Do you hear the wedding bells chime? Are you flustered by the excessive planning and expense?
Relax! You're not the only one in this tight spot. The quintessential Indian wedding is indeed a gaudy and expensive affair. Nonetheless, a wedding is a once-in-a-lifetime experience and everyone wants it to be perfect in every possible way. Well, a wedding is a significant milestone and you might want to celebrate your special day with much pomp and opulence, yet the pocket pinch might be a huge hindrance. The venue and decorations, the grand wedding feast, wedding attire and jewelry, hosting the guests, gifts for relatives - all of these certainly don't come cheap. Here's where a wedding loan can come to your rescue.
A wedding loan comes under the umbrella of Personal Loans. It is an unsecured loan which does not require any collateral, typically sanctioned based on other criteria such as income level, repayment capacity, employment history and of course credit history. It could be a great way to finance your dream wedding.
Most banking and non-banking financial institutions offer wedding loans to help you cope with the tumultuous wedding expenses.
Just like a Personal Loan, you need to approach a Bank or an NBFC with an application. Most of the financial institutions allow you the convenience of applying for a loan online. They generally approve the loan instantly if you successfully meet their eligibility criteria and provide the required documents. Once the loan is sanctioned, there are no specific restrictions on how to use the loan funds. You need to repay the amount within five years.
Wedding Loans do not depend upon collaterals. Hence, the interest rates are typically higher than other secured loans. The interest rate for wedding loans is usually between 10 and 19%. It is dependent on several factors like income level, credit score, work experience, profession, age, past loan repayment history. It typically varies from bank to bank. If you have a stellar credit history, you are more likely to get a competitive interest rate on a wedding loan.
You could get yourself a wedding loan to fund the entire gala or to get some extra cash if your wedding budget shoots up. A wedding makes a lot of happy memories. However, such beautiful moments often come with a heavy cost. A wedding loan could be a savior; it could give you complete peace of mind about finances for your big day.