Indians are famous worldwide when it comes to their love for celebrations. We like to go big whether it is a birthday, a festival or a wedding. We love celebrations and need any excuse to throw a lavish party and enjoy ourselves with friends and family. The famous ‘Big Fat Indian Wedding’ is extremely common and each one of us has been a part of it at least once. Marriage in India is not only about celebrations, it is much more than that. It’s the beginning of something great and once-in-a-lifetime event for us. A girl starts dreaming of her perfect day since her childhood and wants it to be the best day of her life.
But perfect things and big celebrations are often extremely expensive and can be overwhelming. It is very common to go overboard with wedding expenses. But there is an easy solution to this problem, personal loan for the wedding or commonly called marriage loan. The wedding should be properly pre-planned with all major expenses taken into consideration, and if needed marriage loan can be applied. There are various options available for marriage loans that can take care of the extra expenses of your special day.
Marriage loans are collateral-free loans. They are approved based on credit score, income, repayment capacity, age, etc. Prior to applying for the loan, one must check their credit scores and compare different interest rates available. Since marriage is about taking important decisions together why not start with choosing the best marriage loan for the special day, for further details read more.
Marriage loan comes with certain perks, here is a brief list of benefits that can be availed by applying for a marriage loan.
1. No Need to Liquidate Assets/Investments
For the sheer quantum of funds required for a wedding, people often liquidate their assets, sometimes pre-maturely as well. They redeem their fixed deposits and recurring deposits before their maturity date. However, redeeming such deposits pre-maturely results in paying extra additional penalty costs and charges. They can also incur losses in interest over the deposits. People also dig into their savings to pay for the extra expenses. Taking a marriage loan saves you from liquifying assets and digging into savings. The loan can fund the wedding without interrupting with your well thought out long terms investment plans.
2. Apply Online
One of the greatest advantages of applying for a personal loan for a wedding is that it can be easily and conveniently applied online. Several banks allow the option of online applications, by simply visiting their respective websites. The required documents can be scanned and uploaded to the website or banks can send their representatives to collect the original physical document copies. The documentation required is minimal and there are fewer formalities. Banks have made the preparation for your special day digital and hustle free.
3. Flexible Usage of Funds
A wedding comes with a never-ending list of things to be taken care of like the venue, lighting, catering, decorations, and so on. Adding to it you also need to pay for dresses, jewelry, honeymoon bookings, etc. No matter how much planning is done, there is always some expense that was not accounted for in the planning. Marriage loan can be used to pay off any or all of these expenses. Since this is a personal loan, there is no restriction on how the loan money should be used. It can be used to incur all the expenses associated with the wedding and more.
4. Easy and Instant Sanction of Loan
The loan can be easily applied online and is sanctioned quickly within a couple of days. Once the amount is credited to the account, it can be used instantly for any kind of expenses. The best part about the loan is that it requires minimal documentation for the application.
5. Easy EMI and Tenure
The best thing about the loan is that you can repay it easily and comfortably in an affordable manner through Equadeted Monthly Investments (EMIs) over a flexible time period. EMIs can be paid in a flexible tenure of your choice. Usually, the bank gives a minimum and maximum limit of 1 to 5 years. People can opt for low-cost EMIs. The repayment schedule is customizable, which makes it easy to repay the loan according to the income, cash availability, and financial goals.
6. Competitive Interest Rates
Based on the credit score, different banks offer attractive interest rates. If a person has good financial standing, they can get a good interest rate and be debt-free much sooner than expected. It is essential here to explore various options and take a strategic decision.
7. Part Payment with Zero Charges
Many financial institutes offer the option of part payment of the loan. This means that a portion of the loan can be repaid early on without incurring any additional charges. This is a good option if someone has cash flow and wishes to repay the loan quickly.
Go big for the wedding of your dreams! Marriage loan has your back and will take care of all the plans and expenses.
