One thing every Indian can execute most grandly, outshining the rest of the world is a wedding. The Indian wedding market is worth crores of rupees.
However, for financing such weddings, individuals may have to look for additional sources of funds. A Marriage Loan in such situations can provide with the necessary monetary assistance to those individuals who desire a celebrity-style wedding.
Banks and NBFCs in India offer a wedding loan that caters explicitly to organizing the grandest stage.
But, why should one opt for wedding loans? Here are some features to help consider:
1) High loan amount: NBFCs offer up to Rs. 25 lakh for financing your lavish wedding. Being a personal loan, one can use this amount to cover various wedding expenses.
2) No collateral needed: A wedding loan is collateral-free. That means customers don’t have to put an asset as collateral with the lender to avail the loan.
3) Long repayment tenures: Financial institutions can provide tenures up to 5 years with personal loans for a wedding.
4) Quick processing: Many banking and non-banking institutions now offer quick processing by accepting loan applications online. They also disburse the credit within 24 hours.
5) Minimal documentation: Customers only have to provide few documents for availing a marriage loan. These can include KYC documents, salary slips, bank account statements, income tax returns, audited business turnovers, etc. With these features, one can host a dream celebrity wedding with no hassle.
Now, where to put the investment in? Here are some ideas for using a wedding loan:
Hire a wedding planner
A professional wedding planner will ensure you get married most grandly amidst awe-inspiring décor. Also, they will relieve you of all the hassles and obstacles involved in organizing such a grand wedding.
a) A picturesque destination: Using a loan for marriage to get hitched in your home might not be a good idea. As you’re planning for a celebrity-like wedding, you can opt for a destination wedding. Either go overseas to Sri Lanka, Cambodia, the Maldives or any picturesque Indian destination like Goa, Jaipur, Udaipur, Kerala, or Shimla; all with the personal loan.
b) A boat wedding: It may sound outlandish, but nothing can compete with the extravaganza of marrying on a boat in the middle of a turquoise sea. For such wedding, the backwaters of Kerala can play a significant role in making irrevocable memories.
c) Throw an after party: If a destination wedding is in your mind, the number of guests would also be limited. In that case, your close ones back home would also desire to be a part of the celebration. For them, hosting an after party with a marriage loan can help you maintain relationships and seek blessing from your well-wishers.
So, these were a few ways a personal loan can finance a wedding.
With minimal documentation and less stringent eligibility criteria, you can apply for a wedding loan and get it approved without facing much hassle. Use a loan calculator to evaluate and plan your loan repayment efficiently.