Indian weddings are amongst the most expensive in the world. In India, the wedding season is no less than any festival and a lavish marriage celebration can extend over a week. From dresses and jewelry to food and gifts, the cost of a Great Indian Wedding can be equally overwhelming. However, a wedding is a once in a lifetime event. So, don’t let money hinder your happiness on your wedding day.
Gone are the days when people used to borrow money from their friends and relatives in order to pay out all the wedding expenses. Nowadays, several banks offer personal loan to help you plan your dream wedding. A personal loan is an unsecured loan. Its rate of interest will be higher than that of a secured loan but it may vary as per the credit profile of the applicant. Moreover, you wouldn’t want to blow up all your savings on your marriage that you could have kept aside for other purposes. But a personal loan for your wedding will buy you some time to repay the loan amount and you can focus solely on planning your dream wedding.
Here are a few tips to combine your savings and marriage loan for your Indian wedding-
- Do not exhaust all your savings
You may have savings that you kept aside all your life only to secure your future. It’s best to not spend all your savings on the wedding. If you do so, you end up saving none for your emergency funds or your shopping wish list. By opting for a marriage loan, you will be putting a part of your savings aside for the future, while making memories to remember on your wedding day.
- No prepayment penalties
There are many types of loans, but the unsecured ones from banks typically come with prepayment penalties. This means that you need to pay a penalty if you plan to repay the loan amount at an earlier date than the duration it is sanctioned for. When you take a marriage loan, most banks provide an option to repay the loan earlier than the due date.
- Don’t ruin your dreams
Many of us may have a fully formed picture of how we’d like our wedding to be. Don’t let your financial shortcomings come in the way of your once-in-a-lifetime celebration. If you want to book a lavish venue or plan a unique reception dinner, you can achieve this without monetary sacrifice. Go for your dream wedding celebration with a personal loan for wedding.
- Share the burden
Often, parents save throughout their lives for their children’s marriage. But when your wedding expenses become a burden to your parents, it may not be the celebration you enjoy. With a personal loan, you can share that burden and still see your dream wedding happening for real.
- No stress at the beginning of your new life
Your wedding marks the beginning of a new chapter with your life partner. A marriage loan will help you start your new life without any financial stress. Many couples may also plan to move to a new home after marriage. A marriage loan can help you manage all such expenses easily.
A personal loan for wedding can be really helpful in planning your dream wedding. However, you must do your homework and follow the steps accordingly to help you find out what works best for you and your partner.