Weddings are rare occasions in life, and millennials are increasingly looking to fulfil their wedding aspirations through personal loan offerings. Finserv MARKETS helps you understand the trends in wedding expenditure and how to access a loan that is right for you.
The wedding season in India is quite like a festival. It is a special occasion in one’s life that celebrates the start of a new journey. The common characteristics of a big Indian wedding are multiple days of celebrations, designer attire, and an array of cuisines. This can prove to be quite an expense. Whether you met your soulmate on an arranged marriage portal or your MBA class, financial providers are working to make your dream wedding a great reality with tailor-made Bajaj Finserv personal loans made available at Finserv MARKETS.
Millennials are increasingly looking at paying for their wedding expenses as financial dependency on one’s immediate family continues to reduce. A survey conducted in 2018 by a wedding planning services firm found that 33% of millennials wanted to spend less than 10 lakhs for their wedding while 35% were looking to have expenses between 10 and 25 lakhs. Further, 26% of individuals wanted to pay from their savings while 42% were willing to contribute to the amount spent by the parents. Loans for weddings are categorized under the personal loan category. These are unsecured amounts that are provided depending on your credit profile. The total unsecured credit industry, including consumer durable loans, increased from INR 1.32 lakh crore in April 2010 to INR 6 lakh crore as on April 2018. The last three years have seen a sharp rise in the space with young borrowers increasingly entering the market.
According to a recent report, consumers under the age of 35 have contributed to 40 per cent of outstanding retails loans in December 2017 as opposed to 27 per cent in December 2014. Data from a leading credit bureau showed that 40 per cent of all new bank accounts opened in the quarter were by millennials. The increasing entry into the formal banking system provides millennials access to credit products at an early stage.
Who is eligible?
The eligibility is as per the legal marriageable age in the country, but there are also factors including your salary or annual income, job stability, and CIBIL score that can influence outcomes.
Using your Bajaj Finserv personal loan
You can utilize your sanctioned loan amount to fund expenses such as the wedding venue, jewelry, and even hire a wedding planner. Personal loans are making it increasingly easy for customers to arrange their dream weddings. Online lending portals and corporate agents such as Finserv MARKETS enable you to get instant personal loans up to INR 25 lakh. With zero collateral requirements and flexible repayment options between 12 and 60 months, you can apply for a personal loan online and get approval within minutes.
Availing joint loan facilities
Banks and financial service companies offer joint loan facilities to ensure the burden of repayment is divided among the partners. Both individuals are required to proactively pay the EMIs as per the timelines. A benefit of availing this facility is that banks might grant higher loan amounts depending on the earning capacity of both partners.
Tips for planning the wedding budget
It is great to have clear expectations regarding your wedding. You should speak to your partner and mutually decide a wedding budget that fits best with your current income. Preparing your financial plan in advance helps you divide your loan amount into various expense brackets.
Before you apply for a loan, check your credit score and further, learn more about pre-payment penalties, EMIs, and processing fees. Financial service providers will review your age, credit score, and stability before offering you a personal loan for a wedding. You can access expert guidance from trusted providers to know more about the terms and conditions of the loan.
Based on inputs from wedding planning professionals, the Indian wedding market is now more than INR 50,000 crore. With the trend of extravagant weddings on the rise, lenders are offering affordable financing options to individuals to pay for destination weddings, designer clothes, and more. The sector is becoming increasingly organised with players including wedding planners, digital media professionals, and professional photographers. Online lending portals and corporate agents such as Finserv MARKETS can also enable you to access instant loans with a highly qualified team to make sure your needs and financial security come first in your pursuit of arranging your dream wedding.
“Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere”!