Getting Married? Here’s how a Personal Loan Can Help You Have a Dream Wedding
Posted on Thursday, July 25th, 2019 | By IndusInd Bank
Is marriage on the cards for you? If yes, you and your significant other must already be busy making plans for your dream wedding. But is the stress of being able to afford it beginning to dampen your excitement? Do you feel guilty about your parents putting in a lifetime of savings to make your D-day a memorable one? If you are all too familiar with these troubles, a personal loan is the saviour you need.
What is a Personal Loan?
A Personal Loan is an unsecured loan taken by individuals to meet any personal need. This makes it different from a car or home loan, as it is not secured against any asset. It is granted on the basis of factors like income level, credit history, regular income source and capacity for repayment. Since there is no need to put up any collateral, a personal loan is extremely convenient to avail. Moreover, the bank does not monitor its use, making a personal loan the best aid to your marriage expenses.
How Can a Personal Loan Help in My Wedding?
Apart from major expenses like shopping for your trousseau and paying the caterers, unexpected spending is characteristic of big, fat Indian weddings. So, even if you have a solid financial plan in place, miscellaneous expenses might end up taking a toll on you. Here are five benefits you can enjoy from a personal loan for your wedding:
1. Instant Funds When You Need Them
When it comes to a wedding, the need for instant money can hardly be overstated. If you find yourself unable to meet expenses at the last minute, a personal loan is your godsend. It is speedily disbursed to the borrower and does not take long to process if all your documents are in place.
2. Competitive Interest Rates
Till a few years ago, personal loans were infamous for their high-interest rates. This was because these are unsecured loans. But steep competition in the market has translated into good news for customers. Today, there are tons of banks and agencies vying for customers with attractive interest rates. Some personal loans, like those of IndusInd Bank, even design specialized loan packages according to your needs.
3. Flexible EMI and Tenure
Personal loans are extremely flexible, with you having all the liberty to choose. For instance, you can choose to meet a part of your expenses or finance the entire wedding with your loan. Based on you and your partner’s capacity to repay the EMIs (Equated Monthly Instalment) for a certain tenure, you may select the package which suits you best.
4. Easy Application
Personal loans are the easiest to apply for since there is no risk of assets. Being an unsecured loan, there is no need to offer any collateral. Moreover, if you happen to have an extra amount left after your wedding, you can use it for other things like setting up your home or going on your honeymoon.
5. Spare Your Parents the Stress
Your parents have always had your back. Be it ensuring the best education or meeting your most trivial demands, they have done it all for you. Wouldn’t it be great if you could save them the stress of financing your wedding? A personal loan will take a considerable burden off their shoulders. Also, you’ll enjoy complete liberty in planning your wedding!
How to Apply for a Personal Loan?
With simpledocumentation, speedy processing, and quick disbursal, you can avail a personalloan in no time. For instance, with IndusInd, you can choose a tenure of 1-5years for an amount ranging between INR 50,000-15, 00,000. Your eligibilitydepends on you being a salaried employee or self-employed professional/individual.Additionally:
- You have tosubmit your KYC documents, identity proof, address proof and income proof withthe signed application form.
- You caneither visit an IndusInd Bank branch or apply online. Simply click on the‘Apply Now’ button on the website and fill in the necessary details. The bankwill get back to you soon.
Gone are thedays when weddings were synonymous with bankruptcy. Why spend all your savingsin one go when you can cover your expenses over time in small parts? Do not letever-escalating costs dampen your spirits as you enter a new chapter in yourlife. Grand or simple, whatever the plans for your wedding, realize them with apersonal loan.