Short of Funds for your Wedding? Take a Marriage Loan - Loan Trivia

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Thursday, 3 October 2019

Short of Funds for your Wedding? Take a Marriage Loan

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Marriage is an important milestone in everyone’s life. Many people, especially girls, the dream of having a fairy-tale wedding. Ria was no different. Ever since the date was set, she could not stop making grand plans. Her father, however, was sad. He wanted his daughter to have the wedding of her dreams but his finances hardly agreed with him. 

A shortage of funds is a common problem that one faces when planning a wedding. If a grand wedding is an idea, you would need at least Rs 10 lakh to make it come true. But you may not have that kind of savings. So, what should you do? Kill your dreams? Not at all. 

Ria’s father found a financial miracle in the form of a personal loan. The loan gave him enough funds to finance a fairy-tale wedding. His daughter was in seventh heaven. 

A personal loan is an unsecured loan granted by banks and financial institutions to fund personal expenses. The loan is easy to get, needs no collateral and is easy to repay. But one needs to follow some tips. Ria’s father did this before applying for a wedding loan. Let us see what he did: 

Plan the Expected Expenses 

When you plan a wedding, the first step is to calculate the expected costs. Similarly, before you go looking for a loan, sit down with a sheet of paper. Make a list of the expenses you would expect to incur for the wedding. 

Assess your Affordability 

Getting a loan is not hard, but repaying it is. So, before you take the leap and borrow a huge loan, check whether you can afford the repayments. Use the personal loan EMI calculator. All lenders have this tool to help you calculate the equated monthly installments (EMIs). 

Calculate your Savings 

People save throughout their lives for their children’s wedding. They usually have their savings to fund the expenses. It is the shortfall that may need to be financed with a loan. So, after you calculate the expenses, compare them with your savings. This will help you determine the shortfall. You could borrow that amount as a personal loan. 

Search for a Suitable Loan 

There are many loans on offer in the market. Getting the best loan option needs some research. Check out the loans on offer. Look at personal loan interest rates, charge structure, tenure, and the like. Choose the one with the features most suitable for your needs. 

A Last Word 

Weddings happen once in a lifetime and do not let a shortage of funds ruin the celebration. You would not want to regret later, would you? A marriage loan can help you bring your dreams to life. All you need to do is check your eligibility and apply for the loan. You will have to produce very few personal loan documents. So, take the loan, and make your or your child’s wedding a day to remember.
Must Read: Taxes and the Personal Loan: Is Personal Loan Amount Taxable?

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