Borrowing a loan is the most feasible method to obtain funds for your wedding. It takes off the financial pressure from either party and helps you manage your finances in the long run through regular installments.
The previous blog highlighted four benefits of a wedding loan. This blog throws light on four additional ways a wedding loan can save your big day.
- Gives the benefit of joint application with your spouse
A huge advantage of borrowing a wedding loan is that your future spouse may be your co-applicant in the loan application. This greatly increases your chances of getting a loan approval. You also get an opportunity to negotiate a lower interest rate as opposed to applying on a solo-basis. However, an important aspect to remember here is that you may include your future spouse in your application only if he/she is a salaried individual.
- Offers lower interest rates
Some may consider using their credit card to meet wedding-related expenses. However, credit cards come with a higher interest rate. The best solution is to borrow a personal loan. These loans have competitive interest rates. Lower the interest rate, lower the amount to be repaid. Besides, you may also avail of other benefits such as extended loan tenure, minimal documentation, quick disbursal, and higher borrowing amount, among others.
- Covers wedding planner expenses
Wedding planners have arranged numerous weddings in the past and hence have professional expertise in this field. They organize the wedding and make the necessary arrangements without any hassle. They conduct extensive research on numerous vendors and sign the one offering the best rate. They also ensure that your big day goes on without any glitches. The cost of hiring a wedding planner, however, is huge. A wedding loan will help you cover the fees and charges of the wedding planner.
- Meets wedding-related costs
There are numerous costs associated with a wedding celebration. The major expenses include the purchase of wedding trousseau, photography, venue booking, and catering, besides others. It is also important to take other hidden costs into consideration such as save-the-date cards, beauty treatments, bachelorette or bachelor’s party, and honeymoon costs, besides others. You may easily fund these expenses by exploring various lender options.
Finance—it is one of the most important aspects to take into consideration while planning a wedding. Set a budget for your finances and accordingly borrow an amount when you are unable to afford. Lenders nowadays have an online presence and hence you may check the personal loan eligibility criteria through the Internet. You may also apply for a loan online and enjoy the benefits of flexibility and convenience.
A wedding loan acts as a savior and makes your big day a memorable one. Seek finances from banks or Non-Banking Financial Companies (NBFCs) and have the wedding you have always dreamt of.