Managing your finances to meet the never-ending expenses of a wedding is a daunting task. There are numerous costs to be taken into consideration and it often becomes difficult to meet all of these expenses with the money that you have saved up over the years. You may have to consider external sources in order to have the perfect wedding.
Following are three easy finance options to consider while arranging funds for your big day.
- Borrow from family and friends
You may seek funds from your close friends and your family to finance your wedding expenses. You may then repay the amount to them over time. There is a possibility that your social circle may not expect any interest on the amount borrowed, and hence you may save a significant amount of money. However, borrowing from friends and family may result in strained relationships as conflicts may arise. A more suitable option instead would be to borrow a marriage loan from a bank or a Non-Banking Financial Company (NBFC).
- Create a cash registry online
Most couples these days prefer cash gifts instead of typical wedding gifts such as a set of bowls, showpieces, or small electrical appliances. Giving cash helps the newlywed couple cover a part of the wedding expenses. If your guests ask you what you would like as a wedding gift, you may tell them politely that cash would be appreciated. You may also create a digital cash registry through the Internet wherein your friends and family may deposit money in your personal account.
- Borrow a loan
The average cost of a wedding in India is increasing by the day. In order to meet these costs, you may opt for a personal loan. The good thing is that banks and NBFCs do not question the purpose of borrowing and hence you may use it to fund your wedding. You may compare numerous financial institutions and request quotes from multiple lenders. Do not forget to consider other terms of the loan such as fees and charges. Some lenders often charge a lower personal loan interest rate, but levy a high rate towards other fees such as late payment charges or prepayment penalty. Loans allow you to pay back in installments, thus reducing any strain on your finances.
Additional read- How Personal Loans for Weddings Can Help Your Investment Goals
While availing of a loan to meet your marriage expenses, the most important step is to estimate your loan requirement. Remember not to borrow an amount that will exceed your ability to repay. A wedding is the most joyous day of your life, and hence make sure you do not stress over financing it. You may opt for a personal loan and meet all your wedding expenses without any difficulties.