Weddings are massive events, especially in India. They involve many rituals and traditions, which add up to the cost of the overall ceremony. Months and even years of financial planning are required for a wedding, yet the final outlay can often overshoot the budget. This has a detrimental effect on finances, especially if you use up your savings. The increased cost might even impact investments, affecting long-term wealth creation.
One way to avoid these problems is to apply for a Marriage Loan at a reputed bank. It ensures you do not use your savings or redeem your investments. Here are ways how they help most Indian families:
- No restrictions
Unlike Vehicle and Home Loans, which are sanctioned only under certain circumstances, Personal Loans allow you to use the amount to fund any requirement, including marriage expenses. Banks place no restrictions on how you use the money, making it ideal for wedding-related spending.
- Easy to apply
It has become effortless to apply for a Personal Loan online. If you meet the eligibility criteria specified by the bank, the amount gets disbursed to your account within hours. It also does not involve too much paperwork. You need to download the app, fill out the Personal Loan application form, and upload the documents as requested. The bank credits the Loan amount to your account soon after approval.
- Flexibility
You can fund even the most expensive wedding with a Personal Loan. These Loans allow you to decide on the required amount and apply without restrictions. You get the flexibility to plan your dream wedding at an attractive interest rate starting from 10.65% per annum. The transparent terms and conditions mean you will be well-informed about the repayment schedule and any associated charges, guaranteeing no surprises later.
- Choosing the tenure
Most banks provide Marriage Loans with repayment terms ranging from one to five years. As a result, you can assess your repayment capacity and choose a Loan repayment term that works for you. It ensures that the wedding costs do not weigh too heavily on you and are affordable according to your income capacity.
- No collateral
Another major feature that a Marriage Loan offers is the absence of security or collateral. You need not pledge any security as a deposit against the borrowed amount and use the funds for personal and professional purposes. This accessibility helps cover the wedding costs without worrying about your pledged security.
- Prevents breaking into investments
The average Indian wedding costs a few lakhs. Many people redeem their investments in Mutual Funds and Fixed Deposits to fund this expense. Applying for Marriage Loans can prevent this, keeping your investment goals intact.
Conclusion
Personal Loans for marriage make more sense than redeeming your investments or using your savings. Financial security is equally important. It safeguards your present without compromising your future.
