A wedding is one of the biggest life events that deserves a grand celebration. You may already have many aspirations related to your wedding, like a designer dress, an exotic wedding venue, antique jewellery, an extravagant menu, and much more. Your wedding goals often refuse to fit into your wedding budget. In such situations, you can rely on an instant cash loan.
If you are a salaried person, then you can also apply for a quick salary loan. Most lenders offer you a salary loan of up to 10 times your monthly salary. However, this amount may vary depending on your credit score and current monthly obligations. It is easy to avail a salary loan, and the repayment tenure for such loans is often short. Thus, you can save on the interest payouts if you opt for a salary loan. But if you are not a salaried person, then you can go for an instant cash loan.
Instant cash loans are personal loans offered to you based on your credit score, salary, and current financial health. Both of these loans are unsecured loans, and they come with zero restrictions on end-use. This means you can use the loan amount to cover all kinds of wedding expenses.
Read on to discover the benefits of using a personal loan for your dream wedding.
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Benefits of Using a Personal Loan
Indian weddings are huge, and there are several unanticipated costs that can hit you at the last moment, like arranging for the accommodation of your guests, getting a live band to perform for you, buying gifts for extended family, or any such unanticipated expenses. An instant personal loan can help you manage all these expenses with ease. In addition to that, here are 6 benefits of using a personal loan for your wedding.
- It is very simple to apply
The biggest benefit of an instant personal loan is the ease of application. You can easily apply for this loan online without visiting the branch. The entire process is digitalized. The approval as well as disbursals are completed within a day or two. This makes a personal loan the best choice for meeting last minute wedding expenses.
- Flexible tenure
Another advantage of availing a personal loan is the flexible repayment schedule. You can decide with your partner how long it will take to repay the borrowed money. You can set up the repayment schedule in accordance with your budget using the personal loan EMI calculator. Make sure you only borrow what you can afford to repay with ease.
- Upfront Payments
Across all wedding-related ceremonies, many products, materials, and presents are often needed. An instant cash loan for a wedding might come in handy to cover costs associated with the venue, presents, décor charges, and/or before and after-wedding expenses when you wish to pay for things ahead of time. You can reserve the venue, the catering, and the wedding day well in advance and avoid last-minute hiccups.
- Low-Interest Rates on Loans
Personal loans were infamous until a few years ago for having extremely high-interest rates. This was a result of the loans being unsecured. However, the fierce market rivalry has resulted in good news for consumers. Many banks and agencies compete for customers nowadays by offering attractive interest rates. You might also look for deals and discounts on personal loan interest rates.
- Avoid Borrowing from Family Members/Relatives
Asking your family for financial assistance is not a bad idea. However, borrowing might sometimes become challenging when you don’t want other people peeping into your finances. Applying for an instant cash loan will keep your financial status discreet. It is also a convenient, reliable and hassle-free option.
- You don’t need to liquidate your assets
One of the most common ways of arranging wedding funds is liquidating assets. People either pull out their investments or sell their property to get a lump sum amount. However, if the returns on your investment is high and the rate of your property is increasing steadily, then it can prove to be very costly in the long run. Keep your assets intact by applying for a personal loan.
Conclusion
Many people wonder if availing a personal loan to cover extravagant wedding costs is a good idea. Well, firstly, a wedding loan allows you to pay the lump sum amount in small instalments thus, protecting your savings and investments from a big hit. Secondly, loan apps offer you the flexibility of choosing the EMI, the EMI scheduled due date, and tenure which makes repayment much easier. Thirdly, loan apps send you constant reminders so you never miss an EMI, which helps improve your credit score. Finally, you can manage your wedding without stressing over the finances.
