Most weddings in India are celebrated in a grand fashion. This understandably requires a lot of planning and is going to take up a lot of time, even with the help of family and friends. Now, while planning a wedding, the couple sets a budget by calculating their expenses. These expenses would be for the food, decoration, venue, gifts, and a never-ending list of miscellaneous expenses!
In such cases, it is quite expected to overshoot the budget with piling expenses. To deal with this, one can always apply for a wedding loan. A wedding loan can cover all these expenses, thus helping an individual avoid spending from their own pocket.
For those who are not familiar with this type of personal loan, take a look at how it can be a great option!
- Cover multiple expenses
While organising a wedding, there are numerous expenses to be taken care of. Some of these expenses start right from the venue and catering services, going all the way up to the photography, lighting, and decoration. A marriage loan could help in taking care of all these services. There are financial institutions that offer a loan amount starting from Rs 50,000 and going up to as much as Rs 25 lakh.
- Apply for the loan from home and save time
Arranging a wedding is definitely a huge task, during which one might not find time for anything else. The best part about applying for a wedding loan is that one does not even need to visit the bank. All that a borrower needs to do is visit the lender’s website and apply for the loan online. This makes applying for a loan a very efficient process. The documents that the lender needs from the borrower are also supposed to be uploaded online. This helps in avoiding any lengthy documentation hassles.
- Repay the loan with a flexible repayment tenure
While applying for a loan, a borrower needs to be sure that the loan can be comfortably paid off. For this, it is important for the borrower to choose a repayment tenure that suits their budget. Now, for a wedding loan, most financial institutions offer a period of up to 5 years. Borrowers can either choose to clear their loan in 5 years or opt for a shorter repayment tenure, whichever is preferable. It is advisable to use a personal loan calculator to find a tenure that is most suitable.
- Get access to the loan amount immediately
Certain wedding expenses can pile up unexpectedly, which need to be immediately dealt with. The good thing is that lenders sanction and disburse a wedding loan quickly! This makes it possible for the borrower to arrange for the funds without any unnecessary delays.
It is never a good thing to be in a financial fix because of unexpected wedding expenses. Taking a wedding loan can help in arranging the required financial cover, taking a huge burden off the couple’s shoulders.