Marriages are considered highly sacred in Indian society. From rich to poor, every family in this country tries to make the marriage as memorable as possible.
Organizing a marriage ceremony incurs heavy expenses which at times, can be more than what one can afford. However, cutting expenses is also not a good option as no one wants to compromise on organizing a grand wedding.
In addition to this, it is nearly impossible to cancel services when advanced payments have already been made.
From taking care of hospitality of the guests, venue, accommodation, exotic catering, fashion designers, event planners, lavish jewelry and innovative events conducted lately, the expenses do take a toll and often become a nightmare for the family.
A person in India is estimated to spend one-fifth of the total wealth accumulated in his lifetime for his wedding day. Yes, that is how stressful it can get unless you have the required finances or decide to avail a marriage loan.
What Are Marriage Loans?
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As the name suggests, marriage loan, also referred to as wedding loan, is a type of personal loan which is unsecured. It simply means that collateral is not required to avail a loan and is specifically designed to cover the expenses of a wedding.
Since a marriage loan can cover most of the expenses of a wedding, one can plan his/her dream wedding in the simplest way.
This type of loan can be availed for the booking and decorations of the venue, shopping expensive jewelry for marriage, gifts, catering and other things that relate with the event.
Related: How To Obtain An Unsecured Personal Loan
The best part of a marriage loan is that one really doesn’t have to bother about the repayment since the total amount can be settled via affordable EMIs.
So, here are 3 simple and basic facts on how a marriage loan can benefit an individual.
Collateral Doesn’t Matter
As mentioned earlier, marriage loans are unsecured loans, which means there will be no requirement of collateral. Being a type of personal loan, all a borrower would need to apply for a wedding loan is, his/her basic documents like ID proof, address proof, income proof and so on.
Higher Borrowing Limit
Unlike the credit cards that can be used for shopping marriage essentials, a marriage loan doesn’t come with low upper limits. If you have a satisfying income, the lender may offer you a higher amount that can cover almost all the expenses of marriage. In addition to that, it can also provide you with longer tenure for repayment.
Flexibility in Repayment
Non-Banking Financial Companies (NBFCs) and Banks allow choosing an amortization schedule as per the borrower’s convenience and their feasibility. These loans can be repaid in affordable installments often referred to as Equated Monthly Installments (EMI) over a stipulated tenure.
Though the minimum and maximum periods are set by the lender, it is customizable as per the income and financial goals of the loan taker. This helps in ensuring that there is no immediate and compulsory burden on the loan taker.
Besides the above benefits, a marriage loan can be sanctioned within 24-48 hours based on the time taken by the lender to review the documents of the lenders. Nowadays, lenders offer personal loans online, which is very convenient for borrowers, especially at the time of marriage or any other emergency.
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The applicant need not visit the lender multiple times and wait in long queues, availing a marriage loan or any other type of personal loan online has become extremely smooth due to the advancement in technology over the years.
Well, nowadays banks & lenders have made availing marriage loans much simpler, easier, faster and tech-friendly to avail as compared to standard offline personal loans.
Depending on the eligibility criteria and other factors, a marriage loan is considered to have one of the most competitive market rates.
One can take full advantage of such an opportunity than straining the hefty monthly Equated Monthly Installments (EMI). As no collateral or guarantor is needed, there is nothing to block you from availing a marriage loan and make the most of it.
We all know how Indians love to take a step ahead and make it big with every little celebration they stumble a chance upon. Well, ‘The Big Fat Indian Wedding’ is a reality in India and people all over the globe are in awe of it already. Some visit India. especially to see the exotic and the extravagant weddings they conduct.
We all have been a part of such a reality at least once in our lifetime and the feeling cannot be expressed in words. So, what would you do the next time you cross a wedding budget? Would you compromise on this once-in-a-lifetime event or would you make the best decision of — availing a marriage loan and make it a happy ending?
Related: What Are the Factors that Affect Personal Loan EMI and the Best Practices?