3 Advantages of Funding Your Wedding with a Personal Loan

When it comes to planning a wedding, every couple dreams of their special day and wants it to be just perfect. Couple this with the fact that we’re in a country like India, and you’ll go from a ‘simple intimate ceremony’ to ‘grand celebration’ within seconds. Wedding celebrations are a big thing in India, which are by and large still considered to be a status symbol for the families involved. Not only this – over the past few years, new trends have also crept in – like pre-wedding photoshoots, bachelor/bachelorette parties, and even having a custom wedding video. Taking care of all these expenses is sure to burn several holes in your pocket. But this is exactly where Special Occasion Personal Loans come in. These are nothing but personal loans for special occasions, offered by banks and NBFCs. Here are 3 benefits of Special Occasion Personal Loans:

There’s No Need to Exhaust Your Savings

When it comes to arranging funds for a wedding, it is usually the parents of the couple who shoulder most of the wedding expenses. They would have usually been saving up for the wedding from at least two decades. But if you want to assist your parents and chip in for the wedding expenses yourself, there’s no need to exhaust all your savings in the process. You might have some money saved up. You may also have a few active recurring deposits/fixed deposits. There’s no need to prematurely close any of them. A special occasion personal loan can give you extra funds up to ₹2 Lakhs which you can use towards your wedding.

You Enjoy Instant Disbursal of Funds

No matter how well you think you’ve budgeted for the wedding, you’re sure to leave out a few important expenses while planning for it. This may lead to a situation where you don’t have enough cash with you to pay for the said expense when the need arises. This may be anything from gifts for your guests, extra flowers, or any last-minute food/event arrangements. But even then, a special occasion personal loan saves you from the embarrassment of borrowing from friends for family. Once your application is approved, you‘ll receive the fund in your bank account instantly, within a few hours at the max.

The Repayment Tenures are Flexible

Special occasion personal loans come with flexible repayment tenures to help you repay your loan EMIs easily. Depending upon the loan amount you’re borrowed, you can enjoy tenures up to even 60 months! Just remember this – if you opt for a short repayment tenure like 1 year or 2 years, then your monthly loan obligation will be on the higher side. Conversely, if your repayment window is between 4 to 5 years, then your monthly loan EMI will be lighter on your pocket. The trick to remember here is to select your loan amount after knowing how much your monthly loan amount will be and only then proceeding forward.

Wrap Up

Many advantages come with loans for special occasions. Just make sure to account for all the expenses related to the wedding while deciding the loan principal amount.

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