India and big fat weddings! It is a known fact that Indian weddings are extraordinary and come with a list of expenses that can literally drain one’s savings account. From booking a desirable venue, arranging accommodation of your guests, planning the reception, jewelry, gifts, and much more, every little expense has to be taken into consideration when budgeting for a wedding.
As stated above, weddings can truly take a hit on your savings. Fortunately, you can opt to take a personal loan wherein you can pay these expenses over a period of time. But, why should you go for personal loan for marriage expenses?
Well, here are some advantages of seeking a personal loan for wedding expenses.
1: Ensuring your family stays tension-free
Your parents have taken care of you and your finances all your life. As a matter of fact, they worry about your well-being more than anything else in the world. Hence, we believe that your wedding budget should not be a burden for them.
By availing a loan for the wedding, you are simply bearing your own wedding expenses instead of burdening your parents. Also, since it is your wedding, you get to decide whether to make it a small or big affair.
2: Planned Expenses
Why worry when you can hire a wedding planner to do all the work’. After all, it is your wedding and you should enjoy every moment rather than worrying about all the preparations. You can plan the finances received from personal loan with the help of the wedding planner.
3: Affordable & Accessible
Taking a personal loan has become more affordable recently. Earlier, due to higher interest rates, most people were reluctant to avail a personal loan for weddings. Now, due to a competitive market, you will come across many attractive interest rates that you can choose from.
Things to Consider When Taking a Personal Loan for Wedding Expenses
1: Rate of Interest (ROI)
Considering the rate of interest when taking a personal loan is essential as it helps you determine how much the loan is actually going to cost you over time. The interest rates offered to you are completely dependent on your credit score. Thus, having a good credit score will get you best offers on interest rates.
EMIs usually help you determine if you will be able to bear your wedding expenses. Opt for an EMI amount that you can afford as this may impact your daily expenses. Make sure that you consider your partner’s opinion when deciding how the repayment of the EMI will be structured. Also, ensure that you do not miss out on any payments as this may affect your credit score.
3: Loan Tenure
You get the option of choosing the loan tenure according to your own planning. Choose a tenure that is suitable for you and your partner and keep in minc that you might not be able to make luxury expenses in the early period of your marriage if the amount you borrowed is high and your financial situation is not that great.
The Bottom Line
Personal loans for weddings are a great way of managing wedding expenditure. But before you seek a personal loan for marriage make sure that you have considered your partner’s opinion. Remember, money matters can take a toll on your relationship. So, make sure that you are aligning your financial goals and interests from the beginning itself.
With a Bajaj Finserv Personal Loan available on Finserv MARKETS, get bespoke offers that meet your requirements. You can also benefit from features like instant approval, minimal paperwork, and low EMI. Also, the loan amount will be credited to your bank accounts within 24 hours.
Looking for a way to fund your dream wedding? Apply for Bajaj Finserv Personal Loan on Finserv MARKETS, today!
Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!