An Indian wedding is a grand affair and requires a lot of planning. While most of us dream of having a fairytale-like wedding, we often forget or neglect the fact that it requires a lot of preparation. However, in the current times, financing your dream wedding and turning it into reality is not too difficult. From investment plan to marriage loan with easy repayment options, there are endless options for financing your dream wedding.
According to an ASSOCHAM report, the Indian wedding industry is growing at the rate of 25-30%. From the bling-filled attire to the exorbitant decorations or the dream-like ceremony, the big fat Indian wedding is nothing less than a festivity. Whether you are planning your wedding years in advance or months before, proper financial planning coupled with personal loan for marriage will make the process easier and hassle-free.
Why opt for Marriage Finance?
It is a good idea to take a personal loan for wedding and fund this major milestone of your life. Following are some reasons why a marriage loan is an ideal bet:
No matter how long you have been planning your dream wedding for, some unplanned and unexpected expenditure may arise at the last moment that can be difficult to handle. A wedding loan can come to your rescue at such times.
It can be quickly disbursed to you by the lender if you can present all the necessary documents on time and have a good credit score. For example, Bajaj Finserv Personal Loan for Wedding is disbursed within 24 hours on application and submission of a few basic documents.
2. No risk to assets
This is another reason for availing this loan. You do not need a guarantor or present an asset as collateral while applying for it. Hence, there is no risk of losing an asset. You can freely apply for a wedding loan if you are eligible for it and have a good credit score.
3. Flexibility of use
Once your personal wedding loan is approved, you can use it with complete freedom. In other words, there’s no restriction on the usage of funds. New-age marriage loans like the ones offered by Bajaj Finserv, come with a Flexi Loan facility that allows you to use the funds as and when required from the approved loan limit with interest being charged only on the amount utilised. This helps in the effective management of EMIs.
Things to consider before taking a marriage loan
While a wedding loan is a great idea to fund the expenses of your wedding, here are a few things you must consider before opting for it:
1.Prepare a budget
You must have done a lot of research to get an insight into the expenses you have to bear for your wedding. Another thing you must do before applying for a marriage loan is to prepare a budget of the estimated expenditures. This will help you get an idea of how much money you have in your savings and how much you need to borrow.
2. Borrow what you can repay
Before deciding your loan amount, keep in mind the fact that the loan will last longer than your wedding celebration. Thus, opt for a loan amount which you can repay easily at the stipulated tenor.
Additional Read: Creative Ideas for Wedding Décor Ideas in 2019
While your annual income and credit score will impact the approval of your marriage loan, financial institutions have no strict eligibility criteria to fund your wedding. Compare various offerings to make an informed choice.