Is marriage on your cards? If yes, then you and your partner might already be loaded with a lot of work to make your dream wedding a reality. However, is the tension of being able to meet the expenses starting to lessen your excitement? Are you guilty that your parents are putting in their lifetime savings and income to make this wedding a memorable one just for you? Here is where wedding loan, a variant of personal loan can be your savior.
What is a wedding loan?
Being a variant of personal loan, wedding loan is an unsecured loan option that comes with online accessibility and quick disbursement facility. Similar to how personal loan eligibility is based upon your credit score and repayment history, for wedding loans too, lenders check these factors. However, on grounds of usage, while a personal loan can be used for various reasons, a wedding loan can just be used to meet your wedding expenses. Expenses that you can fund through wedding loan are engagement ring, all wedding costs during the event and honeymoon.
Here are some of the crucial benefits of using wedding loan to fund your wedding expenses:
- Instant fund accessibility
When it is about marriage, the need for immediate funds can hardly be an overstatement. This is where a wedding loan comes in handy, which can be used to mitigate any last-minute expenses. This is disbursed speedily to you i.e., within 2-7 days and does not include any long procedure if all the required documents and details are in place. Also, many lenders provide a pre-approved form of wedding loan, which is disbursed on the same day of loan application submission.
- No security or collateral requirement
As stated above, a wedding loan like a personal loan is an unsecured loan that does not require any collateral or security. Lenders approve your wedding loan after evaluation of your credit profile, income, past repayment track record and other parameters. Thus, to avail wedding loans, you do not require blocking your assets, which keeps your investments free for other usage.
- Competitive rate of interest
Until a few years back, personal loan was extremely infamous for its high personal loan interest rate. It was owing to its unsecured nature. However, steep competition in the market has resulted in great news for the loan seekers. Today, there are various financial institutions offering attractive personal loan interest rates. As wedding loan is a variant of personal loan, this applies for wedding loan too.
- Flexible repayment tenure
Wedding loans do not need lump sum repayments. Such personal loans come with a tenure of up to 5 years. It permits you to plan your personal loan EMI according to your repayment capacity and finances.
With the above benefits on offer, using a wedding loan can indeed come across as a savior. However, you should make sure to take up only the needed amount in the form of a loan. It is because, it is a financial obligation, which you need to repay along with an interest component. Thus, before you click on the personal loan apply button ensure to use the personal loan EMI calculator. Such loan calculators help compute loan EMI as per your repayment capacity.