Articles

Are Wedding Loans A Good Way to Cover Costs?

by Ajay Singh Financial Advisor

Getting married is like a dream come true. You may think your savings would serve the plan the wedding event of your imagination, but you if your savings can’t meet your wedding expenses, you can apply for a wedding loan. Read further to understand how wedding loan is a great way to cover your wedding expenses.

Planning a destination wedding? To plan such a big event, you need to have that surplus funds. In addition to covering wedding costs, you also need necessary funds for funding wedding-related costs, including wedding invitations, deciding caterers, hotel booking, shopping, etc. To plan the most important ceremony of your life, you should have a stable financial condition.

If you can’t pay for your marriage upfront, then availing a wedding loan may be a great way to decrease your financial stress. Usually categorized under Personal Loans, this type of loan is an unsecured loan that you can avail. You can easily avail of wedding loan from Clix Capital at an attractive interest rate. A wedding loan will cover the complete cost of your wedding. Below are some of the features of the benefits of availing a wedding loan:

They're an easy way to get money. As you begin planning your wedding, you'll realize that your venue and your vendors want upfront deposits in order to book their space and services. These expenses can add up fast, particularly when you add your marriage dress and accessories into the mix. If you don't have an enormous chunk of money sitting around in your savings account, a wedding loan can give you the money you need to cover your expenses.

They're easy to get. In many cases, you can apply for your wedding loan online in a matter of minutes once you get your financial documents in order. Your bank or loan provider will review your application, and, if you're approved, will deposit your loan amount directly into your account.

You'll get your money quickly. Most banks and NBFCs can review your application, sanction it, and deposit your loan amount in a matter of few days. Some lenders even promise loan funding in 24 hours.

Better interest rates than credit cards. If you have a good credit or CIBIL score and a great credit history, likelihoods are that you can get a wedding loan with a personal loan interest rate lower than your credit cards.

Some loans don't charge for prepayments. Some loans will let you to pay off your loan early without any penalty fees, which can save you on interest costs. If you plan on paying off your loan with cash gifts from wedding guests, or if parents or other family members have offered to help fund your Big Day, you may not have to pay any interest at all. Double check the language of your loan to make sure prepayments are allowed.

You'll improve your credit score. Couples looking to build or improve their credit can boost their score by successfully paying their marriage loan. Make sure not to miss payments or make late payments. A higher credit score will make it easier to get loans in the future and keep your interest rates low.

 


Sponsor Ads


About Ajay Singh Advanced   Financial Advisor

41 connections, 1 recommendations, 167 honor points.
Joined APSense since, October 1st, 2020, From Gurgaon, India.

Created on Apr 21st 2021 01:22. Viewed 248 times.

Comments

No comment, be the first to comment.
Please sign in before you comment.