Ways How A Newly Married Couple Can Benefit From A Personal Loan
A personal loan can be beneficial for newly married couples in various ways. Want to know the top benefits? Read this article by IIFL Finance Now!
A newly married couple has a lot of aspirations for which finances play a crucial role. Many couples make wise financial decisions as they start their new life together and choose personal loans to fulfill their goals or manage emergencies without diluting their post-marital aspirations.
Personal LoanA personal loan can be used for just about anything and is a viable option for a newly married couple in a variety of circumstances, such as vacation, setting up their new house, buying electronic appliances, furniture, medical expenses, and wedding expenses, among others. There are largely no end-use restrictions on personal loan for legitimate purposes. It offers a lot of flexibility the way it can be spent. Some lenders may just ask the purpose for availing the loan, but most would not even ask a borrower with a sound repaying capacity.
Benefits Of Personal Loans For A Newly Married CoupleStarting a new phase in life requires a lot of funding. A newly married couple, whether in a joint family or starting an independent nuclear family, would need huge funds to start everything from a scratch.
To Pay For Wedding Expenses:Indian weddings are quite expensive and savings may not be just enough to fund them. A part of wedding expenses may overshoot savings and need more avenues for payment. A personal loan in such a case would help a newly married couple pay for some of the expenses.
Financing A Dream Vacation:Honeymoon is the first and the most memorable trip for the newly married. In some cases, friends and family may gift a fully paid trip, but in most cases one may end up financing the dream vacation by self. This would need to cover flight fares, hotel and other travel expenses, and some shopping. Most of this can be funded through a personal loan, though a borrower must keep an estimate of the budget.
Home Renovation Or Expansion:For a couple not moving into a new home, a personal loan can be used to renovate or expand the existing space for optimum use. Home renovations can be done for several reasons, such as for aesthetic purposes, redesigning the interior, changing the layout or redesigning the bathroom, or wall paint. In an independent home, a couple may want to consider adding additional rooms.
Purchase Home Appliances:A modern day household for a newly married couple would need quite a few consumer durables such as a television, a refrigerator, a microwave, a washing machine and a food processor, among others. A new couple would also need new furniture like sofa set, dining table and bed. A personal loan can be used on most such things without dipping into long-term savings.
Down Payment For A New Home Or Car:Many aspirational couples start their new life with a home and a car. But after exhausting their savings on meeting the wedding expenses or on honeymoon, they may be barely left with enough money to fund a new car or a home. A personal loan in such a case would help in making the down payment and getting the remaining amount funded through a home loan or a car loan.
Managing the post-wedding household expenditure from a scratch is a huge task and requires a lot of financial planning. A personal loan can be beneficial for newly married couples in various ways. It gives a newly married enough funds to enjoy their new life without bothering to cover for expenses from their pocket in one go. Personal loans, when used wisely, can help fill the gaps in your finances without putting your assets at risk.
However, one must be careful while finalising a lender to take the personal loans from. The borrower should ensure that the lender provides a hassle-free approval process and customizes the personal loan as per the requirement.
IIFL Finance, one of India’s largest non-banking finance companies, offers personal loans through a fully online process that can be completed within minutes and without any hidden charges or extensive documentation. The company customizes the personal loan around the requirement of the borrower and offers flexible repayment options to avoid putting any strain on the newly married couple’s finances.