May 18, 2024

New knowledge base

Look In The Business

All You Need To Know About Wedding Loans

All You Need To Know About Wedding Loans

If you and your loved one have decided on your forever, you do deserve to walk down the aisle with a free mind, right? To help you sail through this, we have got you covered. Nowadays, when couples are in the middle of the wedding planning process, the inflation in the economy does hit them to a certain extent. 

Right from arranging the finances to allocating it suitably to the most important items – it can all be quite a task. To save one from the stress and burden of lack of funds  – we introduce you to the concept of wedding loans. 

So what is a wedding loan? 

A wedding loan is a type of personal loan. Weddings are an auspicious and joyous occasion, and the paucity of funds should not let you be away from the wedding of your dreams. A wedding loan helps couples to collate the necessary budget before planning a wedding. It helps to mitigate the wedding woes as it takes care of- catering, venue, guest accommodation, decor, etc. However, one needs to have a basic knowledge of how it works before applying for it. So the following information will help you gain insight into the subject. 

  •  It takes care of wedding-related expenses as it is a personal loan.
  • Being a personal loan, it generally does not require any kind of collateral security. 
  • It can be repaid at your own convenience in monthly installments. 
  • Such loans have personal loans interest rates, which can be fixed in most cases. 
  • Some lenders allow prepayment of the loan, but it depends on the terms and conditions of the lender, and a small fee could be charged. 
  • General advice would be to thoroughly go through all points in the agreement and have a fair and mutual understanding. 

Why and who should consider opting for a personal loan for their nuptials? 

  • During wedding planning, it may so happen that there could be any last-minute requirement for any additional expense to be incurred. It’s a wedding after all! 
  • To be able to bridge the gap, a personal loan can be opted for. 
  • The key is to have a dedicated financial plan in place to understand your position of standing. 
  • If you feel the need for support to make up for the gap in time, this loan would be best suited for you. 
  • If you are at point zero and lack an idea of the funds you can bring in, you certainly would want to do a thorough check as you cannot get carried away with your whim and fancy to wear a luxurious lehenga and start the new chapter of your life in knee-deep debt.
  • Once you’re confident of the ability to pay it back, then you can sign off on the dotted line. 

What are the documents required to apply for a wedding loan? 

Following are the documents required to be submitted to avail of a wedding loan:

  • Government ID – either of the PAN Card, Driver’s license, or Passport to attest that you are an Indian citizen.
  • Salary slips and bank statements – To provide information regarding your current financial standing. 
  • Employee ID card- To validate employee status. 
  • Electricity bill or phone bill – To act as address proof. 

Benefits of wedding loans: 

Cash transfer takes place in less than 24 hours into your account. 

The instant cash transfer facility is one of the driving factors for applying for a wedding loan. It provides relief as the cash is received to the borrower within the stipulated time. 

  • The first step is to check our personal loan eligibility. 
  • Once we fulfill the criteria of personal loan eligibility – just fill the online application form.
  • Submit the mandatory documents to the authority. 
  • The loan amount is instantly approved and disbursed. 

Destination weddings are now possible:

  • Lenders are now offering high-value loan amounts to borrowers who wish to fulfill their dream of a destination wedding.
  • One can check personal loan interest rates as they tend to be slightly high in this regard. 
  • However, there is an online personal loan EMI calculator which helps us to arrive at our monthly payable. 
  • It helps us to understand how the outflow will happen from our account. 
  • We must compare offers from different lenders and their plans and see what fits our needs best. 
  • Personal loan EMI calculator is free to use and readily available online – it is reliable as it helps to make the entire transaction transparent and satisfy the borrower that the lender is not having any hidden charges. 
  • 24/7 access to our online loan account- we can track our pending balance and interest payments any time anywhere. 

As we observe that there are plenty of benefits of this personal loan, we must work according to our capacity and apply for a personal loan only once when we are clear we would be able to fulfill terms and conditions.