Weddings are known to be elaborate and expensive affairs. Right from the bridal trousseau and jewelry to the venue costs, catering and gifts for guests, the bills can be very expensive. But that doesn’t mean you have to let the money be a obstacle on your life’s most important moment. Make the occasion memorable for yourself and your family. You can take out a Wedding Loan and ensure that you all have something to celebrate, without having to worry about the costs.
When it comes to funding your wedding, it’s unlikely that you have enough savings to meet costs. The best option is through a Loan, most banks and NBFCs offer Wedding Loans. and you can apply for one to meet the costs.
What is a Wedding Loan?
In essence, a Wedding Loan is a Personal Loan taken to meet marriage expenses. A Personal Loan for a wedding can cover costs like buying jewelry for the bride, venue cost, guest accommodation costs, catering charges, decorator fees and other professional services that ceremony usually require.
Usually, the bank verifies your income and credit score before deciding on the loan amount that they can offer you. The higher your income and credit score, the better your chances to get the loan approved.
Before applying for a loan, it’s recommended that you get a rough estimate of the expenses. Based on your eligibility, you’ll be able to know what amount of loan you can get. That way, you can plan your wedding accordingly.
Why Do I Need One?
Besides the usual wedding costs, there can also be some sudden expenses. If you suddenly decide to live stream your wedding to your extended family who couldn’t make it, you’ll have to plan for that as well. All of this needs money, so it’s best to be prepared.
Destination and theme weddings are the fads at the moment. These can be very expensive. Ferrying guests, theme decor, coordinated costumes and more make these events some of the most expensive marriage ceremonies you can find anywhere. It’s not surprising that most of us don’t have the ability to pay for all of this through normal means. That’s why a Loan can be one of the best things that you can get.
You might be worried about taking the interest rates in Personal loans are high. You might not want to start your married life in debt. If that’s the case, you can borrow from your parents, friends or family at zero interest.
How To Apply?
Applying for a Wedding Loan is a simple process. You can also apply for it online and meet the document requirement to process the loan application.
If you’re a salaried employee, you’ll have to provide proof of identity, residence, salary slips and bank statements for the past 3 months and work experience documents. In case you’re self-employed, you need to furnish your Income tax return. With necessary documents in place, financing your wedding is a simple task.
A Personal Loan for your wedding can be the solution to get the dream wedding you’ve always wanted. Once you enter into wedlock, expenses are going to pop up again. You should predict all of this before you finalise your marriage ceremony budget as well. Only get a loan that you can pay off without burdening yourself too much.