Can A Personal Loan Help With An Unexpected Wedding Cost?
Find out how a personal loan can provide financial assistance for unexpected wedding costs. Read this article to know how to make your special day even more perfect!
Planning a wedding includes many expenses. Usually, people spend between Rs 20 and 30 lakhs on a wedding. The primary expenditures of most wedding budgets include a venue, accommodations, jewellery, food, entertainment, decor, and other miscellaneous items.
Some expenses may come up unexpectedly, leaving you in a tight spot. Many people prefer personal loans to deal with such financial emergencies. Due to their instant disbursal feature, personal loans are ideal for meeting urgent financial needs, including unexpected wedding expenses.
Why Is A Personal Loan A Good Way To Meet Wedding Expenses?Following are the advantages of taking out a wedding personal loan to reduce unexpected charges.
1. Provides Coverage For Multiple Expenses
There are no restrictions on the use of a personal loan. It means that you can use a personal loan for any purpose, such as to meet a financial crisis, or medical emergency, pay back a friend's loan, purchase a car, or get married.
With a wedding, such a loan can tackle many expenses involved, i.e., the venue, decorations, lighting, jewellery, catering, etc. Hence, personal marriage loans are a suitable choice for wedding expenses.
2. Hassle-Free Application
A person who hosts a reception has a lot to handle when managing all the expenses involved with the event. You can manage the entire process without burdening yourself if you take out a personal loan for marriage. All you need to do is choose the right personal loan offer that offers you maximum benefits.
Additionally, applying for a personal loan is simple. The process involves visiting the lender’s website, reviewing the terms and guidelines, uploading the necessary documents, and waiting for approval.
3. Quick FundingThe turnaround time for a personal loan is swift. Consequently, you can get your credit amount within a short timeframe. The approval of a marriage loan is usually instant once your documents are verified. Moreover, you will receive your loan amount within 24-48 hours.
4. No Collateral or Guarantee NecessaryAn advantage of personal loans is that they are non-risky, making them the ideal choice for unexpected wedding expenses. A good credit score makes it easier for banks or non-bank financial institutions to approve your loan without requesting collateral or a guarantor. As a result, you can apply for it without any hassle.
5. Online ApplicationIn most cases, you can apply for a personal loan online through an NBFC website or mobile app from the comfort of your home. You won't need to wait in long queues to get a loan.
6. Simple RepaymentThe flexible repayment periods help you choose an EMI that fits neatly into your monthly budget. It reduces your headache of repaying the loan.
Apply For A Personal Loan With IIFL FinanceTo deal with the unexpected expenses of your wedding, you must consider applying for a personal loan online. IIFL Finance provides instant approvals for personal loans in four easy steps. You only need to enter your details, pick a repayment term and amount, and upload the required documents, and the funds will be deposited immediately into your account. Apply for a personal loan with IIFL Finance now!
Frequently Asked Questions
Q1. What are typical wedding expenses in India?
Ans. The typical expenses associated with a wedding in India include choosing a venue, buying wedding clothes, getting the ring, catering, decorating, and hiring a photographer.
Q2. Is a personal loan a good option for covering wedding expenses?
Ans. Personal loans rarely restrict your fund usage, making them ideal for wedding-related expenses.