Found the soulmate of your life and decided to tie the knot with your “the one”? Now you want the wedding to be perfect, with a romantic atmosphere, the presence of your well-wishers, delectable food, and fragrant flowers. You are no exception; we all want that! We all weave dreams for this special day of our lives.
But, there may be a situation where resources are simply insufficient, and the budget spirals out of hand, even though Indian parents generally set aside a respectable sum of money for the auspicious occasion.
If this is the scenario, then this article might be the piece you were looking for.
Along with our heartiest wishes for your prosperous marital life, we are here to show you the most effective ways to organize funds for your wedding in no time.
Allow us to start right now without further ado!
- Personal loan
Applying for a personal loan or flexi loan is a pretty effective tactic to pay for costs without worrying about putting up security. Personal loans are provided by the majority of financial institutions, such as NBFCs, and nationalized banks.
The interest rate of this quick loan is high and runs from 14 to 24 percent annually because it is vulnerable to unauthorized access. However, there are a few requirements for approval, most notably your monthly income.
Moreover, lenders will look at your assets, unpaid quick loans, present equated monthly installments (EMIs), debt payments, monthly obligations, and overall financial health. The credit report and rating of the applicants are then examined. These are done because the lender needs proof that the applicant has the money to repay the loan.
- Wedding loan
A wedding loan is another option for avoiding a monetary shortage. Many financial institutions provide these instant loans online as part of their loan offerings.
Wedding loans are approved based on your work position, previous loan history, credit score, net monthly income, and repayment capacity.
The interest rates are very high because a guarantor is not necessary. The tenure option also offers flexibility. You can take advantage of the prepayment option and pay the remaining balance in full before the due date to avoid paying a high-interest rate.
- Loan against property
Here you are getting another choice that gives you money to cover unforeseen wedding expenses. People can mortgage their residential or commercial property at its current market value to obtain cash from a bank.
As long as the necessary documentation is in order, approving an instant loan online against property is simple. It is a secured loan. So, the interest rate is reasonable.
If any unexpected default happens, the lender gets permission to recoup the loan amount by selling the pledged properties. Despite being a less expensive funding source than a personal loan, it could take some time due to the slightly more protracted process.
- Loan against property
Choosing a secured loan is another smart move to lessen the financial burden of your wedding. In those cases, the banks offer loans against your personal properties, savings certificates, life insurance policies, and term deposits.
The collateral’s value determines the sanctioned sum. The interest rate is modest, around 12 to 15 percent per year because lenders have the assurance that they will be reimbursed for their investment if any interest rate default occurs. Moreover, this type of loan also doesn’t need a lot of paperwork.
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