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Seize the Conversation: Preparing Your Family for the Wedding Loan Journey!
Posted on Monday, April 29th, 2024 | By IndusInd Bank
If there is something India is known for other than its culture and heritage, it is big, fat weddings. The splurge on weddings in India can leave most people baffled.
With social media platforms showcasing how to get the big day right, there is also pressure for the wedding to look good on social media. Hence, personal loans for weddings are gaining popularity, as you can have a social media-worthy wedding without burning a hole in your pocket.
However, before you take a personal loan online for a wedding, it is prudent to discuss the finer points with your family to avoid any roadblocks.
Deciding on a Wedding Loan: The Right Time to Borrow
Indian parents typically begin strategising and budgeting for their children’s weddings shortly after they are born. Hence, Indian families have savings that they are thrilled to spend on a wedding. However, if you and your partner intend to sponsor your wedding, a detailed analysis of the common finances and distribution of expenses must be done. The food, venue, guests, photographer and all such expenses must be discussed beforehand to arrive at an estimated budget.
What is the Desired Loan Amount you are Seeking?
To understand how much loan is needed, you first need to draw up the expenses for the wedding. You need to account for all the events, the food, venue, attire, jewellery, and gifts. Now you know how much you need to spend, deduct how much you already have saved for this day. The amount you need to spend minus the amount you have saved will determine the amount you need to borrow. Now, the next step is to check your eligibility for a wedding personal loan, which is based on your salary, expenses, loan duration, and interest rates. Today, banks have very competitive marriage loan interest rates, so do a thorough analysis and select the best lender.
How Does a Wedding Loan Impact Your Financial Goals?
A wedding is just the beginning of a new chapter in your life. Expenses and responsibilities stemming from that day will only show an upward trend. Hence, be mindful of the future and borrow wisely. A wedding personal loanshould not hamper your financial goals and future milestones. Calculate the monthly outflow and understand its impact on your existing financial commitments.
Who bears the Responsibility of Repayment?
While obtaining a loan is the easiest step, its repayment can be cumbersome. Hence, the repayment responsibilities should be discussed with both families. Decide the portion that will be shared by both the families and what will be borne individually by you. Wedding loan interest is a major part of the repayment; hence, wedding loan interest rates must be evaluated.
To make an informed decision, use a Personal Loan calculator.
What Should the Duration be?
A shorter loan tenure means the EMI’s will be high, while a longer tenure means you end up paying more interest. Hence, find a lender like IndusInd Bank that lends at reasonable rates and offers flexible tenure options.
Conclusion
To conclude, asking the relevant questions before taking up financial obligations allows you to be prepared and makes the situation less stressful. Having finances in place can save you a lot of trouble. Online Personal loans are quick and require no/minimal documentation. Hence, once the amount is decided, the disbursement is a matter of a few clicks. The loan in the account must be apportioned as per the wedding budget, and the repayment schedule must be followed to minimise the risk of heavy debts.
Take the first step towards your happily ever after by applying for a personal loan online with IndusInd Bank today. Apply now!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
