Wedding is one of the most important events of life and it does call for a big celebration. In India, weddings are huge. It can stretch from days to weeks. With all the pomp and glitter of a wedding, comes the big bill, especially if you are an Indian. While most of the big expenses are taken care of by the savings and investments, there might be times when you would need a quick top-up to manage all the out-of-budget expenses. In such cases, a personal loan through online loan app can come handy.
Read this article to discover a few pro tips for managing your wedding expenses in India with a marriage loan.
Advantages of instant loan for wedding
- It helps you meet your expenses
In India, most parents tend to have some savings to finance their child’s wedding. In some cases, it is the bride and groom who save for the wedding. Either way, the primary source of finance for a wedding is savings. But with the rising inflation and the expensive wedding trends, it might be hard to fit the wedding expenses within the savings. That’s when an instant wedding loan can come to your aid. It is a great top-up that can help you meet the unprecedented expenses.
- It helps you cover the emergency expenses
Wedding is a huge affair, so much so that there are wedding planning companies to handle this event. No matter how good your planning is, there is absolutely no way to ensure that everything will fall within your budget. A change in weather, unexpected guests, loss or misplacement of important things, and other mishaps can lead to unavoidable emergency expenses. In such scenarios, an instant personal loan can help you meet these expenses.
- Marriage loan can be used for a dream honeymoon
While most people save for the wedding, they miss saving for their honeymoon. Also, with all the extravagant expenses for the wedding, there are hardly any funds left for the honeymoon. In such scenarios, you can either postpone your honeymoon by a few years or you can live up the moment with easy instant loan through online loan apps. Whether it is a national or an international trip, a personal loan can cover all your expenses, right from the tickets to the hotel bookings to the miscellaneous expenses on the trip.
Best way to get a marriage loan
There are a number of ways to get loan for your wedding. Both conventional lenders and fintech companies which operate a loan app offer wedding loans. But considering the busy schedule during a wedding the best choice is to go for an instant loan through a loan app. These apps provide you very simple application process so you do not need to worry about filling up a lot of forms. The process only requires your identity proof, PAN card and income proof. It can be done in a matter of minutes and the money is disbursed in your account instantly.
Key considerations about marriage loans
- Try to borrow within your means: It can seem very easy to get carried away when getting a loan is this simple and fast. However, the best approach is always to borrow within your means. The loan app will lend you as per your income; however it is still very important to only borrow only as much as you need so it remains easy to pay off.
- Get lowest interest rate loan: Like any other loan, it is very important for you to ensure that you get lowest possible interest rate on your loan. The higher is your interest rate, the more money you will be paying to cover the interest and as a result, your loan will also run longer. There are many ways to ensure that your interest rate is low for example, maintaining high credit score and comparing different lenders.
- Keep you loan as short as possible: Like any other loan, it is also very important to keep your loan tenure as short as possible. You do not want to run your loan for too long as you will end up paying back too much money as interest. It is important to strike a balance between your affordability of EMIs and the tenure.
- Set-up automatic repayments: It is very important to set up automatic payment of your loan instalments. Just have enough money in your account to cover your monthly EMI and it will be auto-debited from your account. You do not have to worry about making payment manually or missing an EMI.
Wedding is the beginning of a new phase in the life of everyone and it deserves to be the most cherishing memory. You can have the wedding of your dream with easy wedding loan. They are simple to apply, easy to avail and even easier to pay back!