Weddings in India are larger-than-life affairs. Big fat Indian weddings have been touted to have financial involvements as high as Rs. 10 crore. Nevertheless, Indian weddings are extravagant in all their expensive glory.
Therefore, weddings here require considerable financial planning. It implies that such an occasion must be planned ahead of time, especially when one has to avail a marriage loan.
How must one begin arranging the finances for the D-Day?
Wedding preparations start with the budget as, besides the obvious requisites, there may arise the need for immediate, excess cash.
Therefore, families must focus on streamlining costs to the maximum. Nevertheless, before jumping to avail a Wedding Loan, or incurring any other expenditure, people should first decide on a budget that they can follow.
After estimating the probable costs involved in the event, families can start looking for avenues to gather funds.
What are the viable sources for gathering marriage funds?
In cases where wedding planning has begun well in advance, individuals can go for a few investments that specially cater to marriage preparations:
●They can make investments in mutual fund schemes that are specially curated for financing grand-scale weddings.
●Gold is yet another viable commodity for investment while planning for weddings. Also, some schemes offer exclusive discounts for jewellery.
Note: The maturity dates for these investments must fall at a time when the wedding is close. Investors, therefore, have to plan their finances accordingly.
Furthermore, people can also avail a marriage loan which comes with numerous positives.
I.Flexibility of use
As a wedding loan has no such restriction on its end use, one can use the funds for diverse purposes.
II.No risk to assets
A marriage loan is an unsecured loan. Therefore, applicants need not worry about losing their assets if they fail to repay.
III.Competitive interest rates
In case prospects have a good CIBIL score, they have an advantage in negotiation. Meaning, they can negotiate with their lenders for a better rate of interest on their loan.
However, before deciding to opt for a personal loan for wedding, applicants must take care of a few other checkpoints as well:
a. Applicants must have an idea of their repayment capabilities. For this, they can use of a loan EMI calculator. These calculators help applicants choose their principal amounts and loan tenures according to their abilities. Their decision can be based on the EMI amounts that are reflected for different time periods and principals.
b.They must do their homework properly before applying for a wedding loan. In other words, borrowers should know everyth ing about personal loans for weddings.
Prospects must apply for wedding loan only after checking their eligibility. After they’re sure on their end, they can approach NBFCs for financial assistance. Furthermore, NBFCs also provide the facility of flexi-loans that enable borrowers to avail finances when they need. What’s more, they’ve to pay interest only on the amount used.
Planning finances in advance solve a lot of problems when the wedding comes closer. Therefore, one must research and deliberate on the supporting fund sources that back such a large-scale event. The arrangement of finances must be the first agenda while planning a wedding. Of course, the better a marriage is financed, the grander the occasion becomes.