Wedding is a very special day in everyone’s life. It happens only once in everybody’s life, so it is natural for everyone to have a dream regarding their marriage of making it grander and memorable. Indian weddings have earned a reputation of “Big Fat Wedding” all thanks to larger than life scale of everything, from expensive jewelry and clothes to grandeur venues. But making a grand dream wedding come true is not an easy task and it costs a lot. From a designer lehanga to the jewellery to rituals to reception all are very expensive. Even if you have saved some money for your wedding it cannot be guaranteed that it would be sufficient for the dream wedding and there can be some unexpected expenditures which can’t be avoided. The wedding ceremony is not the end of expenditures, it’s just the beginning, there are many expenditures such as honeymoon, buying a home or shifting to a bigger house, setting up the new house with all the household things and even many more that follows marriage. So would it be a good thing to let go of one’s dream of a beautiful, grand wedding just because of lack of money??
In India a normal wedding costs 20 to 25 lakhs on an average. Booking the venue, guest accommodation, reception, jewelleries, gifts are the expenditures for which one should plan and make their budget. Using all your savings for these things is not a wise thing. Apply for a personal loan from any of the bank. In the event of not being able to meet the wedding expenses, the options available are taking help of family/friends, mortgage a property or avail a personal loan.
Why Personal Loan for Dream Wedding?
Going with a personal loan for wedding is always a good idea. By going with this one can get the desired amount he/she wants for their marriage purpose and can easily repay the money in EMIs.
Even if you have pre-planned your wedding then also there can be some unexpected and unplanned expenditure which can be difficult to handle at the last minute. A personal loan is the best way by which you can get the money that too only within a few hours. Personal loan being a complete online process offers quick disbursal.
Flexibility of Use
A personal loan provides complete freedom to use the loan amount. For example, if someone has already used his/her savings for the wedding arrangements and they wrongly estimate the wedding expenses and took a loan of a bigger amount (although it is not advised) they can use that amount for other purposes such as setting up the new house or to fund their dream honeymoon.
No Risk to the Asset
One of the reason why personal loan is suggested for marriage purpose is that being unsecured in nature one doesn’t need any collateral or guarantor. So, there is no risk to any of your asset. You can go freely for a personal loan if you are eligible and have a good credit rating.
Be Sure about these Before a Personal Loan
Though taking a personal loan for marriage is a good idea but still there are many things one should be clear about before going for a personal Loan.
Make a Budget
These days’ couples do lots of research for each and every expense they have to bear and it’s a very good thing. One more thing they need to do is make a budget of all the estimated expenditures. Budget makes things easy and you will get to know how much you have in your savings and how much you need to borrow. Where to cut down and where you can save and cut down.
Borrow as Much as you can repay
Always remember Loans lasts longer than the celebration. You may enjoy the celebrations once you get a loan but repaying it may be difficult for you. So always go for a loan amount which you can repay easily as on your loan amount your EMIs depends and being unsecured in nature the tenure of personal loan is shorter that means your EMIs will be definitely high. Plan according to your repaying capacity.
Don’t Borrow More than Requirement
This is a common thing for every loan. Before you borrow be sure about how much you need to borrow according to your needs and requirement. Don’t be greedy and take more than your need only because you are able to get it easily. Personal loan has a very high interest rate has compared of other loans because of its unsecured nature. So think twice before you apply for a particular amount.
5 Steps to Plan Your Dream Wedding
- Opt for an appropriate tenure for your loan. People generally choose long tenure for their loans but personal loan have high interest rate so keep the tenure high can cost you much more. So for a shorter tenure which you can afford.
- Shop around and look for the different lenders. Compare them for interest rate, processing fee and then opt which is suitable for you.
- One may have savings for wedding expenses, so first make a list of the things you need for a wedding along with their cost. Mark the difference between your saving and how much you need. The difference of these two should be quoted in the loan amount.
- For any particular loan, there is a lock-in period. So before you choose your lender always know your lock-in period.
- Negotiate with your lender for the interest rate if you can. If they agree it will be easy for you to repay.