer bridal wears, custom jewellery, photo shoots and drone shots have only raised the bar for celebrating this one-in-a-lifetime. Not to mention, wedding inflation in the country has been at an all-time high, only pushing the cost of organising these grand events further. This poses a hefty funding burdenthat often drainsyour lifetime savings. And sometimes, even your lifetime savings may fall short to finance your dream wedding. In such scenario, an instant loan can come to your aid.
You can easily avail a personal loan at the last minute though a loan app, or plan for one well in advance. For small ticket loans, loan apps offer the best features. But if you want a big ticket loan then you can check with the banks or NBFCs.
To fulfil your financial needs related to wedding expenses, aninstant loan fits just right in many ways. It is a much more affordable option then liquidating your investments or selling your properties. Availing the loan is also much less-complicated as it needs only a handful of requirements. The simplified eligibility rules for personal loans make it a great debt tool across all segments of borrowers.
Here are some best scenarios where the financing option can be of use.
Top 6 Ways in Which a Wedding Loan Can Assist You with Marriage Preparations
A wedding loan is becoming an increasingly popular financing tool in the Indian market. With raising financial awareness among the people, they no more make the mistakes of selling off their properties at low rate to finance a wedding. A personal loan offers easy financing without putting your assets at stake.
Here are some situations in which a wedding loan can serve you right-
1. Financing for a wide range of expenditures
Wedding expenses can be a handful to meet. Right from paying for the venue, decorations, catering, accommodations, and transportation to bridal attire and makeup, photography and videography, return gifts, and so much more, there’s a lot to cater. All these expenses have seen at an all-time high in the present circumstances.You can neither avoid them nor compromise on their quality.
As such aninstant loan comes to the rescue.A wedding loan comes with restriction-free end-use feature. These loans are not expenditure-specific and can be utilised for meeting all types of expenses. You can easily avail a wedding loan and meet all financing gap. You can download the best loan app to check your loan eligibility.
2. Deferred repayment liability
Financing additional wedding expenses remains one of the top benefits of the advance. But in addition to that, it also helps with the overall financing by deferring the total repayment liability. Your total loan liability is broken down into small EMIs payable over an extended tenure.
With a wedding loan, you can choose the loan tenure as per your financial standing. This eliminates the need to repay immediately. You can manage the loan as per your available income capacity. Once you have availed the loan, you would only need to start the repayment after one month and continue in EMIs until the tenure completion.
3. Overall affordability
An instant loanis highly affordable if you make the right choice. You can compare available lenders in the market and choose a loan that comes with the lowest interest rates. This can be a typical respite amidst all the financial strain that a wedding arrangement can bring.
You can also negotiate with different lenders to get more favourable terms on the loan. Before applying for the loan, you must spare some time into researching and negotiating. Make sure you are getting the best terms on the loan. This will make your repayment much easier.
4. Immediate availability
A personal loan is easy to avail today and comes with instant approval as well as fast disbursal. A loan app may process your loan application and disburse the loan amount within 24 to 48 hours of submitting the application. This makes meeting immediate wedding expenses possible.
Further, you can apply for the loan from the comfort of your home without needing to step out. In between all the commotion of wedding arrangement, such ease of accessibility can be a boon. You simply need to find a reputed lender, download theloan app, check your eligibility and EMI and proceed to make the application.
5. Simple eligibility and document requirements
Another way these loans are made accessible for meeting the likes of wedding expenses with ease is through their simple eligibility and document requirements. You need to fulfil only a handful of eligibility criteria to apply for this loan.This reduces the overall hassle amidst the wedding preparations. The criteria span across age, income, and residential eligibility only.
Also, the documents required for a wedding loan are minimal. You just need to submit the digital copy of your identity, address and income proof. Since this is an unsecured loan, you don’t have to submit any document related to the collateral.
Conclusion
Wedding expenses can be hefty. But you can easily meet all your expenses with an instant loan. All you need to do is create a list of expenses, calculate your available financing and secure a personal loan to meet any gaps. But before you apply for the wedding loan, make sure to analyse your financial situation. Sketch a repayment plan in advance and consider all the aspects related to the loan.
