A wedding is perhaps the most memorable day in one’s life. In the pursuit of making it special, it can also be extravagant at the same time. Arranging for decorations, food, and gifts, among others can be an expensive affair. A destination wedding can cost you even more. If you want to host the wedding of your dreams without pressuring your family, a wedding loan can be a good idea.
Conventionally, parents start saving for their children’s wedding at a young age. They would cut down on their expenses or invest their money to ensure the marriage is to be a grand affair. Times have changed and now children want to share the financial load with their parents. Besides, weddings are turning fancier by the day and there are endless options if you’re going to host a unique one.
With easy personal loans, you can host a beautiful wedding without relying on anyone for the expenses. It can be your ideal solution if you wish to finance your own wedding.
How To Go About Using a Personal Loan For Your Wedding?
Planning for your wedding and arranging finances typically go hand in hand. You can click here to read about the 20 essentials to keep in mind while planning your designation marriage with wedding loan. As far as finances are concerned, there are a few areas you may want to consider before taking the jump. Let’s take a look at them.
Chart Out Your Needs – You can avail a maximum amount of Rs.25 lakh with personal loans. It is wise to consider your needs and your wedding loan eligibility before you zero-in on the loan amount. This approach can help you in maintaining your financial wellbeing and prevent you from going overboard.
Other Charges – Availing a loan comes with a host of charges like processing fees, stamp duty, and late payment charges. It is advisable to understand the fees in advance to avoid unpleasant surprises later.
Interest Rate – This is an essential factor that can impact your monthly finances after your wedding. The expenses are only going to increase after your marriage and the EMIs must be well within your budget. You can use an online loan EMI calculator for better clarity. The interest rate depends on many factors and varies with the amount of your loan, its tenure, your age, and credit score. Once you check your wedding loan eligibility, you may consider changing variables in the EMI calculator to decide the loan amount.
Bajaj Finserv offers a Flexi Personal Loan that can reduce your EMIs by 45%. You can click here to know more the flexi personal loans provided by Bajaj Finserv.
Prepare Repayment Plan – It advised to avoid lapsing on EMI repayment. Your lender could impose a penalty fee or late charges as applicable. Frequent episodes of delayed or missed payments could further impact your credit score. Consider your cash flow to ascertain that the EMIs will not disturb your monthly finances. It is also advisable to account for emergencies so that liquidity is not a problem.
How Can You Apply For a Wedding Loan?
The process is relatively simple if you are planning to use a personal loan for your wedding. Bajaj Finserv offers instant loans that can be disbursed within 24 hours. It requires minimal documentation and you will need to arrange only a few basic documents. The primary advantage is that it is an unsecured loan and you won’t have to pledge any collateral for availing the loan.
A wedding is special and an important milestone in your life. With personal loans, you can make it even more memorable with your partner. Bajaj Finserv brings you pre-approved offers for personal loans that you can use to host the wedding of your dreams. You can also avail home loans, business loans, and a host of other financial products. All you have to do is share a few basic details and check out your pre-approved offer.