Marriages are made in heaven, but the Gods have little role to play in funding the grand event. The cost of the marriage ceremony is solely borne by the bride and the groom, or their family members. While it is common and very natural to dream big when it comes to a once-in-a-lifetime event such as one’s own wedding, a financial shortfall is often an impediment towards making the dream come true.
Any marriage, whether big-budget or small, entails a variety of costs. From booking the wedding venue, deciding the food menu to buying jewelry, certain costs are unavoidable. These costs often add up to several lakhs of rupees. While part of this cost can be easily borne by the family, a lion’s share is often obtained from depleting one’s savings. But having a dream wedding at the cost of your savings is not advisable.
In such a scenario, availing a marriage loan is a viable solution, considering the various benefits of making such a decision. A Wedding Loan from a non-banking financial company can help you obtain financing up to Rs.25 lakh without having to dip into your savings. With such loans, you have the option of borrowing when you need the money and paying back with a convenient tenor.
Read on to find out how a wedding loan can help you plan the perfect wedding without burning a hole in your pocket.
Speedy Disbursal of Loan Amount
During a wedding, some unforeseen costs crop up at the last moment that threatens to disrupt your carefully planned budget. What do you do in such a situation?
A wedding loan is quick and easy to obtain, and hence the best option in such circumstances. Provided you have a good credit score and all your documents are in order, the funds can be obtained in just 24 hours.
Additional Reading: 7 Expenses to Keep in Mind when Choosing a Wedding Venue
Flexibility to use the Funds as Desired
With a personal wedding loan, you can have the freedom of using the entire amount from the loan as you wish, in whatever way and when you want. Not only can you obtain the loan amount whenever you sense the need for it, you also have the flexibility of repaying the amount when you are able to, with easy EMIs. You can also choose to use some amount to fund your honeymoon or to set up your new home. A wedding loan comes with no constraints and allows you complete discretion in how you want to use the money.
Flexi Loan facility to borrow funds as and when needed
The Flexi Loan facility from Bajaj Finserv allows you to borrow funds as and when required from the approved loan limit. Also, you are charged interest only on the amount utilized and not on the entire loan limit, thereby reducing your monthly EMIs.
The Flexi Loan facility helps to address sudden expenses that might crop up during a wedding. These loans also come with a flexible tenor that helps you in easy repayment.
While opting for a Personal Loan for your wedding is a great idea, it is important to borrow with prudence. You can use EMI calculator to calculate EMIs before applying for Loan. You should never borrow more than you can repay and the EMIs of the loan shouldn’t be more than 30-35% of your monthly income.
While helping keep savings intact, a wedding loan will help finance all needs pertaining to the wedding. With easy and flexible repayment structures offered, why not opt for a wedding loan and drive all your worries away.