A wedding is a major life event for an individual. It’s an occasion where you take the next step to secure your relationship with your loved one and embark on a new journey of life. With Indian weddings being big fat affairs, finances do play a crucial role in making this event memorable. The cost of an average Indian wedding can easily run into several lakhs of rupees.
What’s important is to remember is that marriage brings joys and responsibilities in equal measure and dipping into a major chunk of your savings for a wedding can impinge upon other crucial financial goals. With a high degree of personalisation in Indian weddings, it’s crucial to identify the right financial channels to make the affair an event to remember. Read on to know how you can plan your dream wedding without dipping into your savings.
Availing Personal Wedding Loans
Keeping up with the changing times, traditional financial institutions and alternate lenders including non-banking financial companies (NBFCs) offer personal wedding loans. These loans provide you with much-needed liquidity to address various costs pertaining to your marriage.
For instance, Bajaj Finserv, one of the leading NBFCs of India, is offering Personal Loan for wedding up to Rs.25 lakh. Though the actual wedding costs depend on several factors including venue, food, décor, number of guests, costumes, gifts, etc., this amount would cover most costs and, in most cases, may prove to be more than sufficient. Some wedding loans may also cover financing of your engagement ring, an essential wedding expense.
Multiple benefits of Personal Wedding Loans
- Quick Approval and Disbursal Helps to Benefit from Discounts on Offer
Personal wedding loans have multiple benefits. Not only do these loans protect your savings by giving you funds to address various marriage-related expenses, but quick approval and disbursal of money with minimum documentation ensure you can take advantage of any discounts offered on:
- Venue booking
- Wedding costumes
- Flexi Loan Facility to Reduce EMIs
New-age personal wedding loans offered by NBFCs also come with a flexi loan facility. This is quite handy while handling unexpected and unwarranted expenses that might crop up during your wedding. It allows you to withdraw funds as and when required from your approved loan limit without the need to make multiple applications. Also, the fact that you can prepay at no extra cost acts as further savings.
Your savings are further enhanced as you need to pay interest only on the amount you utilise from your loan limit and not on the entire limit. For example, if you use only Rs.5 lakh out of the approved limit of Rs.10 lakh, you need to pay interest only on Rs.5 lakh.
This further curtails your EMIs and you need not dip into your savings to pay off the EMIs post marriage. With flexi loan facility, you can reduce your EMIs by almost 45-50%.
- Flexible Tenor to Plan your Repayment Strategy
Flexible tenor associated with personal wedding loans further protects your savings. With the repayment tenor ranging from 24 to 60 months, you can spread your EMIs as per your convenience. The flexible repayment tenor will help you repay the loan conveniently without burning a hole in your pocket.
However, keep in mind that a longer tenor would entail more expenses and vice versa. With online EMI calculators, you can figure out the EMIs you need to pay. With digital finance gaining traction, you can get more information on Personal Loan interest rates and other details on wedding loans online.
Personal wedding loans are an ideal way to plan your wedding without dipping into your savings If any. Meticulous planning coupled with choosing the right mode of finance would help you make your big day special indeed.