Marriage is a big step in an individual’s life. The union of two individuals and two families is indeed a significant event in the Indian cultural scenario. So, it’s no wonder that the couples will want their wedding ceremonies to be picture-perfect.
With the skyrocketing inflation in the Indian economy, it is nigh impossible for middle-class people to have the big fat Indian wedding of their dreams with just their savings. But with various personal loan options available, it is now a possibility.
Still unsure why you should opt for a personal loan for your wedding?
Reasons to take a personal loan for marriage:
Easy to apply online:
Since the increasing accessibility of online personal loans, applicants have been quite satisfied with their prompt response. The online application requires the applicant’s basic information only. Their name, date of birth, address, salary amount, and employment details must be supplied with the relevant proofs.
Quick and efficient loan approval:
It takes merely a few minutes to fill in the application and upload the required documents. Most personal loan sites and apps have a quick approval time. So if the applicant meets all the eligibility requirements, it takes around 5-10 minutes for their loan to be approved.
It is pretty time-consuming to plan a perfect wedding. On top of that, if one gets involved in a lengthy and offline loan approval process, the lack of proper time management may cause a lot of stress. The quick response time of online personal loan applications lets the new couples spend more time focusing on their wedding arrangements.
The dispatch of a loan is also fast so that the money reaches the borrower as soon as they need it. Most lenders send you the money within the first 24 hours of approval. But with Money View, it takes just a few minutes for a direct bank transfer.
Simple eligibility criteria for qualifications:
Online personal loans have specific eligibility criteria for the applicants to fulfill. It differs slightly from lender to lender, but in essence, it is the same across all. Applicants need to check whether their credits meet their eligibility for hassle-free loan approval.
Salaried employees need to make sure they have little to no outstanding debt. With the personal loan eligibility calculator by the Money View personal loan app, you can check your eligibility quickly.
Transactions with a high upper limit:
A dreamy wedding means the couple will often go out in every facet of the arrangement. The budget might be compromised too frequently and increased after many deliberations as both the parties would like to fulfill their desires on such a happy occasion of their lives.
The upper limit for many personal loan apps is relatively high. It makes sure that all your necessity for the expenses of the wedding can be met with ease. Some loan apps even allow one to apply for a high upper limit loan and repay the interest on only the part that the borrower has used. So, even if one requests a loan an amount greater than what they need, they can comfortably pay only for the amount they use.
Flexible repayment options:
The online personal loan apps have flexible repayment policies for applicants to choose from. The borrower can avail of the repayment policy with the tenure they are most comfortable with. This makes sure that the couple constantly does not have to worry about making ends meet after a lavish wedding. They can pay back at their convenience over 2 to 5 years.
This is a more flexible option than having to pay for all your wedding expenses at once. A convenient EMI plan will help the new couple sort out their monthly expenses and repayment amount based on their income. EMI calculators offered by various lenders help borrowers calculate their EMI plans and choose the one that suits them the best.
No collateral required:
No collateral is required for personal loans taken out for marriage. This makes the entire process much faster than other loan options. This type of loan, in other words, is also known as an unsecured loan as no assets are pledged.
Points to keep in mind while available a marriage loan:
Take care of the amount availed:
The maximum amount available for personal loans for your wedding might be tempting, but it is best not to go for such a massive amount if you are sure you would not require it. At the end of the day, it is a borrowed amount on which you also have to pay interest, so limiting yourself is advisable. If you think you might want to push your budget later into the planning stage, consider loan options that are flexible enough to let you increase the limit when required.
Check the interest rate carefully:
Interest rates are pretty high for wedding loans. The borrower must choose the option they are most comfortable with. This ensures they can repay the money without having to compromise their lifestyle.
With so many active online lenders, borrowers must compare all the features and benefits provided by each lender. The interest rate charged is one of the most significant factors to consider here. Only after conducting detailed research across the suitable money-lending options available on the internet can one make a well-informed decision.
Check foreclosure charges:
One should be wary of the foreclosure charges against marriage loans. It can negatively affect your finances at your time of repayment. This point must be discussed in detail with the lender so that later, the borrower will not face any difficulties. If one is unwilling to pay foreclosure charges, it is best to opt for a personal loan from such a lender that does not levy these charges.
Beware of joint marriage loans:
Joint marriage loan applications indeed make you eligible for a higher loan amount. It may also appear that the approval for such a joint loan takes a comparatively shorter time than an individual one. But borrowing such a huge amount might pose a problem.
One’s finances in the future might be strained, and this loan amount might become a source of stress. Therefore, having a proper budget for all the wedding expenses is essential. It is crucial to stick to this budget so that the whole affair remains within the means of the new couple.
Compare and choose the best lender:
One’s financial matters are very sensitive, and hence they need to be looked after very carefully. A marriage loan should be chosen with care only after comparing the offers provided by various lenders. The lender one decides to borrow from should be trustworthy with years of experience conducting ethical transactions.
Availing of an online personal loan for your wedding is a quick and straightforward process. With a prompt loan approval period, it is very convenient for applicants to get their loan amounts quickly. This is helpful for the new couple who can focus better on planning their marriage ceremonies.
Financial matters should be carried out very carefully, and similarly, a loan applicant should avail of a loan from trustworthy lenders only. By taking all precautions and making a well-informed decision about a marriage loan, the new couple can have the wedding they have always dreamed of.