Pay for your Wedding Expenses with a Personal Loanby Arwind Sharma Finance Advisor
It's never a good idea to compromise on your dream wedding. It is a once in a lifetime event and enjoying yourself to the fullest should always be your main aim. However, enjoyment can sometimes be costly. It is especially when it comes to organising a wedding. Therefore, you can opt for a personal loan for wedding anytime.
Since a personal loan is available to customers across the country, it is an easy alternative for managing your additional expenses. Moreover, this financing facility does not bound you in any limitations, which is why it can be utilised as and when you feel necessary.
But like every other financing alternative, a personal loan for wedding also needs to be borrowed, keeping a few things in mind. Here are some of the factors to consider while applying.
1. Wedding budget
Weddings in India are a grand occasion, which is why their expenses are also significantly high. When you plan to borrow a wedding loan, you need to first create a budget in mind. Without doing so, you will never be able to utilise your wedding loan ideally and will always be in need of more money. Creating a budget can include everything from travel expenses to catering charges. Whatever you want for your wedding should be included in the budget even if it is something as small as getting flowers.
2. Monthly income
Personal loans are one of the most highly marketed financing alternatives. Some lenders go out of their way to make personal loan sound like an easy financing service. But the fact is that you still need to have a stable monthly income that too of a decent amount to borrow finance. When you consider a personal loan for wedding, the firm chosen by you will compare your income with the monthly EMIs that you would generate. Once verified, only then will they be able to process your loan.
3. Interest rates
Personal wedding loan interest rates can be both affordable as well as extremely high. Therefore, the best way to deal with this is by comparing as many financing agencies as possible. You should never settle for the first financing firm that you see; just because you do not want to go through the hassle of comparison. Shopping in the market for the best interest rate will allow you to save in the long run.
4. Your savings
Even though you have the option of borrowing a quick personal loan, you should not depend on it completely. The ideal solution to this would be analyzing your savings and then comparing it with the budget that you created. In case you have 30% funds available, then try searching for an alternative for the rest of the amount. In other words, you should try and borrow as less personal loan amount as possible to save yourself from heavy interest.
This has been said time and again, but people still doubt it's importance. Reading through the terms and conditions of your personal loan for wedding application is very important. There are fine prints on the loan application forms that can be very tricky to understand. Reading through them carefully will allow you to see if the transaction can turn out to be risky for you as a borrower. Your ultimate aim should be to keep as much power in your hand as possible as a potential borrower.
Bajaj Finserv brings you multiple pre-approved personal loan deals for financing services like personal loan, credit card, EMI finance, and home loans. These offers have been created to reduce the loan processing time in half and make it completely hassle-free for borrowers.
You can view your special pre-approved loan offers today by submitting your mobile number and name online.
Created on Dec 4th 2019 23:56. Viewed 384 times.