Indians are well-known for their extravagant parties and celebrations. No matter what the occasion is, whether it’s a festival, birthday, or wedding, we’re all about getting into a good mood and throwing a great party. It is a ritual that almost everyone has participated in at least once in their lives, and it is known as the “Big Fat Indian Wedding.”
The drawback is that large celebrations can soon become prohibitively expensive to organise and host. Wedding expenses can be overwhelming, and it’s not uncommon for people to overspend during the planning process.
So, what should you do if you find yourself going over your wedding spending budget? A wedding loan is a type of loan that comes under the category of personal loan. If you have a good credit score, a personal loan is much more easy to get with minimum hassle. Additionally, you can also use a marriage calculator to calculate the EMI on your loan. Simplifysors’ marrige calculator is amongst the most widely use marriage calculators in India.
Who Should Consider a Wedding Personal Loan?
A personal loan is a good option for people who have budgeted for wedding expenses but do not have the cash on hand to meet the multiplicity of duties that arise at the same time as the wedding. Suppose your parents have pledged to send you money next month to assist with wedding expenses. However, your selected wedding photographer may require cash immediately, or he may decline to work with you.
If you already have a solid financial plan in place to pay for the wedding and are merely looking for a way to bridge the time gap between now and then, a personal loan for your wedding may be an excellent option.
For those who want to purchase an Armani suit or Sabyasachi lehenga but do not have a plan for repaying the debt, it is best to refrain from signing on the dotted line and instead use your credit card or bank account to make the purchase.
You don’t want to begin your married life saddled with debt that you won’t be able to pay back later. Because of this, you should keep your wedding spending within your budget even if you decide to take out a personal loan for the occasion. A marriage calculator can assist you in keeping track of your monthly loan payments.
Consider the advantages of taking out a personal loan for wedding, which include the following.
You can utilise the loan amount to cover a variety of expenses:
The fact is, as we all know, weddings are quite expensive affairs. You’ll have to cover the price of the venue, lighting, photography, decorations, and catering, among other things, so make sure to budget accordingly. You may need to spend extra money on your bridal trousseau, jewellery, and travel fees for your honeymoon as well. With the help of your wedding loan, you will be able to handle all of the expenses related to your special day.
Also, the marriage calculator will give an idea of the the probable rate of interest and EMIs on the loan.
The loan is easily sanctioned:
Personal Loans are usually sanctioned and distributed by banks within a few days of application. Once the funds have been credited to your account, you will be able to withdraw them and spend them as you see fit for your wedding. In addition, you must provide a few basic papers with your loan application to be considered.
You can easily apply online:
One of the most major advantages of taking out a Personal Loan to fund wedding expenses is the flexibility it provides. You can easily apply for a personal loan on Simplifysor. Occassionally, a bank would spend a representative to collect the documents and verify certain things. As mentioned above, before applying, consider using a marriage calculator to evaluate the EMIs and rate of interest on the loan amount.
You can repay the loan in convenient EMIs over a specified tenure:
Taking out a Personal Loan to cover wedding expenses has several advantages, the most important of which is that you can return the loan in reasonable Equated Monthly Instalments (EMIs) over a flexible period of time. When it comes to loan terms, most banks offer a minimum and maximum period of one to five years, during which you can take advantage of low-cost revolving credit. Additionally, you have the option of customising your loan payback schedule to match your income, cash flow, and financial goals.
You are not required to liquidate any assets:
As a result of the exorbitant cost of weddings, many couples find themselves obliged to sell up their belongings. In order to cover wedding expenses, the vast majority of customers either redeem their Fixed Deposits and Recurring Deposits before they reach maturity or withdraw monies from their savings accounts. It is important to remember, however, that redeeming any deposits prior to their maturity date may result in additional charges and penalties. A wedding personal loan keeps your assets from being liquefied or your finances from being depleted.
Taking a personal wedding loan is a good option to avoid an immediate economic burden. But, it is important to have systematic planning of all the expenses and calculate the EMI through the wedding calculator of Simplifysors.