If there is an occasion that brings Indian families together like no other event, it is a wedding. Weddings in India are renowned around the world for being lavish, dazzling and memorable affairs. Indian couples and their families consider weddings to be not just an event, but rather once-in-a-lifetime celebration marking the union of families.
As a result, the Indian wedding industry today stands at a value of over 50 billion dollars and is the second largest in the world . Weddings become the one occasion where purse strings are loosened generously and families do not hesitate to spend their hard-earned savings.
Source: Aegon Life
While dipping into one’s savings is a common way to fund a marriage, it is important to consider whether it is the most prudent one. After all, with the convenience and efficiency of marriage loans currently available in the market, it makes more sense to borrow the amount of your desire and pay it back in easy EMIs in the future. For instance, personal loans available online is an excellent option for weddings of all kinds, with its benefits of pre-approved offers and flexible repayment.
However, if you are still undecided about availing a marriage loan to fund the wedding of your dreams, it might help to go over a few pros and cons of taking a personal loan for marriage expenses.
Pros of Wedding Loans
● Quick access to funds
Planning a wedding can be a hectic task, with a number of different aspects that one is expected to manage. In the midst of this process, the worst obstacle you could run into is not receiving your loan in time. Marriage loans, availed through a personal loan, help avoid this worst-case scenario by approving personal loans in 3 minutes flat and disbursing loans in less than 24 hours.
● Better option than credit cards
While it might seem simpler to just pay your wedding expenses with a credit card instead of availing a wedding loan, the long-term consequences might change your mind. Credit cards often come with a far higher interest rate than personal loans and might even lead you to accrue a huge amount of debt.
Source: Bank Bazaar
● Requires no collateral
Weddings are an occasion when people love to splurge, but this joy shouldn’t come with the stress of risking one’s assets. Wedding loans are essentially unsecured personal loans and therefore require no collateral from the borrower to get a loan approved.
Cons of Wedding Loans
In the excitement of planning a wedding, you might be tempted to avail a wedding loan much greater than you require. In particular, if you want to avail the marriage loan as ‘extra funds for the wedding’, you might go overboard with the expenses. You can avoid this by setting a fixed budget for the wedding before availing the wedding loan to help proportion the loan funds responsibly.
A personal loan is essentially an agreement between the lender and the borrower, to repay a given amount within a set frame of time beneficial to both. If this agreement is breached by breached by defaulting on loan payments, the borrower is liable to pay certain penalties. However, as long as you are certain to make regular, timely payments, this is not an issue you might have to encounter.
In conclusion, while availing a wedding loan comes with its share of cons, these can be easily managed by responsible budgeting and EMI payments. When taken in context of the various benefits it provides, a marriage loan can truly be a boon for families planning a wedding for their loved ones.
In particular, the Bajaj Finserv personal loan, available at Finserv MARKETS, can provide quick, convenient access to funds so that you can easily get to making wedding arrangements without worrying about finances. With this marriage loan, you can receive loans of up to Rs. 25 lakhs and go all out on your wedding plans.
Moreover, if you find yourself wondering about repayment, you can rest assured on that front too. You have the flexibility to repay your personal loan in easy EMIs, for the tenure of your choice ranging from 12 to 60 months. What’s more, if you opt for the Hybrid Flexi version of the marriage loan on Finserv MARKETS, you can even enjoy unlimited withdrawals from your loan amount as and when the need arises.