Weddings in India are full of festivities and rituals that sometimes last a couple of days. As the cost of all services and goods increases with time, planning a wedding requires more money than ever.
The increasing cost of gold, which is an integral part of all marriage shopping in India, can help us estimate the rising cost of organizing a wedding.
Ten grams of 24-carat gold would have cost Rs. 4400 in 2000; in 2020, the price rose to a whopping Rs 48,651!
If you want to plan your wedding or that of your loved one, do not let the rising expenses dissuade you; a personal loan can help you.
Your Dream Wedding Can Be a Reality
You can use a personal loan for any purpose; using them to fund your marriage expenses can help you have your dream wedding. Here are a few reasons why you should consider taking a personal loan for planning a wedding:
- No Dependence on Anyone
An instant personal loan reduces your dependence on family or friends for the funds. You do not have to wait for the funds or offer any explanation about how you will use the funds. So whether you want a destination wedding or a designer outfit, you are the boss. If you are a young person who does not want to burden your parents yet wants a dream wedding, personal loans are just the perfect solution.
- No Strain on Savings and Investments
Traditionally people save for years for a wedding in the family; however, it often strains the finances and leaves the family vulnerable. You may have to liquidate some long-term investments at a loss or disrupt your long-term financial planning. Instead of dipping into your savings, you can apply for a personal loan to meet the marriage expenses.
- Fast Processing
There may be times when you may need funds instantly due to an unforeseen expenditure. Despite the best planning, there might be times when the expenses exceed your estimate; there may be some costs that you had not anticipated. In such a situation, an instant personal loan can come as a relief. Personal loan processing is swift once you complete the required formalities; you can access funds in a day or two without delaying your preparations.
Applying for these loans is very convenient. Most lenders offer online personal loan applications and, the documentation process is also simple. If you have a good credit score, then getting a loan sanctioned becomes easier. Lenders also offer convenient repayment terms.
Personal Loan: Apply Keeping in Mind the Following
When you apply for a personal loan, keep the following in mind:
- Do not go overboard with the wedding expenses; apply for an amount that you can repay with ease.
- An instant personal loan does not mean applying in haste. Compare interest rates and other expenses before choosing your lender.
- Whether you fill an online personal loan application or a physical one, be sure to understand all the terms and conditions before you agree to them.
A personal loan can help you make your dream wedding a reality. Put on your dancing shoes and find the perfect outfit and get ready for the magic. Just be an aware applicant and a responsible borrower.