Marriage holds the utmost importance in every individual’s life as it signifies the union of not just the bride and the groom but also their families. It has a huge significance and sanctity for Indian couples, and everyone wants to make their big day perfect. They plan their wedding with opulence, style, grandeur, and extravagance.
However, the costs of caterers, wedding planners, florists, decorators, designers, and photographers are enormous expenses that one may cover with a Marriage Loan.
An Indian wedding comes with its share of frills, thrills, and bills. A Personal Loan for a wedding enables the borrowers to pay for anything they plan for the special day.
From booking the venue to paying for miscellaneous overheads, a loan fills all the financial gaps hassle-free. Select a loan that fits your budget and make all your wedding dreams come to life.
Changing Trends In Indian Weddings
How weddings are celebrated in India has recently seen a dramatic shift. Unlike in times when marriages were brief affairs with limited budgets, today, they involve extravagant venues, flaunting trousseau, lavish feasts, long guest lists, and a never-ending series of rituals and customs.
Some significant shifts that have made the concept of big fat Indian weddings popular worldwide include the following.
- Destination Weddings: Earlier, people hosted weddings in temples, tents, lawns, house backyards, and banquet halls. Now, they have shifted to exotic locations, shifting how they plan and execute weddings. The venue can be anything the couple wants, from unique sites to destination weddings, from beach weddings to royal palaces.
- Bachelor/Bachelorette Party: With changing perceptions, the concept of bachelor/bachelorette parties has also changed. The bride and the groom enjoy the last few days of their singlehood with their dear friends. Rather than being a night’s party, it has now transformed into a weekend holiday at an exotic location.
- Wedding Entertainment: An Indian wedding without entertainment is unimaginable. From group dances and professional singers to celebrity dance performances, entertaining the guests and family members is of the essence. Several interesting trends have emerged at Indian weddings.
- Pre-Wedding Shoot: Before starting their lifelong journey together, an elaborate pre-wedding shoot helps create memories in the form of photographs. It is a way to cherish the beginning that they can contemplate several years later. Some even make a music video of their pre-wedding shoot and play it at their wedding venue.
Take A Wedding Loan To Cover The Expenses
Managing expenses can become overwhelming when you want to add glam and plan a wedding in the latest style without any compromises. Undoubtedly, finances play a crucial role while planning a wedding, as everything, including venue, food, stunning outdoor wedding decor, and wedding planners comes at a hefty price. One can budget for a wedding but not plan each detail as envisioned. That is where a Marriage Loan comes to the rescue.
A wedding loan is a Personal Loan that covers various wedding expenses. It is a collateral-free loan that the borrower can utilize for any purpose like venue, caterer, outfit and accessories, accommodation for guests, etc. It is an ideal credit instrument to cover all wedding-related expenses without exhausting life-long savings. You may also co-apply for this loan with your spouse and collaboratively share the responsibilities.
Factors To Consider While Applying For A Wedding Loan
After deciding to take a Personal Loan for a wedding, here are a few tips to keep in mind before applying.
- Start planning the overall wedding budget and create an estimate of the adequate loan requirement.
- Keep the Personal Loan documents ready before applying to accelerate the process and get easy approval. These often include the applicant’s identity, address, and income proofs.
- Look into the existing savings, income, and current financial obligations to estimate an EMI amount payable each month without any financial stress.
- Thoroughly compare the available loan offers, clearly understand their terms and conditions, and select the one with the easiest repayment terms.
- Since wedding loans are Personal Loans, the eligibility parameters are almost similar. Apart from the applicant’s age, income, and employment, lending institutions check the credit score to verify repayment capabilities.
Benefits Of Taking A Wedding Loan
Here are the most significant benefits one gets by availing of a Marriage Loan.
High Loan Amount: Last-minute fund requirements often arise while hosting a wedding. With a wedding loan of up to ₹ 10 Lakh, borrowers can have additional funds ready to cover any expenses.
No Collateral Needed: Many Indian families mortgage their property or gold to get funds for the wedding. However, Personal Loans are collateral-free loans that do not require any security, collateral, or guarantor.
Attractive Interest Rate: Wedding loans are Personal Loans that come at competitive interest rates. While the couple is busy beginning a new life, the low-interest rates of their wedding loan will not stress their finances.
Quicker Processing: Aspiring borrowers must qualify for eligibility, apply online, provide Personal Loan documents, and get approval almost instantly. Yes, personal loans for weddings are that quick. Modern NBFCs use proprietary algorithms to check KYC details and approve loans faster. Even better, aspiring borrowers can complete the entire loan process online without leaving their houses.
Flexible Repayment: Once the wedding celebrations are over, the couple has to tackle other expenses, such as a honeymoon or home renovation. The associated costs can be overwhelming, and the Personal Loan EMIs may strain their monthly budget. The unique benefit of a wedding loan is that it comes with flexible repayment terms. Borrowers can use a Personal Loan EMI calculator to choose a tenure with affordable EMIs before applying for a smooth repayment process.
Weddings are once-in-a-lifetime events that make them splurge-worthy. Marriage Loans from reputable NBFCs ensure making the wedding day truly memorable not just for the couples but also for their family and guests. It helps plan the wedding on their terms and repay it in easy EMIs suitable to the monthly budget.