A wedding has become an expensive affair in recent times. Everyone wants to have a perfect wedding. But with the ever-increasing inflation rate, you often have to compromise in the planning of your wedding celebrations. It is where a marriage loan plays an important role.
The Marriage loan is a type of personal loan. You can use marriage loan for meeting your all wedding expenses. personal loan eligibility is easy to meet as you don’t need to put any collateral for it.
Read on to know why and how you should plan your wedding with a marriage loan.
Here’s Why You Should Plan Your Wedding With a Marriage Loan
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Instant funds
You receive the funds in your bank account soon after approval of your loan application. Hence, you can plan your wedding in a better way without worrying about when the funds would be available.
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No restriction on usage
Another benefit of a marriage loan is that you can use it for all wedding-related expenses. You can use the loan amount for costumes, catering charges, decorations, honeymoon bookings, wedding invitations and the like.
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No need to liquidate investments
If you avail a marriage loan, you do not have to redeem your fixed deposits or other savings before maturity.
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No collateral required
Like any other personal loan, marriage loan is collateral-free. If you have a robust CIBIL Score, then you can get the loan without issues.
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Flexible loan tenor
Marriage loans come in flexible tenors ranging 12-60 months. Hence, it becomes easy to plan the repayment schedule.
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Minimal documentation
It is easy to avail a marriage loan as the paperwork is very less. You only need to submit some documents related to your identity, income, and employment.
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Possibility of a lower interest rate
There is a possibility of getting a low-interest personal loan if you have a strong Credit Score, repayment and employment record.
Easy Ways To Plan Your Wedding With a Marriage Loan
There are certain aspects that you should take care of while financing your wedding with a marriage loan.
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Make a budget
The first step in a wedding planner is to make a budget for your wedding expenses. A budget helps you know the difference between your estimated expenses and actual savings. It is how you can calculate the actual amount of loan required.
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Check your repayment capacity
You should always check your repayment capacity before taking a personal loan for the wedding. Always avail a loan that fits in your monthly financial budget. Do not take a loan that becomes a burden in the long run.
- Never over-borrow
Do not borrow more than you need because you are getting a higher loan amount at a better interest rate and terms and conditions.
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Do research about lenders
You should compare offers given by lending banks and financial institutions before making a decision. You should consider interest rates, processing fees and prepayment penalty charged by different lenders to compare between offers.
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Opt for a short term loan
A marriage loan is an extension of a personal loan. All personal loans have high-interest rates because of their unsecured nature. You should always opt for a short term loan to avoid paying high interest for a long time.
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Check the lock-in period
A personal loan comes with a lock-in period before which you cannot repay the loan even if you wish to. You should never forget to check the lock-in period before accepting a loan proposal.
Now that you know the way to plan your wedding with a marriage loan and its benefits, you can perfectly plan a wedding.
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