Here’s how you can fulfil your D-day wishes by taking a wedding loan
A wedding is a joyous event, but any abrupt or unanticipated expense may knock at your door anytime. These expenses may be stressful as their cost may negatively impact your overall wedding budget. In such cases, a wedding loan, a variant of a personal loan, may come across as the best financial support for you. Continue reading about how a wedding loan can assist with unanticipated financial shortfalls.
A personal loan may be a prudent option for funding wedding costs mismatches owing to its unsecured nature. This means you do not require pledging any collateral like a home, gold, or car to avail of the necessary loan proceeds. Owing to this reason, this loan option has become an apt choice for quick financing.
Using a wedding loan to finance your unanticipated wedding expenditures offer the listed benefits –
· Such loans may have a slightly lower personal loan interest rate than a loan against credit cards, making them an affordable and quick option for borrowing to fund your monetary mismatches. Moreover, note that your chances of a lower personal loan rate are enhanced if you maintain a good credit score of 750 and above. This is because a higher score shows you as a credible individual who has the potential to repay the borrowed amount in the form of a personal loan EMI by the due date.
· You may access a big-ticket loan of up to Rs 40 lakh to fund your financial shortfalls.
· In the case of a preapproved wedding loan, you can get the loan proceeds disbursed in your bank account on the same day of placing the loan application. So, to avail of the loan proceeds in the case of an instant loan, you need to hit on the personal loan apply online option, and the required loan amount will be disbursed instantly within a few hours.
· You get the flexibility to repay the borrowed loan proceeds in the form of convenient EMI over five years. Suppose you are unsure of the ideal repayment tenure and personal loan EMI figure. In that case, you may use an online personal loan EMI calculator to compute the apt statistics for your affordability.
· Minimal documentation allows you to manage unanticipated wedding expenditures hassle-free and stress-free.
What are the unanticipated wedding expenditures or shortfalls you may tackle through a personal loan?
Weddings are associated with luxury and extravagance, and they may be costly. This expense can differ widely based on location, wedding size, level of details, etc. One of the major challenges when preparing a wedding plan is the unanticipated expenses. Such expenses can hit in any form and instantly add up, resulting in a massive strain on your budget. A few common incidental wedding expenses are last-minute vendor charges, catering additions, additional decoration expenses, and guests’ accommodation or emergency travel expenses.
You can easily meet wedding budget shortfalls through personal loans. However, before you opt for any loan deal, use an online personal loan EMI calculator to find out the preferred personal loan EMI and repayment tenure as per your affordability. Negotiate with the preferred lender for the same deal to avoid financial stress.