Marry in Style with wedding loans

Posted by Trishya Sharma on November 7th, 2019

In India, marriage is that important event of an individual’s life that marks the union of not just two individual but their families as well.. Indian weddings are especially known for their royal feel, opulence and extravagance. 

So an average Indian wedding cost for an average Indian approximately anywhere between Rs. 10 lakhs to Rs. 30 lakhs including the cost of guests management, clothing and gifts, jewellery, venue and decorators, food and beverages.

The absolute reality of making the wedding event royal in every sense take a hit when one has to prioritize monies. The financial aspect plays a crucial role in wedding planning as everything from venues, decor, wedding planners and food comes. 

Does not matter how much you plan, one may need additional finance for such events. This is where wedding loans or marriage loans come to your rescue. It is essentially a personal loan which you can avail to cover the varied expenses of your wedding. Like a personal loan, wedding loan is an unsecured loan and can be utilized for all purposes like venue booking, caterer, jewellery shopping, decor to booking a hotel for the wedding guests. It is an simple solution to meet all the expenses without having to exhaust all emergency funds. One of the advantages of a wedding loan is that you can co-borrow this loan along with your spouse to share the expenses in a uniquely collaborative style. 

Factors to keep in mind while applying for a Wedding Loan

To understand how much of loan one should apply for, here’s top tips:

  1. First step is to your overall wedding expense and current cash reserve available to come up with an estimate of exact loan requirement
  2. Take stock of your finances, current monthly income to understand what EMI or instalment can you afford without any hassle
  3. Last but most important, not all wedding loans are same. Compare all wedding loans from digital NBFCs to understand their terms and conditions.

One may look for following benefits in the digital NBFC.

  • Faster processing: Check if the processes of the lending institution is online and how long are they taking to disburse loan based on their customer reviews
  • Repayment terms: EMI can be overwhelming immediately post marriage. Therefore, flexible repayment option is preferable
  • Nil Prepayment Charges: With advent of digital lenders, one should be have prepayment option without any charges

Weddings in India are a once-in-a-lifetime event which definitely makes them splurge-worthy. Since marriage loans are personal in nature, the parameters for eligibility is more or less similar to a regular personal loan. Lenders primarily check for intention to pay and ability to pay and help you check your provisional loan amount instantly as well by taking fewer details. Hence, you can be sure of the amount that you have applied for.

Trishya Sharma

About the Author

Trishya Sharma
Joined: August 2nd, 2019
Articles Posted: 45

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