Particularly in India, weddings are a huge affair. Numerous customs and rituals continue even after the big day, adding to the entire expense of the occasion. Saving for a wedding needs a lot of careful planning, but the whole cost sometimes exceeds the allotted amount.
In India, weddings are often a week-long affair, to say the least. From arranging accommodation for the guests to deciding on honeymoon destination after the wedding to buying dresses to jewelry, wedding expenses are huge. Since a wedding is considered a major life event people do not hold themselves back, they have an extensive budget for the event. Also, in any case, if they fall short on cash, they go for a loan. You can easily apply for a Personal Loan for the wedding so that you would not need to compromise on any of your wedding plans.
Personal loans for weddings can be easily obtained from lenders. A personal loan for a wedding ensures that you do not use your savings or redeem your investments and use them for their designated purposes only
Personal Loan for A Newly Married Couple
Some loans, such as home loans, are only approved under certain circumstances. You cannot use the loan amount for any reason other than the reason for which it was approved. Personal loans do not work this way. You can use the loan amount to fund any need, including wedding expenses and post-wedding honeymoon vacation. Lenders do not ask or impose any restrictions on how you use the money, making it ideal for wedding-related expenses. You can use the money for direct wedding expenses or other expenses incurred due to the wedding.
It’s a very hassle-free to apply and disbursement process to get a personal loan for a wedding. If you meet the eligibility criteria, the personal loan amount will be disbursed to your account within hours. The process is very simple and does not require much paperwork. All you must do is visit the lender’s website and fill out a personal loan application form. Once your application is approved, the lender deposits the loan amount into your account.
Another feature of a wedding loan is that you do not need to provide any security or collateral to the lender. Borrowers can apply for a wedding loan using their personal and business details. This accessibility helps you cover wedding expenses without having to worry about pledging an asset.
Average Indian weddings cost a few lakhs. Many borrowers redeem their investments in mutual funds and fixed deposits (FDs) to fund these costs. This can be prevented by taking out a wedding loan, which keeps your investment goals intact.
Top Reasons for A Personal Loan for Newly Married Couples
Go on A Vacation
Want to get funding for your vacation but fall short of funds? An EMI based loan can be an ideal way to pay for a vacation. Whether it’s backpacking through the hills or mountains, or you want to go to your favorite destination, Personal Loan for Travel is how you can do it. Travel loans are simple, easy, and fast. It covers all expenses related to your travel, such as airfare or any type of transportation, hotel fare, tour package, travel gear/accessories or any other type of expenses associated with your trip.
Purchase A New Vehicle
A personal loan can be used to buy a new vehicle. As personal loans are offered without any restrictions as it gives you a lot of flexibility to use the loan amount for any purpose. In most cases, a personal loan is preferable to buy a car, this is true for a few simple reasons
It’s very simple and hassle-free to qualify for a personal loan.
Your interest rate will be reasonable.
Home Renovation
Home renovation is a very common reason for taking out a personal loan. Home renovations can be done for several reasons. If you live in an old house-built decades ago, you may need to renovate the house for safety purposes. This may include repairing the roof or replacing the walls.
Renovation home loans can also be undertaken for aesthetic purposes. You may be interested in redesigning your interior. You can change the layout of your home or could redesign your bathroom. If it is an independent home, you may want to consider adding additional rooms – a study or playroom. Home renovations can also be a coat of fresh paint to add color and festive touch.
Financial Investment
A personal loan can be an attractive option to get quick and easy funding to invest. The route is attractive because the personal loan for financial investment is unsecured. This means that you do not have to keep any assets as collateral. The financial institution will only look at your credit score, credit history and income to determine the interest rates on personal loans.
If your documentation is up to the mark, your loan will be approved and disbursed. This will give you instant access to cash that you can use for investing. Please note that borrowing to invest is only suitable for those with a considerable risk appetite and risk averse investors should avoid this route.
Personal Loan with Co-Applicant
Adding a co-applicant to get a personal loan is a good option when you are either looking for a bigger loan size or want to share the burden of the loan with your spouse. It’s always considered to be a healthy option if you are looking to improve the chances of your loan approval by taking a co applicant who has a good income source and better credit score. Make sure that a co applicant with a poor credit score further lowers your chances of getting approval on a personal loan. A co-applicant with a credit score over 750 could strengthen your chances of getting a personal loan.
Things to Keep in Mind About Personal Loan
Nowadays, various lenders offer personal loans with attractive terms and conditions. However, it is always recommended to do detailed research before taking out a personal loan. Before making a final decision, you should compare various aspects like interest rates, processing fees, repayment flexibility, prepayment charges etc.
When applying for a personal loan make sure you have a good credit history. This will increase the chances of your loan being approved by the lender. In addition, a high credit score can help you get a higher loan amount at a lower interest rate.
You need to calculate your personal loan EMI in advance which will help you better plan your monthly budget. Make sure you choose a loan with affordable EMI to reduce your repayment burden.
Conclusion
A personal loan can be beneficial for newly married couples in various ways. It is important to make sure that your payments are prompt and consistent. And always remember to use the loan for its intended purpose. Personal loans, when used wisely, can help fill the gaps in your finances without putting your assets at risk.
