Amidst all the hectic wedding planning, the opportunity to switch gears for a while and think about your honeymoon is always a welcome one. Where would the two of you go? And for how long? What would be the best time? The excitement is uncontainable.
However, while you find the answer to these questions, it’s also essential to review your finances. It’s entirely possible that by the time you’ve tied the knot, the wedding expenses would have drained your coffers. In such cases, a personal loan can come to your rescue.
Not sure if you should opt for a personal loan for honeymoon? Here are some benefits you get if you opt for one.
You get your money quick
Personal loans nowadays have ridiculously quick processing times, with some lenders offering you the funds you need the next day itself.
Some even offer completely online application processes, wherein you need to provide a few details, upload essential documents, and that’s it. The lender will scrutinize your application, and upon approval, will deposit the amount directly into your bank account. All this without setting foot outside your house!
You get to improve your credit score
Having a personal loan to your name also allows you to improve your credit score. Couples looking to borrow more credit down the line can take advantage of this benefit. However, make sure you don’t miss EMIs or make late repayments. With a high credit score, you can easily secure future loans without having to worry about rejection. Plus, you also get more competitive personal loan interest rates!
Additional Read: Safest Post-COVID Honeymoon Destinations 2021
You get to keep your assets
Perhaps the best thing about a personal loan for honeymoon is that they are unsecured. When you borrow one, you don’t have to pledge any of your assets as collateral until repayments.
With that said…
Borrowing a loan makes sense if you have spent a large chunk of your savings towards the wedding. Or, even if you haven’t , it’s still best to get a loan and keep your corpus intact for financial emergencies and other essential expenses.
The only scenario where a personal loan for travel can harm your finances is if you’ve already taken a loan for your wedding. In this case, it would be challenging to get a second loan as you’ll already have liabilities from the previous loan. So, if borrowing another would stress your monthly budget up to breaking point, tapping into your savings in such a scenario would be the wiser choice.
Additional Read: 3 Non-Cliché Places Where you Can Go For a Honeymoon!
The decision to take a loan for your honeymoon is the one you must make with your partner, as it’ll directly affect your future financial decisions.
But we at Tata Capital believe that finances shouldn’t hinder the best times of your life. That’s why we offer affordable personal loans with attractive interest rates, flexible tenures, and easy to meet personal loan eligibility criteria.
Start planning your dream honeymoon trip by applying for our loan today!