A wedding involves a lot of planning and expense, from choosing a location and venue to purchasing gifts and arranging for photography, lighting, decorating, catering, planning. honeymoon, etc. You also need to purchase various expensive items such as wedding dress and jewelry, clothing, and household items. Taking out a marriage loan not only reduces financial stress for the family and the couple, but also helps to meet all future expenses.
That said, with an increased choice of borrowing – from different types of loans with different terms and so on, experts say, you have to choose what works best.
Gaurav Jalan, CEO and Founder of mPokket, says: âA wedding is not just a few days of celebration. With two families coming together to build a new life, there are several expenses to cover when planning a wedding, and a personal loan could be the perfect choice, especially without any restrictions on how one can use the loan. Amount of the loan.
Hence, unlike other loans, there is no restriction on how one can use this loan amount, which helps to cover all the miscellaneous expenses of the wedding. Therefore, according to experts, taking out a personal loan for a marriage is a wise option.
According to a study conducted by IndiaLends, a digital lending platform, during the second wave of the covid-19 pandemic, the demand for marriage loans was highest among all categories – 33% compared to 22% during of the first wave of people aged 20 to 35.
Jalan says, âA personal loan can be used online at competitive interest rates and is often easy to apply, with quick approval and disbursement, saving time that can be used more productively in the future. planning the wedding. “
In addition, the eligibility criteria for such loans are often not very high. Also, these loans only require a few essential documents like proof of identity, proof of address and proof of income, which keeps the documentation work to a minimum and simplifies the loan application process.
âPlus, personal loans come with flexible EMI and tenure options,â Jalan adds. Borrowers can customize the repayment schedule based on their monthly income, financial need, and cash flow. Moreover, depending on one’s credit rating, the interest rates on these loans are often competitive.
Therefore, applicants can easily get a personal loan of up to Rs 25 lakhs with a term of 12 to 60 months, depending on their credit score. âIt can easily help cover most expenses, no matter how intimate or lavish an intimate wedding may be,â says Jalan.