How to finance a wedding?
Weddings take a considerable amount of time, resources and planning to get things in place. It also takes a considerable amount of funds. How would you finance a wedding?
You can dip into your savings, which have been kept untouched to fulfill a particular dream or need, borrow from a family member, or apply for a personal loan for a wedding.
Dipping into your savings may not be a good idea at the time as it may delay the fulfillment of your goal. If you are considering borrowing, you can take a loan. While a loan against property can be availed, it would also mean that the borrower has to pledge the property against the loan amount. One option to think of is to avail an unsecured loan. What is an unsecured loan? An unsecured loan can be availed by an individual without pledging any collateral against the loan amount. The funds from an unsecured loan can then be used as a wedding loan.
What are Wedding Loans?
If you are wondering, how to pay for a wedding, consider availing a loan for wedding. Individuals can avail a personal loan for a wedding to pay for the expenses that arise while planning a wedding.
You can also use the funds from a wedding loan to book a grand reception venue, buy jewellery, gifts for the families, etc. The funds from such a loan will let you not have to worry about how to pay for a wedding?
Benefits of a Wedding Loan
- Covers all wedding expenses: The funds of a wedding loan can cover all the expenses associated with wedding planning. The funds can be used to choose the right venue, the décor, clothes for the bride, groom and their families, etc. Borrowers can also plan a destination wedding with a wedding loan and cover all the expenses associated with it.
- Quick approval and disbursal: Unlike secured loans, unsecured loans are disbursed instantly. Marriage loans are approved and disbursed in a matter of hours. Finnable disburses marriage loans within 6 hours of document verification.
- 100% digital process:Applicants can apply for an instant loan online through Finnable’s personal loan app. They can upload the required documents, track the loan application, and get intimation about the disbursal.
- Loan amount: All the expenses of a wedding can be covered with a marriage loan. You can avail a wedding loan of up to Rs. 10 lakhs from Finnable.
- Repayment tenure: Borrowers can choose their repayment tenure at the time of availing the personal loan for the wedding. Finnable’s loan tenure for personal loans can extend for up to 5 years.
Basic eligibility criteria for applying for a Wedding loan
To be eligible to avail a loan for a wedding, borrowers must meet the below criteria:
- Age: Borrower must be between 21 to 45 years of age.
- Employment: At the time of applying for the wedding loan, the borrower must be employed either at a private, public, or LLP organisation.
- Work experience: The work experience at the current organisation must be more than 3 months and should have a total work experience of more than 6 months.
- Income: Tier 1 applicants need to receive income of more than Rs 20,000 per month; whereas applicants residing in Tier 2 should have an income of more than Rs. 15,000 per month.
- Availability of documents: The borrower must be able to furnish their PAN card, Aadhar card, salary slip, and bank statement at the time of application of the personal loan for wedding.
Some options to consider when financing a wedding
- Personal loan: If you require quick funds with a repayment tenure suitable for you, a personal loan is a good way to finance your wedding. A personal loan is an unsecured loan and the applicant does not need to pledge any security against the loan amount.
Unlike some secured loans, the entire process of availing a wedding loan is quick, easy and the funds are credited within a few hours of document verification. With a good CIBIL score, borrowers can avail a personal loan with affordable and low-interest rates. Borrowers can choose a repayment tenure that is suitable for them without compromising on their monthly financial budget.
- Credits: Using your credits can be another way to finance your wedding. You can pay for expenses as well as purchases immediately without waiting for additional approval. You can also earn reward points on the expenses which can aid in future savings.
- Reducing expenses: If availing a personal loan or using a credit card is not an option you are willing to exercise, you should start reducing your monthly expenses. Create a list of expenses that incur every month. This should include your grocery bills, overhead expenses as well as entertainment expenses. Remove the non-important items from the list to cut down the costs.
- Money savings: If you have been putting aside 15% of your monthly income as savings, think of increasing that percentage. This way you will be saving additional funds monthly and will be able to finance your wedding smoothly.
- Home equity: Availing funds against your home equity would mean that you would be availing a loan against the equity you have in your home to pay for your wedding. This would mean that you will be pledging items in your possession as security against the loan amount. Failure to repay the loan on time would mean that you will forfeit your rights against the property.
Finding the right way to finance your wedding is not as difficult as it may sound. However, the ‘right’ way should also mean that it is a viable option for you. A personal loan can be that viably right option.
There are many financial institutions like Finnable that provide wedding loans at affordable interest rates. Finnable disburses wedding loans of up to Rs. 10 lakhs. You can use our personal loan app to check the eligibility criteria, interest rates as well as the EMI that you will need to pay on the loan amount.
A personal loan is a great way to finance your wedding. It ensures that you have the money you need, without having to cut any corners while planning your wedding.
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