Your wedding is undoubtedly the most important day in the lives of both you and your partner. Everyone wishes to have a lavish wedding, but not everyone is able to do so due to financial constraints. The good news is that there are many financial institutions who offer loans to those seeking funds to cover their wedding-related expenses.
Borrow a personal loan and use it to make your wedding memorable. Following are four ways how a wedding loan can save your big day:
- Helps in covering deposits
A good reason to borrow a loan is to cover the deposits. In order to book wedding-related services such as decorations or caterers, vendors expect a deposit to be paid immediately; but, you may not have immediate access to cash to pay such upfront deposits. Some financial advisors may advise you to use your credit card to meet such costs. However, credit cards come with a higher rate of interest. Borrowing a wedding loan is thus a wiser option. Lenders offer competitive interest rates along with other attractive terms of the deal such as quick approval, minimal documentation, and lenient personal loan eligibility criteria, besides others.
- Helps in planning of finances
A loan is repaid in Equated Monthly Installments (EMIs) over a period of time, which is known as the loan tenure. Paying through regular installments removes the burden of having to pay a huge amount of cash at one go. It gives you the breathing space to settle into your new life of marital bliss. Post your wedding, you may chalk your finances together, and repay without any financial strain. The good news is that numerous lenders now provide the benefit of flexible repayment schemes. Hence, you may repay the loan according to your cash inflow and outflow.
- Avoids the use of your lifetime savings
Though many may prefer utilizing their lifetime savings to fund their wedding, doing so is not a very financially viable decision. It leaves you with no funds in case of an emergency, such as an urgent need of hospitalization. Besides, it may take many years to save the same amount again. A wiser option would be to use a part of your savings to fund your wedding and borrow the rest from a bank or a Non-Banking Financial Company (NBFC).
- Offers the benefit of higher borrowing amount
While some may seek to have a budget wedding, some dream of having an extravagant celebration. Having a grand wedding entails greater costs towards decorations, wedding trousseau, venue booking, and food, besides others. Many financial institutions let you get a higher borrowing amount, thus enabling you to have the opulent wedding you have always dreamt of. Given that wedding ceremonies have become an expensive affair, it is only recommended to opt for finance from external sources. The disbursed amount may be used to meet numerous wedding-related costs such as wedding invites, bachelor or bachelorette parties, reception, venue, catering, photography, and videography, besides others. So, borrow a wedding loan and have a memorable day without burning a hole in your pocket.