Getting a marriage loan can help you organise the wedding of your dreams. Preparing for your wedding requires months of careful thought and planning, like every grand celebration. During the planning period, you need to take care of umpteen tasks. Add to it the possibility of an unexpected expense that may affect your budget plan for wedding and it can become stressful, mentally and financially.
However, by getting a personal loan for a wedding, you get access to instant cash. This may help ease the financial stress and relieve your mental stress to a certain extent. These loans offer umpteen benefits such as an easy application process, instant approval and flexible repayments.
To know more about how a marriage loan can help you manage your wedding expenses, read on.
A loan for wedding expenses is an unsecured form of credit that helps you easily manage your unexpected marriage-related expenses. With easy online applications and quick approvals, they are an ideal and viable financing option to help you manage last-minute expenses.
Some of these unexpected expenses include errors in invitation cards, higher-than-expected guests, wardrobe issues or last-moment vendor cancellations.
Also Read: Wedding Loans Are Here To Help
A personal loan for a wedding offers the much-needed backup to handle such wedding expenses and ensure that your wedding is stress-free.
Here are some of the characteristics of this loan:
Since these loans are unsecured in nature, you don’t need to pledge a valuable asset to get the required funds for your wedding.
Many banks and NBFCs offer online personal loans with a pretty simple application process. In fact, in many cases, you can complete it in just a few simple steps.
You need not visit the lender’s branch to apply for the loan since you can scan and upload the essential documents online through the lender’s website or app.
Most online lenders have simple basic criteria that you need to meet to get this loan.
Most NBFCs have minimal documentation requirements, which generally only include income, identity and address proof.
Since lenders have flexible repayment options, you can choose your EMIs most suitable to your budget. You can even use a personal loan EMI calculator to get an estimate and plan your loan terms accordingly.
Since there is no collateral and paperwork involved, lenders may approve your loan application within minutes once you meet their eligibility parameters.
These loans have no restrictions on how you use the funds. As such, you can use the funding for any wedding-related expenses.
Here are some perks of a marriage loan that you get to enjoy:
While you are busy with wedding budgeting and planning, you may not have time to visit the lender’s office and apply for a loan. Thankfully, most financial institutions offer 100% online personal loan applications through their website or app. This enables you to conveniently apply for a loan whenever you want.
Lenders offer instant loan approval and disbursal, so you can get your required funds at the right time.
Since personal loans are collateral-free, you get access to the loan without pledging any assets.
Flexible repayment terms enable you to select EMIs that are easily adjustable to your monthly budget.
By opting for a personal loan, you can plan a wedding the way you want without depleting your savings. Plan the wedding of your dreams and repay its expenses in easy EMIs at your convenience.
Any salaried or self-employed individual with a regular income can apply for a wedding loan. All the eligibility requirements are generally basic but the parameters vary from one lender to the other. Most lenders expect you to be a resident of India and of a certain age. Some lenders also set a minimum salary or income requirement to ensure timely EMI payments.
Last but not least, you must have a decent credit score, based on which the lender determines your loan amount and interest rate. However, since the exact terms may be different, you must check your selected lender’s eligibility criteria before applying.
To make your dream wedding a memorable experience for all, opt for Fibe’s Personal Loan. You can get a loan of up to ₹5 lakhs and manage marriage-related expenses with ease. Download the Personal Loan App here, or log in to our website and apply online to get funding within minutes.
You can manage marriage costs by keeping the guest list short or planning your wedding in the off-season. In addition, you can save yourself from the rush and additional charges being levied by making early bookings for venues, caterers, etc. You can also keep a contingency fund or opt for a loan to take care of any unaccounted expenses.
One of the best ways to avoid any unnecessary expenses is doing wedding budgeting. Set aside a price you can put towards your wedding without any financial strain. Then, begin listing all the tasks and associated costs to understand where you can make cuts. You can also opt for a close-knit and simple ceremony, which directly lowers your costs.
Yes, you can take a loan for marriage, a type of personal loan, to cover your wedding-related expenses. At Fibe, you can get an Instant Personal Loan at affordable interest rates that can help reduce your borrowing costs.