Why It Makes Sense to Take a Personal Loan to Finance Your Wedding

Weddings in India are usually lavish affairs and require considerable expenditure in terms of venues, decorations, food, transportation, jewellery, outfits and the works! There are some other expenses that always crop up including the honeymoon of the bride and groom and even subsequent housing requirements of the newly married couple. Additionally, while it is good to stick to a budget, most families will tell you that wedding budgets almost always go overboard. There are last minute expenses and other sudden requirements that make budgets shoot up.

While acknowledging that weddings are costly affairs, you should take strategic steps to ensure that you are well covered for the grand event in terms of funding. While it does not make sense to deplete your savings or raise money by mortgaging other assets, it is also prudent to refrain from taking money from friends or relatives. A better option is a Personal Loan for wedding. Applying for a Wedding Loan will help you get all the funds you need for arranging the gala event without having to cut corners or worry about running out of money.

It is easier to get a Personal Loan for wedding in comparison to several other loans like home loans and car loans. These loans come without any collateral/security requirements and you can easily repay the loan in comfortable monthly installments over short tenors ranging between 12 and 60 months. These loans also come in handy when it comes to getting funds for a wedding in quick time. Bajaj Finserv, for example, has a swift online application procedure for Personal Loans along with instant approvals for loan amounts up to Rs.25 lakh.

There is minimal documentation while the loan amount is disbursed within 72 hours post verification which gives you the cash you need at short notice. The eligibility criteria is pretty simple and you have to be between 25-58 years of age with a stable salaried job at a public/private/multinational company. You should meet the minimum net monthly income requirements based on the city where you live.

Also Read: Personal Loan for Wedding: Funding Your Dream

You also have to provide basic documents including your salary account bank statements for the last 3 months, salary slips for the last 2 months, employee ID and KYC documents (address and ID proof). You can easily check eligibility for the wedding loan online and you can also calculate the Personal Loan EMI in order to plan out your finances accordingly. Bajaj Finserv offers Personal Loans for weddings at affordable and competitive interest rates. The Wedding Loan Eligibility Calculator requires you to input some basic information including your monthly loan EMIs, outstanding on credit card, net monthly salary and so on. While you instantly learn about the amount that you are eligible for, you can also choose the tenor and interest rate to learn about the monthly EMI that is payable.

Take a Personal Loan for your wedding and spare no expense in making it a grand event befitting your personality.

About This Author

Anamika Verma A financial Advisor Joined: December 18th, 2017