Getting married is a special day for every couple, and it’s natural to want it to be warm and unforgettable. However, planning a wedding can also be an expensive affair, with costs quickly adding up. The pressure to have the perfect day can lead to a couple overspending and even taking on debt to cover the costs.
In the past, when there were no formal lending institutions, people relied on friends and family to borrow money for important events like weddings. But that is not the case anymore! With several NBFCs coming up to support customers and bringing them under the umbrella of financial inclusion, traditional borrowing methods have gone obsolete.
Looking out for alternative funding options for your wedding? Consider taking a wedding loans from a reputed lending institution like Clix Capital that can be the best funding option for your special day. Are these loans non-traditional sources of financing? wedding loans can be considered a non-traditional form of financing because they provide an alternative to using personal savings and borrowing money from relatives or friends to pay for wedding expenses. These loans are generally unsecured, meaning they don’t require collateral and offer a flexible repayment tenure.
How taking a wedding loan can be beneficial for your big day and beyond?
While a wedding is a joyous occasion, it can also be a significant financial burden for a couple. A wedding loan can provide a solution by helping to cover the cost of the event. Here are some potential benefits of taking out a wedding loan:
- Access to Funds: A wedding loan provides access to a decent sum of money, which can help pay for various wedding expenses, including venue rental, catering, decorations, and more. Many reputable loan institutions offer instant personal loans for weddings up to Rs 10 lakh.
- Flexibility: wedding loans can be tailored to meet the specific needs of the couple, including the amount of money needed, flexible repayment term, and attractive interest rate.
- No Need for Collateral: Unlike secured loans, a wedding loan does not require collateral. This means that the couple won’t have to put their assets at risk to secure the loan or provide a guarantor.
- Competitive Interest Rate: Most wedding loans come with a fixed interest rate, which means that the monthly payment amount and the total cost of the loan won’t change over time. This can provide predictability and make it easier to budget for the repayment of the loan.
- Improve Credit Score: Taking out a wedding loan and making timely payments can help to build the applicant’s credit score, which can be helpful in the long run when applying for other loans or credit cards.
- Minimum Documentation: The best part of taking a Personal loan for a wedding is the hassle-free documentation process. You don’t need to provide a big pile of documents for securing a loan. Isn’t this the best part of a non-traditional source of financing?
Check if you are eligible for a wedding loan?
The standard eligibility criteria for a wedding loan from trusted lending institutions are as follows:
- You must be between 21 and 58 years of age.
- You must be a salaried professional working with the current company for six months and have overall work experience of at least one year.
- You must earn a monthly minimum salary of Rs 20,000.
- You should have a minimum credit score of 630 or above.
Taking out a wedding loan can be a solution to avoid a financial crunch and ensure that the special day is as memorable as possible. With access to funds, couples can cover the expenses necessary to make their wedding day a grand celebration. It provides the financial flexibility to choose the vendors, venues, and décor they truly desire.
By taking out a wedding loan, couples can avoid settling for less and make memories that will last a lifetime. It can be a valuable investment at the start of a new chapter in their lives, and with careful planning and management, it can be repaid without undue stress or hardship.
Remember to research carefully before choosing your lending institution and take care of all the terms and conditions that come along with it.
About the Author
Amaira Sharma is finance expert and former business growth strategist who has more than 8+ years experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and businesses.