Your wedding day is indeed special. You may have imagined every minute detail and created extensive Pinterest mood boards and binders envisioning your look, the venue, the menu, and everything that makes a celebration grand. To help you realise your wedding vision, Banks and NBFCs offer Personal Loans for Weddings. If you are planning to tie the knot soon and need funds to make your wedding vision a reality, this article is the guide you need.
Personal Loan for Wedding – All You Need to Know
As a universal rule, weddings tend to be expensive. Before you know it, the expenses can pile up. But with the help of a Personal Loan (which you can take jointly with your partner), you can manage all expenses. Before we delve into the loan itself, let’s first look at the different types of expenses associated with a wedding:
● Pre-wedding Functions:
Indian weddings are seldom limited to one function. Between the engagement and the wedding, we have a host of smaller, pre-wedding rituals and functions that cost money. Even a small celebration with your inner circle can add to the total costs. A Personal Loan helps pay for these costs.
● Venue-Related Expenses:
Whether you choose to celebrate at a hotel, a banquet hall, or a grand lawn, you have to pay for the venue. The type and size of the venue determine the cost, which can range from several thousand to a few lakhs. This is an expense you cannot ignore, but you can manage with a Personal Loan.
● Catering for Each Function:
Whether it is the wedding itself or the pre-wedding functions, you have to feed your guests. What’s more, you have to consider their food preferences – vegan, vegetarian, non-vegetarian, etc. You need proper catering so everyone is well-fed. A Personal Loan helps pay for catering costs.
● Wedding Trousseau and Jewellery:
Your wedding day is not a day to compromise. You may wish to indulge and spend money on outfits, shoes, and accessories that make you look elegant and timeless. Your jewellery expenses, including wedding rings, also add to the costs. With a Personal Loan, you can pay for these expenses easily.
● Other Necessary Expenses
Wedding expenses are not limited to those listed above. You also need décor, lighting, photography, videography, etc. Plus, if you’re planning a destination wedding and/or have to accommodate out-of-station guests in hotels, costs can add up. You can handle these costs using Personal Loans.
Decoding a Personal Loan for Wedding: A Look at the Salient Features
A Personal Loan is often described as the most versatile, multi-purpose product offered by lenders, because you can use the loan sums without any restrictions. Besides this unrestricted access, its exceptional attributes include the following:
● High-value Funding: Lenders offer loans starting from as little as ₹50,000 to 50 lakhs. In some cases, if you are pre-approved, you may even be eligible for loans of up to ₹1 Crore to help you fund your dream wedding.
● Collateral-free borrowing: Personal Loans are typically unsecured, which means lenders do not insist on collateral. You can access a significant sum of money without pledging your home, jewellery, or any other assets.
● Inclusive Eligibility: Unlike most loans, the eligibility terms for Personal Loans are not rigid. You can be a salaried professional, a self-employed individual or an entrepreneur/business owner. So, long as you meet the minimum income requirement, your loan will be approved.
● Flexible Repayment: Lenders allow you to repay your Personal Loan in pocket-friendly Equated Monthly Instalments (EMIs). You can choose tenures lasting from 1 year, up to 7 years. You may also prepay the loan before the tenure ends, subject to lender policies.
Applying for a Personal Loan for Wedding – The Process
In this era of online banking and instant, digital fund transfers, banks have also expedited the entire loan process. Today, you can apply for the loan online, without any physical documentation, and enjoy swift disbursals. Here are the steps:
Estimate the loan amount you need, research different lenders, and choose one after assessing your eligibility.
Fill out the online Personal Loan application form and submit soft copies of your self-attested KYC (ID and address proof, income, and employment proof documents.
The lender assesses your application, verifies your credit score, and disburses the loan amount into your account.
The whole process, from application to disbursal, typically takes 4 to 48 hours.
Final Note: Planning a wedding takes a lot of time, energy, and money. While you leave no stones unturned in planning your big day, banks step in to help you with the money aspect of wedding planning. With a Personal Loan for weddings, you can prepare for your big fat wedding without compromising your vision. The loan lets you host a party you and your guests will never forget.
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