Facebook, Instagram, Snapchat – whatever be the social media platform you’re on, chances are that your feed will be filled with stories and pictures of people who are getting married. While most of us go ahead and ‘Like’ the post, a few of us must also wonder about these numbers, while for some others this is an indication that the wedding season is upon us. For those who are not yet married, this is the season they dread. Family members and friends are often on their back, questioning when their Big Day will come.
There are cases where people in love have chosen to postpone their wedding, solely on account of the extravagant costs associated with weddings. That weddings are expensive is an open secret. An elaborate affair could set one back by Rs.30-40 lakh, if not more, with some weddings costing well over a crore. Now, this is a huge amount of money. Sure, those individuals who have planned for it for years might’ve invested in instruments in fixed deposits, mutual funds, etc. to manage the expenses, but what about those people who have no investments but still wish to have a decent wedding?
Given that a wedding is a once-in-a-lifetime event (in most cases), compromising on multiple aspects might leave us disappointed in the long run. One way in which we can have the wedding of our choice is by taking a personal loan.
Why a personal loan is a good idea to fund your dream wedding
Shopping for clothes, finding a venue, decorating the venue, finding a good photographer, arranging the food, etc. can take a hefty toll on one’s bank accounts. Availing a personal loan is a smart option, for it helps one pay for all of these arrangements.
While there are other loan options available in the market, a personal loan is a smarter choice primarily because there is no need to provide a collateral when taking this loan. This reduces any anxiety and tension which may accompany an application for a home loan, gold loan, etc.
Additionally, banks do not question the purpose for which the money is being borrowed. This enables one to utilise the entire amount towards the wedding.
In a number of cases, people trim the celebrations, hoping to save money. This trimming can be avoided by taking a personal loan. With banks willing to offer loans upto Rs.20 lakh and more, careful planning can help one fulfil all their desires.
Repaying a personal loan isn’t rocket science. Banks offer the services of personal loan EMI calculators which can be used to compute the amount which needs to be repaid each month. This helps one in planning and budgeting, ensuring that they can clear the debt within the given time frame. Individuals who receive a bonus can prepay the loan, thereby reducing their liability.
How hard is it to get a personal loan sanctioned?
Getting a personal loan has become extremely simple these days. In a number of cases, we don’t even need to visit the bank to find out information about the loan. A number of third-party websites connect borrowers with lenders, thereby simplifying the entire process. Individuals who wish to borrow money are expected to satisfy a few simple loan eligibility criteria, with banks processing the application once these are met.
Typically, one needs to provide proof of income, indicating that they are in a position to repay the loan amount. Borrowers who have an account with the bank are likely to have the application processed quicker. Given the fact that personal loans are unsecured, one needn’t provide collateral for the same.
In today’s technological world, it is possible to get a loan sanctioned within minutes, provided one uses the right platform.
Other alternatives to a personal loan
One might say that borrowing money from a friend or a family member is as good an idea, if not better than taking a personal loan. Sure, while it is possible to do so, repaying can become a problem. One might have to pay back the entire amount in bulk, which can be hard on their wallets. Alternately, there is a chance that the relationship between the two can sour.
A few people use their investments to pay for a wedding. We might know of family members who surrendered their life insurance policy to generate funds, or friends who cashed in on their mutual funds to raise money. While these are feasible options, one should remember that these instruments are designed to provide support during emergencies, and utilising them now could leave one without a safety net.
A wedding is a joyous occasion, and money shouldn’t play spoilsport. This wedding season make sure that you get the wedding you deserve, enabling you to begin a new phase of life on a high note.