According to a survey conducted by The Economic Times, loans for weddings constitute as much as 20% of the number of advances offered in the Indian financial market. The rise in the number of young borrowers exhibits the inclination of every individual towards availing a personal loan to finance their dream wedding instead of liquidating their savings.
Weddings are ought to be extravagant and often leads to overhead expenses, which can incur financial strain over the individual and his/her family. Organizing such an event is a challenging task and further financial pressure can spoil the spirit of the occasion.
Therefore, it is always advisable for individuals to secure a wedding loan, offering a high quantum up to Rs.25 lakh to cover the costs.
Reasons Why You Should Avail a Personal Loan Before Your Wedding
Weddings have now become an upscale investment avenue where individuals tend to go overboard to make their D-day memorable and worth cherishing. Significant cash in hand would ensure that the special day is celebrated in the desired way without leading to any financial constraints.
Given below are reasons to take a loan before your wedding –
- Wedding expenses have now escalated to a sky-rocketing figure. The average cost for pre-wedding and on-event photography packages usually start at Rs.50,000, which is perhaps the lowest sect of expenses you will have to make. Apart from that, employing premium catering services to serve delicacies on your wedding evening can burn a hole in your pocket. On such scenarios, a Bajaj Finserv Personal Loan for Wedding can be availed for ample funding required to finance your wedding essentials in a better way.
- Location for wedding nuptials, elaborate trousseau and attractive jewelry contribute hugely in mounting up your wedding expenses list. Securing a wedding loan would ensure that every individual can select their event location according to their wishes and not on their financial solvency.
- Individuals who are planning to set out for their honeymoon right after their wedding can use the credit availed through personal loans and meet the expenses related to the vacation. Individuals should choose a suitable personal loan lender who would facilitate them with adequate advances, to bear travel expenses with ease.
- Financial institutions like Bajaj Finserv offer personal loans for weddings to fund your entire wedding-related costs starting from venue to outfits. Borrowers can avail the credit without presenting their property as their collateral and avail the loan amount credited to the account within 24 hours from the time of approval.
They also provide pre-approved offers that simplify the application process and save ample of time for borrowers. These offers are also available on other financial products including business loans, home loans, loans against property, etc. You can check your pre-approved offers by just entering your name and contact details.
Every individual should consider comparing the personal loan interest rates prevalent in the market before deciding on a particular financial institution. Bajaj Finserv offers competitive interest rates, made affordable during the loan repayment of an individual.
Required Documents To Avail a Personal Loan
Individuals who are willing to avail a personal loan to finance their wedding expenditures have to furnish a few documents such as –
- Bank account statements.
- KYC documents as proof of their identity. These include PAN, Driving License, Aadhaar Card, etc.
Benefits of a wedding loan are multi-fold and not limited to just your wedding budget. Essentially such advances are personal loans and you can use the funds as and how you deem fit. So, after the wedding and honeymoon, you can even use a certain portion to renovate your residence, upgrade your business, invest for returns, etc. depending on the funds available. A Bajaj Finserv Personal Loan for Wedding can be your single-point assistance for multiple financial solutions available at one go. Maintain a high CIBIL score and check your eligibility criteria before applying.
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