Marriage Loan

How Personal Loan can help you steer through a Wedding?

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Have you ever considered taking a personal loan for something as pressing as a marriage? If not, you can always rely on credible financial institutions, preferably NBFCs, for getting hold of instant personal loans. However, even though it is possible to get a fresh credit line for arranging a wedding and the aligned activities, you need to be aware of the best strategies to procure one sans hassles and excessive documentation.

How Personal Loan can be effectively used for planning a Wedding?

Contrary to popular opinion, a marriage loan is a form of credit where you apply for a personal loan and declare a marriage or wedding arrangement as the reason for getting one. However, if you are really interested to leverage a persona line of credit for marriage, here are the best options to consider:

  • Enlist Expenses

Before you can even apply for a personal loan to arrange a wedding, it is necessary to enlist every big and small expense and zero in on the amount accordingly. 

  • Apply Online

A good way to minimize hassles and the waiting period is to apply for an online personal loan, once you are aware of the loan amount.

  • Choose Repayment Options with Care

Another approach to maximize flexibility is to get hold of a personal loan EMI calculator. This way you become aware of the liabilities and can plan the repayment timeline, accordingly.

Besides, as it is still a personal loan, you need to pre-check the credit score and keep the documents ready to sail through the process, sans complications. 

Additional Read: Everything you Need To Know About Marriage Loans in India

How To Do Financial Planning For Weddings With A Personal Loan?

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Weddings are an elaborate affair with too considerable expenses on dress, decoration, food, venue and much more. Financing all this from your savings account can be a daunting task. It is where a personal loan can play a crucial role.

How to Plan for a Marriage Loan?

You may have meticulously planned every wedding detail, but have you given a thought on how to manage all the expenses? Here are a few essential things to consider before taking a marriage loan:

  1. Start early: Instead of waiting for the last moment, start planning your wedding expenses in advance. It will give you an estimate of the loan amount you require and arrange the documents required for the personal loan to cover wedding expenses.
  2. Avoid unnecessary expenses: Since there is substantial interest payable on a personal loan, you will avoid reckless expenditure on the wedding. 
  3. Don’t exhaust savings: Under no circumstances should you use your savings for your wedding. The personal loan will help keep your savings intact for emergency expenses. 
  4. Avoid paying hefty interest: If you are borrowing money for a wedding, avoid using your credit card or other overdraft facilities to create debt that comes with a high-interest rate. 
  5. Invest smartly: If you have savings, use the money to invest in mutual funds or other high paying instruments. It will help you to cover your loan cost. 

Wedding is a special day for both the bride and groom. Everyone tries hard to make their dream come true. But it is essential to take care that the dreams do not drill a hole in your pocket.

Also Read: 5 Tips to Manage Expenses of Marriage in a Simple Way