Different types of unexpected expenses may arise while planning a wedding, like vendor cancellation, getting invitation cards re-printed, outfit malfunction, etc. At such times, a personal loan for wedding makes instant cash available to you. It also brings to you several other benefits, like fast approval, flexible repayment, and easy online application.
Organising a wedding requires months of careful thought and planning. Once the date gets fixed, you need to list down all the tasks needed to plan the wedding of your dreams. You need to take care of endless tasks and give attention to every detail to make your wedding a memorable event. However, even after all the planning, certain unexpected expenses may pop up at any moment, ruining all the efforts you have made to date. This is when you may think of availing of a personal loan for a wedding.
Which Unexpected Wedding Expenses Can You Manage with the Personal Loan?
A wedding loan is an unsecured personal loan that helps you manage your unexpected wedding expenses with ease. These loans support easy online applications and approval within minutes, making them an ideal and viable financing option for last-minute wedding expenses. Let’s find out more about how to manage your unexpected wedding expenses using a personal loan.
No matter how perfectly you plan for a wedding, some last-minute expenses may always get you surprised. Some of such unexpected expenses may include errors in invitation cards, higher than expected guests, wardrobe issues or last moment vendor cancellations. A personal loan for a wedding offers that much-needed backup to handle such expenses and ensure that your wedding is stress-free.
Features of a Wedding Loan
A wedding loan helps you manage many unexpected expenses at the last minute. If you consider availing of one to stay prepared for your last-minute wedding expenses, it’s essential to know their features and benefits.
- No Collateral Involved: Wedding loans are unsecured, which you may avail of without any guarantor, security or collateral.
- Easy Online Application: NBFCs support a 100% online personal loan application process that you can complete through the lender’s website or app without leaving your house.
- Simple Eligibility Conditions: Most lenders have simple eligibility conditions that include the applicant’s age, employment, income and credit score.
- Minimal Documentation: Most NBFCs have minimal documentation requirements, including income, identity and address proof.
- 100% Paperless Application: There is no need to visit the lender’s office even once since you may scan and upload the essential documents online through the lender’s website or app.
- Flexible Repayment: Since lenders have flexible repayment options, you may use a personal loan EMI calculator to choose your EMIs suitable to your budget.
- Quick Approval: Since there is no collateral and paperwork involved, lenders may approve your loan application within minutes.
- No End-Use Restrictions: A personal loan for wedding does not come with any end-use restrictions. You are free to use your loan amount for any wedding-related expenses, including venue, catering, photography, wedding outfit, decorations, gifts, invites, etc.
Benefits of Availing a Wedding Loan
All the above features come together to deliver several benefits to the borrowers. Let’s look at some of them.
- Easy Access to Funds: While you are busy planning the wedding event, you don’t have time to visit the lender’s office and apply for a loan. Most NBFCs support online personal loan applications using their website or app, which you can conveniently undertake using your smartphone or laptop.
- Fast Approval: Lenders offer instant loan approval and disbursal, due to which you get your required funds at the right time without disrupting your wedding plan.
- No Assets to Put at Stake: Since personal loans are collateral-free, you get access to the loan without putting any asset at stake.
- Easy Repayment: Flexible repayment terms enable you to select the EMIs that are easily adjustable into your monthly budget.
- Savings Kept Intact: By availing of a personal loan, you can plan a wedding the way you want without using up your savings. Plan the wedding now and repay its expenses in easy EMIs at your convenience.
Who Can Apply for a Wedding Loan?
Any salaried employee with a regular income is eligible to apply for a wedding loan. Besides that, there are certain other eligibility conditions that vary from one lender to the other. Therefore, you must check your selected lender’s eligibility criteria before filling out the application form.
Most lenders expect you to be a resident of India and of a certain age. Some lenders also set a minimum salary or income requirement to ensure timely EMI payments. Last but not least, you must have a decent credit score, based on which the lender determines your loan amount and interest rate.
With a personal loan for wedding, you can manage unexpected expenses with ease. So, apply for a loan and stay prepared for the unexpected expenses to make your dream wedding a memorable experience for all.