During weddings, there are several functions for which you need a lot of money. And especially in the case of Indian matrimony weddings, expenses can go easily out of hand if poorly managed. A personal loan for wedding could be the best option for those people who don’t have enough money in their hands to arrange the functions in the way they have always dreamt of. However, there is one important question about which people often feel confused about. It is about whether they should go for a personal loan for the wedding or not.
Let us tell you why? People have this preconceived notion about the personal loan that it’s not right to get a personal loan facility. Like if you are preparing for matrimony in your family and tell your relatives that you’re going for a loan facility, some of them will frown upon the idea. However, we will be giving you an idea about whether you should go for a personal loan for a wedding or not. Through some points, you will be able to make an informed decision. So, if you are someone who is in two minds about the personal loan for marriage, this could be a good read for you. Let’s start!
Personal Loan for Wedding is Collateral-free
One of the first things you should know about a marriage loan is a totally unsecured loan. It means that you don’t need to submit any collateral or security to get the required loan amount. So, this could be a good option for you if you want to opt for a loan amount without any security. Before giving you the loan amount, lenders check your eligibility and the loan amount will be disbursed to your bank account. The option to get it without any collateral also makes it accessible for many people.
Flexible Repayment Tenure
In the case of the Hindu matrimony marriage, if you are looking to arrange some funds for your marriage, a personal loan wedding could be the best option. The reason is: flexible repayment tenure. Lenders give you a time up to 60 months within which you can easily repay the loan amount in easy installments. The minimum tenure stands at 12 months. So, you can choose between 12 to 60 months as per your repayment capacity and monthly income.
Affordable Personal Loan Interest Rates
While availing of a personal loan for marriage, the interest rate is one of the important factors. And if you are having second thoughts about the personal loan, you should know that the interest rate affects your repayment amount directly. So, when choosing a lender, make sure you choose one which is giving you the lowest interest rates. Also, remember that personal loan interest rates depend on several factors such as age, employment type, monthly income, etc.
Cheaper Than Using Credit Cards
If you are thinking about using your credit cards for your wedding expenses, you should know that a personal loan for a wedding is a better option than this. Do remember that if you miss the due date of your credit card bill, the interest rate on the missed repayment amount can go up to as high as 40% per annum. However, if you are financially disciplined, you can go with credit cards. However, don’t exhaust your credit card limit.
If you are worried about the tiring documentation process associated with a personal loan, you shouldn’t worry about it. In the case of a personal loan for a wedding, lenders usually ask for a digital and paperless documentation process. So, you can do the whole process from the comfort of your home without any trouble.
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