A big wedding usually requires substantial financing, especially if you have a destination wedding in mind. And while there are many sources of funding you can lean on for the purpose, personal loans are gaining immense popularity as they offer collateral- and restriction-free financing.
According to The Economic Times, in 2018-2019, around 20% of all loan applications received from millennials in India were to finance their wedding. Similarly, part of the reason why personal loans are sought-after is because you can avail them quickly via a simple online application processes.
To understand how an online personal loan can help you plan a memorable wedding, take a look at the top benefits it offers.
Manage big-ticket expenses with a substantial sanction
You can fund major expenses like booking a majestic venue, reputed caterers and entertainers with a large sanction. Online personal loans provide you with the financial muscle to do so without any compromises. In fact, with Bajaj Finserv, you can apply online or at a branch and get a Personal Loan for Wedding of up to Rs.25 lakh. The sizeable sanction can help you cover a range of wedding expenses: from designer jewellery and hotel accommodation for guests to wedding planners and photographers. You can address all these expenses via a single loan, and you don’t even have to pledge collateral to access it.
Use the flexible tenor to split your expenses into bite-sized EMIs
When you avail an online personal loan for marriage, you are required to repay it via monthly instalments. However, just because the loan offers instant funding doesn’t mean that you will have to repay it in a hurry. You can pick a tenor based on your financial circumstances and avoid overburdening your monthly budget.
Bajaj Finserv offers tenors extending to up to 60 months and you can zero in on the ideal length by using a personal loan calculator. All you must do is enter the loan amount, tenor and interest rate to view your monthly instalments. You can then tweak values for a suitable loan structure.
When doing so, remember that long tenors are ideal for large sanctions as they keep EMIs low, whereas short tenors keepnet interest payments to a minimum.
Take care of last-minute expenses on the go with the Flexi Loan facility
Weddings tend to come with a range of unplanned, last-minute expenses. For instance, your wedding planner may request a sudden advance, or you may decide at the nth minute to hire videographer.
To help you manage such expenses on the go, Bajaj Finserv offers a Flexi Loan facility. Through this you can withdraw amounts from your sanction as and when you need to. Further, you can borrow multiple times, without fresh applications, and make part-prepayments at no extra charge. When it comes to other personal loan charges, note that interest payments are restricted to what you withdraw only, and not the entire sanction. In fact, you can opt to pay interest-only EMIs for an initial part of the tenor should your finances require some breathing room post the grand celebrations.
Bring your plans to fruition with swift approval and disbursal
A major benefit of an online personal loan is that you can access financing instantly. This means that you can tackle all time-sensitive wedding preparations, such as booking vendors or venues of your choice, without any delay. With online loans you side-step long queues and visits to a branch as you can access financing by filling a short online form. Further, when you choose Bajaj Finservyou can take advantage of easy personal loan eligibility criteria and minimal documentation requirements and qualify more easily.
What’s more, you can also secure approval in just 5 minutes and disbursal within 24 hours of document verification. To make your wedding an event to remember, get started by checking your pre-approved offer from Bajaj Finserv. This helps you unlock instant approval through a customised online personal loan deal.