A wedding is a special moment for the people involved, and it’s a grand occasion to celebrate. And when it comes to celebrations, Indians love to go big and make long-lasting memories with lavish extravaganzas – ‘The Big Fat Indian Wedding.’ But with great planning comes significant expenditure as well, and if you have the responsibility of planning the wedding, then the costs involved need to be mapped out beforehand. From the arrangements of gifts to décor, to the destination and food of the ideal wedding – You need to plan if you have enough funds to cover the wedding and its expenses. There are several ways to fund your dream wedding if you do get short on the funds, without having to compromise your dreams.
However, personal loans gained the most popular amongst other ways. Therefore, it would be best if you considered getting a personal loan for wedding. It is a simple, hassle-free, and an unsecured loan, and you have stable and flexible payment options for personal loan interest.
But why personal loan? Is it really worth your interest? Let’s look at the benefits of getting a personal loan to fund a wedding –
No Collateral Required
You need not liquidate your assets because Personal loans are unsecured. You do not have to provide the papers to your property or car to receive the loan amount. This is quite reassuring as people are compelled to liquidate their assets when it comes to weddings. They redeem their fixed deposits before maturity or spend all their savings to pay for the expenses. Therefore, a personal loan is beneficial for any individual thinking about interrupting their investments.
Hassle-Free Cash Availability
An added advantage of getting a personal loan is that the approval is almost instant. You might need cash at any time during the planning and long disbursal periods or extensive documentation would be the last thing you need, especially when you’re planning the wedding from the ground up. You can easily apply for your personal loan online, upload your documents, get quick approval, and receive your money.
The flexibility of usage of Funds
There are several expenses at a dream wedding, and with a personal loan, you would not have any restrictions on its usage. You can pay for a venue, catering, lighting, photography, decoration, and so on. You even have the flexibility to use the spare cash left for other personal uses, after you’ve spent on the wedding expenses.
Lower Interest Rates & Easy Repayment
You can repay the loan in affordable monthly installments over flexible tenure. People often use their credit cards to take care of wedding expenses, which has exorbitant interest rates. Meanwhile, personal loans have much lower interest rates and make the repayment easier. Moreover, if you are in good financial standing, you might ger competitive interest rates on loan.
Builds a Credit Score
Taking a personal loan to fund the wedding and paying it on time could also help in building or improving your credit score. The repayment of the loan, with timely EMIs, in due time, reflects on your credit report and increases the credit score, improving your financial standing.
Your loan approval depends on your credit score, age, repayment capacity, income, etc. Therefore, before you decide to take the personal loan, keep the following things in mind.
- Check your credit score, and if there’s an error, fix it.
- Compare personal loan interest rates of multiple banks and lenders to get the best offers.
- Calculate the EMI through the EMI calculator to check how much you can comfortably pay.
Don’t compromise your dream wedding!
Apply for a personal loan to fund your wedding with Fullerton India!