Is a personal loan for a wedding a wise option to cover the expenses?

Posted by Ankit Verma on February 11th, 2022

Indian weddings are termed as “big fat weddings”, with a series of rituals that involves extensive planning and expenses. As marriage is a one-time affair, couples want it to be memorable and extraordinary occasions. There are pre-wedding, during the wedding, and post-wedding expenses that require surplus funds to successfully execute the ceremonies. Hence, considering a personal loan for a wedding is a wise option to keep the savings intact and manage wedding expenses at easy-to-pay EMIs.

Although there are several other ways to get sufficient credit for your weddings, like utilizing fixed deposits, selling off your investments, or borrowing money from relatives, all these sources are not concrete enough to cover your wedding expenses. Instead, apply for a wedding personal loan that can be used for miscellaneous wedding expenses and is not restricted to a single purpose.

Let’s discuss a few solid points on how a personal loan is considered a wise decision to cover wedding expenses:

The hassle-free online application saves your time and effort – Personal loans can be availed online on the same day from a lender’s website or through an instant cash loan app, available readily on Google Play Store. So, when you need money for your marriage, you can easily avail a personal loan online without visiting any lender’s branch office.

Simple eligibility criteria – Personal loans can be easily availed with minimal documentation and simple eligibility criteria. This saves a considerable amount of time for loan approval and wedding expenses can be managed just in time.

Collateral free loan – A personal loan tailored for a wedding does not require any pledging being an unsecured loan. No risk factor of your assets involved. As a result, the loan process gets faster, and disbursal is quicker.

Quick approval & disbursal – Due to real-time verification, personal loan approval happens instantly and disbursal is done within a business day, which is very useful to cope up with the wedding bookings just when required.

Sufficient funds to support your wedding expenses – A personal loan helps with enough funds needed for the wedding. As per your need, you can apply for a personal loan to cover the big part of wedding expenses like jewelry, catering, location, and decoration. One can also opt for a long-term personal loan if the wedding budget is extravagant.

Paperless & basic documents are required – When the question of documents arises, a lengthy procedure may hold you back from applying for a loan. Still, the loan documentation process has become hassle-free with the online procedure. The required documents are minimum and can be uploaded or scanned immediately online, ensuring the security of your loan account. So, the only documents needed are:

1. Identity proof - Aadhar Card and PAN card
2. Recent passport size photograph
3. Last 6 months bank statement as income proof

Flexible repayment tenure – As per the lender’s repayment criteria, you can repay the loan amount within 6 - 36 months by setting an affordable EMI using the EMI calculator.

Therefore, if you plan to borrow from other financial sources to cover wedding expenses, you can drop that tentative idea and benefit from the above seamless personal loan features for timely collate finances for your big day.