A wedding requires a lot of comprehensive organizing and costs, from picking a place and venue to getting gifts and producing arrangements for photography, lighting, decoration, catering, organizing the honeymoon, and so on. One also desires to shop for different high priced products such as the wedding dress and jewellery, clothing and household products. Taking a loan for the wedding not only reduces monetary pressure for the family and the couple, but it also makes it possible for one to meet all the upcoming costs.
Having stated that, with an enhanced decision in borrowing – from various sorts of loans with various tenures, and so forth, professionals say, one need to select what suits one the finest.
Gaurav Jalan, CEO and Founder, mPokket, says, “A wedding is not merely a few days of celebration. With two families coming together to build a new life, there are several expenses one has to cover while planning a marriage, and a personal loan could be the perfect choice especially with no restrictions on how one can utilize the loan amount.”
Therefore, as opposed to other loans, there are no restrictions on how one can use this loan quantity, assisting cover all the miscellaneous wedding costs. Hence, professionals say, taking a private loan for a wedding is a smart solution.
According to a study performed by IndiaLends, a digital lending platform, throughout the second wave of the covid-19 pandemic, demand for wedding loans was the highest amongst all categories – 33 per cent as compared to 22 per cent throughout the 1st wave from the people today aged involving 20-35 years.
Jalan says, “A personal loan can be availed online at competitive interest rates and are often easy to apply, with quick approval and disbursal, saving time that can be utilized more productively in planning the wedding.”
Moreover, the eligibility criteria for such loans are frequently not that higher. Besides, these loans only will need a handful of necessary documents, such as identity proof, address proof and earnings proof, restricting the documentation work to a minimum and producing the loan application course of action easy.
“What’s more, personal loans come with flexible EMI and tenure options,” adds Jalan. Borrowers can customise the repayment schedule according to their month-to-month earnings, monetary desires and money flow. Furthermore, based on one’s credit score, the interest price on these loans are frequently competitive.
Therefore, applicants can simply procure a private loan of up to Rs 25 lakhs with a tenor of 12-60 months, based on their credit score. “This can easily help defray most of the expenses, no matter how intimate or lavish a wedding one might be planning,” says Jalan.