Marriages in India involve grand celebrations, multiple ceremonies, and often go on for the better part of a week. While they bring the entire family together and are thoroughly enjoyable, planning celebrations at this scale requires a substantial corpus. Fortunately, whether it’s booking a 5-star hotel or purchasing designer clothes, you can fund the ceremonies with assistance from a personal loan for weddings, also known as a wedding loan. This gives your savings a boost and ensures that you can plan the wedding without any compromises.
However, before you apply for this tailored personal loan, you must take steps to ensure that you borrow responsibly and have the best offering at your disposal. To help you achieve this, here are some things you should keep in mind before availing a marriage loan.
Apply Only For As Much As You Need
It is vital that you create a budget beforehand so that you don’t borrow more than you require, or worse, end up with insufficient funds. While it may seem tempting to opt for a higher amount, it may not be beneficial in the long run. This is because you must repay the loan with interest, which grows in proportion to the principal you borrow. Nevertheless, what is beneficial is having a lender who is open to granting access to high-value, collateral-free financing on flexible terms.
Bajaj Finserv offers financing via the Flexi Loan facility. This permits you to withdraw finances from your sanction on the go, multiple times, as you need to. You needn’t submit new applications each time and are charged interest only on what you withdraw. This feature can help you tackle unforeseen expenses that come your way during the days leading up to the wedding. Moreover, with this facility, you can reduce your EMIs by up to 45%.
Plan For Repayment From The Very Beginning
Borrowing brings with it the responsibility of repaying the loan on time. Therefore, its key that you pick a tenor that suits your financial capabilities. To do so, make it a point to use a loan EMI calculator. This online tool computes your monthly outgo and net interest payment for the marriage loan once you enter the tenor, loan amount and interest rate. If the EMI seems too high, you can adjust the loan parameters until it fits within your budget. However, remember that long tenors reduce your EMIs but increase the total interest payable. On the other hand, short tenors increase your EMIs but lower the total interest payable.
Assess All Costs and Inquire About Hidden Charges
The interest you pay comprises the major cost of borrowing. However, there are other costs too, such as processing fees, part-prepayment charges and loan statement charges. Therefore, its vital that you assess the total cost of borrowing and go through the terms and conditions thoroughly. Sometimes, you may find that the benefits of a very low interest rate are outweighed by hidden fees and charges. You can simplify this process by getting support from your lender’s executives and partnering with one that makes transparent dealings part and parcel of the onboarding process. This will ensure that there are no rude surprises later on.
Match The Loan’s Offerings To Your Wedding Needs
Shortlisting lenders that offer financing at nominal rates of interest is a good starting point. However, you must examine other features too, such as flexibility regarding using the loan amount and ease of repayment. For instance, Bajaj Finserv lets you space out repayment over a tenor of up to 60 months and this can help you host a splendid wedding without having to worry about repayment.
Apart from looking into these main areas, also ensure that the eligibility criteria and documents required for a personal loan for wedding are minimal, so that you can access funding without any hiccups. Bajaj Finserv makes this extremely easy and offers approval within 5 minutes and disbursal within 24 hours. Additionally, to apply for an online personal loan, simply check your pre-approved offer. This allows you to enjoy instant approval through a customised marriage loan deal.