Indian weddings are extravagant affairs. The rituals, customs, traditions, and pomp and show of a wedding can cost you lakhs. Though most people save up for the big day, it hardly suffices to fit all the bills. Also, pulling out all your savings and investments or selling off your properties to afford a wedding might not be the smartest financial decision today with the availability of much better options, like a personal loan. You might consider using an instant loan app to get the necessary funds with a click of a few buttons.
All you need is a stable source of income, repayment capability, a good credit score, and a handful of documents to avail of a salary loan.
What is a marriage loan?
A marriage loan is a personal loan that you can avail of to finance the wedding ceremonies and other allied or ancillary expenses. It is an unsecured debt that the lender extends you based on certain eligibility criteria.
Here are some of the important features of a marriage loan that you must know –
- A marriage loan is very simple to apply for. When you use an instant loan app, you must download the app and put in all the relevant details. You do not have to visit any lender office, nor do you have to contact sales staff. The entire process can be done from your wedding venue.
- A marriage loan does not require you to submit a lot of paperwork. The only paperwork you need to provide for a salary loan is your Aadhaar Card, an account statement for a specified period, a copy of the primary applicant’s PAN card, and income tax returns if the lender asks for the same.
- The interest rate on a marriage loan is very affordable when you apply through an instant loan app. Most conventional lenders charge a very high-interest rate. This is because the operational cost of traditional lenders is very high, and the same is passed on to the borrower. However, this is not the case with an app-based loan because their operational costs are way lower, and they pass on the same to their customers.
- You might often need a marriage loan to address an emergency crunch. For example, for the last moment unexpected expenses, you might rely on an instant loan app.
Using marriage loan for wedding planning
There are several ways in which you can use the marriage loan amount.
Book a better venue
Your wedding venue is the star of your big event. From assuring guests’ comfort to checking the proper lighting to decking up your big day with décor, your venue is much more than just a hall. It is also one of the most expensive expenditures on your wedding list. So, while hunting for a wedding venue, you might come across the perfect place slightly over your budget. In such a case, you can opt for a salary loan.
The food at your wedding is as important as the event itself, and you would want to spoil your guests with the best delicacies. Make sure to have an approximate count of guests to reduce food wastage and save big on your food bill. Make sure to have an approximate count of guests to reduce food wastage and save big on your food bill. As such, this is a big expense, and you might want to get this covered with a personal loan.
Get your dream wedding dress.
The perfect dressing for your big day is a must-have and often stretches your budget. Having a dream wedding dress is more than just looking pretty for D-day. But this look would be etched in the memory for years to come. So, it makes sense if you feel like going a bit overboard on your wedding dress budget. You can opt for a quick loan through an instant loan app to get the necessary financial aid.
Finance your honeymoon with a salary loan
The honeymoon is the most special phase for newly married couples. But most teams push their honeymoon by a year or two as all their savings are spent on the wedding. But with a salary loan, you can book your international flight tickets, luxury hotels, and more. A marriage loan comes with the unrestricted end use, and you can use the finance in any way that suits your needs.
Cover your emergency needs
When you plan an event as big as a wedding, you must be ready for something that will pop up at the last moment. This is where a marriage loan can be of great help. You can also use an instant marriage loan to cover all kinds of emergencies. You can also use an instant marriage loan to cover all troubles. You can avail of an instant loan through an online loan app to cover these unprecedented emergency costs.
Care and considerations about wedding loans:
A wedding loan is something you should properly plan. And it would be best if you availed of it only after considering all the repayment aspects of this loan. Here are a few important things you must always remember while opting for a marriage loan.
- First and foremost, it is very important to talk and discuss the marriage loan with your family and would-be spouse. When you take a marriage loan, you are entering into a serious financial commitment that can last for a year or two, so it is very important to discuss it with your spouse.
- Secondly, make sure to invest some time in researching the personal loan offers available to you. Go for the one that gives you the best interest rate, lowest processing fees, and most flexible features.
- Third, you should look at your post-wedding income and expenses before applying for a loan. Financial liabilities for both sides shift considerably after the wedding. You have to take stock of how your current finances will go once.
- Plan for your repayment even before availing of the loan. You must have sufficient funds to pay for the EMIs, even in the case of a job loss or personal crisis.
With instant loan apps, a wedding loan is fast, simple, and easy. Just download the app, compare the offers, check your eligibility and apply for the loan that can make your wedding big! Just download the app, compare the offers, check your eligibility and apply for the loan that can make your wedding big! You can use this money to cover a major wedding expense, be it the venue, food, photography, make-up, or honeymoon; a wedding loan can help you meet all these expenses.