Say ''I Do'' to Your Dream Wedding with a Wedding Loan

Getting married can be one of the most magical days of your life. Many couples plan their wedding, months in advance because they want everything to be perfect on their wedding day. Indian weddings have always been grand and last for days with a long guests list, sumptuous cuisine, designer outfits, glittering jewellery, and so much more. And all these things can put a major strain on your savings. 

Instead of relying solely on your savings to plan your wedding, you can get a Wedding Loan to expand your budget. You deserve the most luxurious and glamorous wedding, without worrying about financing it. 

Wedding Loan Benefits

A wedding loan is an ideal choice for planning your dream wedding because it allows you to choose a comfortable EMI (Equated Monthly Instalments) and stretch your budget on a larger scale. With a wedding loan, you can even go overboard on your wedding plans because it is a once-in-a-lifetime event. Here are some of the benefits you gain from a wedding loan:

• By applying online, you can get your loan at the earliest, 
• You can spend money on any marriage-related expenses without worries, 
• Keep your savings and investments intact, 
• Enjoy competitive interest rates. 

Also Read: पर्सनल लोन लेने का तरीका

Understanding Wedding Loan

Simply put, a wedding loan also known as a Marriage Loan, is nothing but a Personal Loan designed for marriage-related expenses. It is an unsecured loan that you can use while planning your wedding. The Marriage Loan interest rates are affordable, like any Personal Loan. However, the primary advantage of getting an unsecured loan is that you will not have to provide any collateral. 

Another advantage of getting a wedding loan is that you can borrow a hefty sum of money and choose a longer tenure which helps to reduce your monthly EMIs (Equated Monthly Instalments). Many lenders now provide wedding loans for anyone over the age of 21. You can use the funds from your Wedding Loan to plan your wedding, go on a honeymoon, set up a new home, etc. You do not have to justify the reason for which you are applying for a Marriage Loan. 

Also Read: Plan Your Wedding By Availing a Personal Loan

How To Reduce Wedding Loan EMIs?

It is natural to aim for a higher loan amount with lower EMIs. The loan cost depends on your loan amount and marriage loan interest rate. Choosing a loan with a low-interest rate is crucial if you want to pay smaller EMIs. Comparing different lenders and their interest rates is best before choosing one. 

You can also reduce the EMI by choosing a longer tenure. In that case, the total interest you pay will be higher. In other words, loans with a longer tenure incur more costs. So, before getting a loan, you must calculate the EMIs and ensure it is affordable. 

When you secure a wedding loan with a lower interest rate, you can repay the loan quickly and become debt-free sooner. Many lenders now charge zero pre-closure charges, so you can repay the pending loan balance in a single payment if your financial situation changes. 

Conclusion

Now that Personal Loans are available easily, you can plan the wedding of your dreams. There is no need to liquidate your savings and investments for a big-budget wedding. The online application process is also simple, you only need to apply for the loan and upload the required documents. The lender will verify the documents and disburse the loan to your account. The entire process takes only a few days. You can celebrate your big day without worrying about expenses, especially if you have a good credit score. 

FAQs (Frequently Asked Questions)

• Are marriage and personal loans the same?

A marriage loan is a type of personal loan. The interest rates for marriage and personal loans remain the same in most cases. However, you must check with your lender for the exact interest rate. 

• What is the CIBIL score requirement for a marriage loan?

If you are over 21 years of age, you are eligible for a marriage loan. A CIBIL score of 750 or more is ideal for getting competitive interest rates for a marriage loan.