A wedding marks the beginning of something great. It’s potentially a once-in-a-lifetime event and it’s not surprising that you want it to be perfect.
But weddings are expensive. You need to put in a lot of thought to plan your wedding wisely. Do you have the funds to plan a wedding of your dreams? Are the funds enough to cover all the expenses involved? Are you contemplating applying for a personal loan for a wedding?
So, before you decide to go down that path, you may want to get educated on things you need to consider while getting a personal loan for wedding.
Wedding loans are collateral-free loans. This means that the loan approval depends on credit score, age, repayment capacity, income, etc. Before applying, make sure that you:
- Check your credit score and fix the errors, if any.
- Compare the interest rates online that various banks and lenders offer.
- Use an EMI calculator to check how much you would be paying and whether you can pay the EMIs comfortably.
Benefits of Using a Personal Loan for Wedding
- No need to liquidate assets/investments
For the sheer quantum of cash required to finance the wedding, people choose to break their fixed deposits or liquidate their assets. By doing so, you may incur a penalty and also lose interest on your deposit.
A personal loan can fund your wedding without you having to interrupt your investments.
- Instant access to credit
You have the advantage of applying for a personal loan online.
The approval is almost instant. Once the amount is disbursed, you have instant access to credit.
This means, your wedding planning gets better because you don’t need to worry about arranging funds, whenever you have to book a venue, hire wedding planners, pay decorators or plan your honeymoon abroad.
- Competitive interest rates
If you are in a good financial standing, you are likely to get a competitive interest rate on your wedding loan.
With a low interest rate, you can be debt-free much sooner than expected.
- Flexible usage of funds
Since wedding loan is a personal loan, there are no restrictions on its usage. You can use the funds for bridal shopping, flight booking, hotel booking, makeup artist, etc.
Your wedding loan can help you meet all the expenses associated with your wedding and beyond.
- Easy EMI and tenure
The best thing about taking a personal loan for a wedding is that you can repay the loan in comfortable and affordable EMIs over a flexible tenure.
You can customise the repayment plan depending upon your income, financial goals and cash availability.
Go big! It’s your wedding. Start doing it now! Apply for a personal loan for a wedding with MoneyTap today!