If you are looking to fund your grand wedding and considering a loan, this is the article for you. Here’s what personal loans for wedding expenses look like.
Getting the right loan for your wedding
A marriage loan helps you manage all the costs related to your big day. Why, yes! The loan will finance everything from an elegant theme, a lengthy guest list, and eccentric wedding menu ideas to the perfect venue.
But that’s not it! A loan for weddings can also cover the costs for your D-day vendors and services, including cake, florist, invitations, photographer, decor, catering, wardrobe, music, hairdo, and makeup, etc.
Getting a personal loan can help reduce your financial stress significantly. How? That’s because it is easy to secure, you don’t need collateral, and the application, sanction, and disbursal processes are quick. With the swift disbursal of funds, you’ll avoid the immediate financial strain as well.
Moreover, nowadays, with flexible EMI schemes, you can repay the loan amount through a tenure you are comfortable with.
Additional Read: Can a Personal Loan help with Last Minute Wedding Expenses?
How to plan for loans for wedding expenses?
Since costs pile up at every stage of your wedding, planning for it helps. If you’re confused regarding where to start, here’s a quick guide.
#1 Make a rough estimate of possible expenses
Having a list of possible expenses helps you prioritise the necessary ones and set a budget for them. You can determine the loan amount required to cover the expenses after deciding how much you will spend on different events, vendors, and services.
What’s more, you can use a personal loan EMI calculator to plan your repayments. All you need to do is input the rate of interest, principal amount, and the desired loan tenure. The tool will compute the amount you’ll pay monthly for timely repayment.
#2 Check your credit score
Your credit or CIBIL score plays a significant role in loan approval because it reflects your repayment capability. Before selecting a lender, ensure your credit score is 750 or above. With a high CIBIL rating, you may get more attractive rates, quick processing, and possibly even a higher loan amount.
If your credit score is low, you can boost it by clearing pending dues, paying your outstanding debts like credit card bills, EMIs, etc., on time.
#3 Choose a suitable lender
Many lenders offer wedding loans at varying personal loan interest rates, EMI repayment schemes, loan amount, eligibility criteria, documentation requirements, etc. Before choosing a lender, research the market to get suitable loan terms.
You must also look for the hidden charges associated with the loan. Check if your lender is upfront about these costs and carefully read the terms and conditions before confirming the deal.
Additional Read: Marriage Expenses to Keep in Mind When Choosing a Wedding Venue
Whether you are having a big fat wedding or a small ceremony, there’s always a range of things you need finance for. You can get quick access to funds and start ticking off items from your wedding to-do list with a loan.
If you’re looking to get a loan, opt for Tata Capital’s customised wedding finance. Check out our personal loan eligibility terms and apply today.