It’s natural to want your wedding to be perfect in every way. After all, a wedding is one of the most special occasions for most individuals. However, such celebrations come with a hefty price tag. In fact, the average cost of hosting a wedding in India reached ₹28 lakhs in 2023. And if you are aiming for something more lavish, then the expenses can go even higher. Moreover, what if unexpected expenses arise?
Rather than risking your special day, it may be prudent to opt for a marriage loan and sidestep all the worries.
What is a marriage loan?
A marriage loan, also known as a wedding loan, is a variant of personal loans that you can avail to finance wedding-related expenses. Since it’s an unsecured loan, you don’t have to pledge any collateral to obtain funds. Moreover, the borrowed funds have no specific use restrictions, which means you can use them for various purposes, like:
● Hotel rooms and banquet halls
● Catering
● Decorations
● Wedding outfits
● Makeup and hair artists
● Photographers and wedding planners
● Honeymoon expenses.
This flexibility means you can allocate the funds wherever needed and handle your wedding expenses effectively.
Top benefits of taking personal loans for weddings
Here are the top five reasons why a personal loan for weddings is worth considering:
The loan is sanctioned easily
A wedding involves numerous advanced payments to confirm services and bookings. You can trust the IndusInd Bank Instant Personal Loan to get quick financial support and manage wedding expenses without any hassles. The entire application process is user-friendly, 100% digital, and paperless, which allows for fast processing and approval. This accessibility means you won’t have to compromise on your dream wedding plans due to a lack of funds.
Here are additional benefits you can expect to get:
Higher loan amount
Borrow any amount between ₹30,000 and ₹5 lakh and tailor the loan according to your wedding’s scale.
No hidden fees
Enjoy transparency with no unexpected charges for a simplified borrowing experience.
Flexible repayment tenure
You can choose a repayment tenure of 1 to 4 years and repay the loan through comfortable Equated Monthly Instalments (EMIs). This gives you ample time to manage your finances without overburdening your monthly budget.
Competitive interest rates
Benefit from affordable rates and reduce the total cost of your loan.
So, apply for a personal loan for wedding expenses and get started with IndusInd Bank today! Celebrate your big day without worrying about financial limits.
No need to liquidate investments
Many resort to liquidating their investments or savings to fund their weddings. This is not always advisable as it can disrupt your savings’ growth and long-term financial goals. It makes more sense to use personal loans for wedding expenses to preserve your investments and savings so that they can grow as you planned.
Cover unplanned expenses easily
Weddings often come with unexpected expenses. Last-minute changes, additional guests, or unplanned enhancements can inflate the budget. A wedding loanhelps you handle these surprises without causing stress or compromising the quality of your celebration.
Repay in monthly instalments
You can repay your marriage loan over a flexible tenure ranging from 1 to 4 years. It’s wise to use a personal loan EMI calculator to get clarity on your monthly payments in advance. Just input the loan amount, tenure, and interest rate. Now, the calculator will display the EMI you will have to pay each month on the loan. You can tweak these numbers until you find an EMI value that fits your repayment capacity.
Credit score benefits
Timely loan repayments demonstrate your reliability as a borrower, which is reflected in a higher credit score. A good credit score boosts your chances of qualifying for affordable interest rates and fees on new loans and credit lines.
Key takeaways
A marriage loan allows you to enjoy your big day without financial anxieties. It makes your wedding planning both manageable and economically wise. This financial lifeline gives you the benefits of higher loan amounts, easy repayment options, and affordable interest rates. Moreover, you are free to use the funds for any wedding-related purpose, be it planned costs or last-minute expenses.
With all these advantages, a marriage loan is a wise choice for enjoying a stress-free and memorable wedding.
