Use Marriage Loan to Finance Your Big Days and Manage It with Ease

A wedding is a once-in-a-lifetime occasion. Some like it calm and subtle while some love the extravagant flamboyance. No matter what your version of a dream wedding is, Indian weddings are an expensive affair. From the customs to the reception, the venue, décor, attire, jewelry, and photography, everything needs a surplus amount of funds. Though you may have your savings to take care of most of your wedding expenses, unforeseen expenses can hit you on the D-Day. This is when a personal loan can come to your aid.

A wedding loan makes it easy to fill all your financial gaps. You can apply for a wedding loan from a personal loan app and get the amount credited to your account within a few minutes. This saves you from the hassles of visiting the branch and making multiple inquiries. You can download any of the online loan apps, compare the loan offers and apply for a marriage loan online. 

In this post, we are going to take a deep dive into marriage loans and tell you more about this financing tool that can help you manage your wedding expenses with ease.

What Is a Marriage Loan?

A marriage loan, sometimes known as a wedding loan, is simply a personal loan that you can use to pay for your dream wedding or cover other costs associated with your wedding expenses. In recent years, several banks and non-banking financial companies (NBFCs) have offered specialized loans known as “Marriage Loans,” which may pay for all wedding-related costs. Almost every bank in the nation offers this type of unsecured loan, which aids the applicant in paying for his own or a family member’s wedding.

Features and Benefits of Marriage Loan

Now that you know what a marriage loan is, let’s take a look at the features and various benefits you get when you apply for a marriage loan to cover your wedding expenses.

• A marriage loan can be availed easily through a personal loan app.
• A wedding loan is an unsecured loan, which indicates that you don’t need to provide any security or collateral to obtain the loan.
• Marriage expenses can exceed your calculations. With a marriage loan, you can easily take care of unforeseen expenses.
• It offers you a flexible repayment period in equal monthly installments, so you don’t have to worry about repaying your loan immediately or in a large sum. Furthermore, loan duration flexibility helps you to save a significant amount of interest.
• You can apply for a marriage loan from the comfort of your home and get it approved instantly.

Why Should You opt for a Marriage Loan for Your Big Day?

There are multiple reasons why marriage loans are the best for paying off the enormous expenses associated with a wedding. Some of these reasons are as follows:

• No Usage Restrictions: When you opt for a marriage loan you can use those funds for any purpose like paying for catering, clothing, post-wedding expenses, going to an extravagant place for a honeymoon, etc. 
• Multiple Application Methods: You have the option to apply for a marriage loan using a personal loan app or the website of your lender. People who feel uncomfortable applying for a personal loan online may visit the nearest branch of their chosen lender.
• Minimum Documentation: The application process for a personal loan is quite easy and convenient. When applying for a personal loan, prospective borrowers are asked to provide only the basic documents. You can simply click a picture of your documents and upload it on the app. This allows you to focus more on your wedding preparation, rather than sweating over your loan application.
• Assets Do Not Need to Be Liquidated: Due to the high cost of weddings, many individuals sell up their assets, and break their fixed deposits, investments, and recurring deposits to raise money. But applying for a personal loan does not need any of this. You may keep your assets, savings, and investments intact while getting the money you need to pay for your wedding through a marriage loan.
• Reasonable EMIs: Lenders only authorise the loan amount after considering the borrower’s monthly income and debt-to-income ratio. When these elements are taken into account, your monthly EMI payment is probably pretty reasonable. As a result, even though you may have borrowed a big quantity of money, the payback can be performed in manageable smaller sums.

A Few Pointers on How to Use Your Marriage Loan Wisely

We have some tips for you on how you can use your marriage loan wisely.

• Make sure your wedding budget is realistic and attempt to save money so that you can quickly and easily pay off your debt.
• Determine how much money you require ahead of time so that you do not wind up borrowing more than you require to avoid paying excessive interest.
• Always add 15 to 20% to your cost estimate to cover unexpected expenses. Your finances will remain in order as a result.
• Lastly, consider the costs associated with different ceremonies as well as other financial expenses after marriage like home purchases, specific rituals that demand money, honeymoon, etc. before applying for a marriage loan.

Conclusion

Availing a personal loan to cover the miscellaneous wedding expenses is not a new idea. People have been doing this for decades. But with the advent of modern technology and digitalization, more people are opening up to the idea of applying for a marriage loan online. They are simple to apply, quick to avail, and easy to repay. So, if you are worried about your wedding expenses then you must consider getting a loan through the personal loan apps. 

Here is a quick tip – Wait for the festive seasons to get the best deals and offers on personal loans.