Wedding is an extravagant event that marks the beautiful beginning of an ever after love story. However, the start of this joyful reunion comes with a lengthy list of bills, particularly when it comes to Indian weddings. From the wedding dress and jewellery to cards, venue, accommodation and food, the wedding expenses are abounding. Though most people save up for the big day, fitting all their expenses within that budget might be difficult. And cost cutting does not give the best feelings on the best day. As such, opting for a personal loan through a personal loan app might be the smartest idea.
The best part about availing a personal loan through an online loan app is that it is available instantly with minimal documentation. Also, there is no end-use restriction on the loan. You can use it for catering, booking venue or mitigating any last-minute sudden expenses.
Personal loans are the most preferred financial instrument to cover such expenses. Here are a few reasons that make personal loan the most feasible option!
Why you should get a personal loan for wedding expenses?
- You don’t have to liquidate all your investments
Until a few decades ago, people used to liquidate their investments and sale their assets to afford a wedding. Putting a sale on ancestral land was one of the most common ways how people arranged for wedding funds back in the day. But today, with the growing financial awareness, people know that liquidating their investments or selling their property incurs huge losses as their value increases manifold with time. Thus, rather than opting for these solutions, applying for a personal line is the smartest, simplest and most feasible solution.
- A wedding loan does not need collateral
One of the biggest benefits of availing a personal loan is that it does not require submission of collateral as guarantee. You just have to meet their eligibility criteria, have a good credit score and stable monthly income that can assure the lender of your repayment capability. Download an online loan app to compare the eligibility criteria of different lenders and choose the one that offers maximum flexibility.
- You get competitive interest rates
Personal loans are unsecured loans and that’s why the lender imposes higher interest rates on a personal loan as compared to home loan or car loan. However, if you are in a good financial position, an excellent credit score and you work for a reputed government or private organization, then you are likely to get a competitive interest rate on your wedding loan.
- Allows You to Host Your Dream Wedding
A dream wedding is beautiful but expensive. There are multiple things that you need to take care of, some calculated and some unprecedented. When you think of wedding expenses, the venue, décor, dress, jewellery, make-up, photography, food and gifts make it to the list. But there are certain expenses that you don’t see coming. Extra guests, change in arrangements due to weather, or a last minute goof up can hit your budget. In all these scenarios, a personal loan can save your big day!
- Covers a Variety of Expenditures
A personal loan is not limited to a specific use, unlike other types of loans like two-wheeler loans, business loans and home loans, a personal loan can be used for any purpose. Whether it is for carrying out wedding expenses like catering, printing cards, booking a wedding venue, shopping or booking train or flight tickets for relatives or hotel rooms for guests, or financing an exotic honeymoon, you can use the personal loan amount as you like.
- It is very easy to Apply
Wedding preparations can be overwhelming. Whether you hire a wedding planner or do it all yourself, it requires your time and effort. As such, running from branch to branch with a pile of paperwork to apply for the loan is impractical and stressful. With personal loan apps you can apply for a loan with just a few clicks. Fill the loan application, submit the digital copy of the requested documents, and once the details are verified, the loan amount will be credited into your account.
- Allows you to experience the extravaganza
Wedding is a life-time experience that most people want to cherish with the most beautiful moments. Be it a bachelorette party in Thailand or a romantic proposal in Paris, a destination wedding in Tuscany or a grand reception back home, you can experience the extravaganza with a personal loan. However, before you apply for a personal loan for these reasons, make sure that have a repayment plan in place. Keep your loan tenure short and negotiate for the best interest rates. You don’t want to be burdened with heavy EMIs in the new phase of your life.
- Get the best deals with Flexi loan
A personal loan app allows you to take up a large loan amount with its long-term plans but, if your requirement is for a small amount then you can apply for a Flexi loan on your loan app. The amount of Flexi loans is relatively small and works the same way as your personal loan. These loans are best for small wedding expenses. Also, because the operational costs associated with online loans are much less than the traditional loans, you might get a better deal on the interest rates.
- Flexible repayment tenure
With personal loans you get to choose the tenure of your loan as per your convenience. You can use an EMI calculator to check the EMIs against different loan amounts and loan tenures. Choose the combination that best fits your needs and affordability. With this, you will be able to enjoy the perks of a personal loan without getting over burdened with heavy EMIs.
Personal loans are incredibly flexible, giving you complete freedom of choice. For instance, you can decide to use your loan to cover all of your costs or only a portion of them. You can choose the package those best suits your need and affordability. A personal loan app allows you to apply for an instant loan from the comfort of your own home, at any time and from any location. So, instead of compromising on your big day, simply download a loan app and make your fairytale wedding a reality.