An Indian wedding is a
week full of festivities that usually begins with a sangeet, a mehendi
ceremony, a possible cocktail party and ends with the actual wedding day; which
could also be a two-part celebration, involving a ceremony and a reception
party.
Each of these
celebrations calls for expenses ranging from venue costs, caterers, décor,
clothes, jewellery and a lot more. Even if you skip a day or two out of this
festivity mix, you’ll still need a well-planned budget to fund the whole
affair.
Marriage is a big part
of a typical Indian family’s saving plan. Parents often start saving for their
children’s wedding much earlier in life. Pulling off a grand wedding is a
matter of prestige and reputation for a family.
In addition to your
parents’ plan, having your own savings will help budget your wedding better. No
wonder, most of us are advised to start thinking about a wedding savings plan
as soon as we start earning.
Saving and investing
early ensures that the power of compounding will amplify the returns later and
build a substantial corpus for the big day budget.
Despite all this,
weddings end up costing more than you would have anticipated at the beginning.
There could be a bunch of additional costs that could come your way. These
could include an extended guest list, last minute wedding favours and more.
You can accommodate all
those extra expenses that go beyond your savings by taking a marriage loan.
Utility
of a marriage loan
A Marriage Loan is a type of personal loan
offered specifically to meet your marriage expenses. Instead of resorting to
borrowing money from friends and family at the last minute, you can count on a
personal loan for marriage.
Here are a few good
reasons to consider a marriage loan
●
The
application procedure is simple and needs very little documentation.
●
Anyone can
apply for it
●
Your loan
could get sanctioned fast to fund your emergency wedding expenses.
●
A personal
loan for marriage is an unsecured loan. You do not have to pledge any assets as
collateral.
●
You can use
the wedding loan to fund any aspect of the marriage, from the actual wedding to
the honeymoon.
Things
to keep in mind when taking a marriage loan
Interest
rate: The interest rate is the most important
factor when taking any kind of loan. A high interest rate will affect your
total wedding budget. Don’t just opt for the first personal loan you come
across for the ease of money.
Tenor:
The tenor you pick affects your finances too. Higher the tenor, lower will be
your monthly EMIs, which means you’ll be paying more interest for each
additional month. However, lower the tenor, means your monthly EMI will be high
but you can pay off your loan faster without paying the extra interest that
comes with each subsequent month. Use a personal loan EMI calculator to find
out which EMI plan suits your monthly budget better and then pick your tenor.
Loan
Amount: A personal loan gives you quick
finances but don’t go overboard with it when applying for a loan amount. Budget
your expenses and only apply for the amount you’ll need. Remember, you’ll be
repaying the loan and the interest after the wedding and this could further
burden your post marriage finances.
Hence, smart
investments and savings are a good way to raise money for
dream wedding with marriage loan. In addition to that, a
personal loan can be used to cope with additional wedding expenses you had not
accounted for. They are quicker and easier to obtain, compared to other
conventional loans.
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