Wedding loans have become quite popular in India over the last few years, and there are several reasons for that. Indian weddings are grand, and their total cost may go up to several lakhs. Not everyone can afford to pay for all the wedding-related expenses from their pocket. This is where an instant personal loan comes to provide you with financial support. Weddings involve numerous things, ranging from event planning and venue booking to hiring caterers, decorators, photographers, and others. A personal loan for wedding can help you cover these expenses and make your big day incredible.
A personal loan for wedding can help you celebrate a grand occasion without worrying about its expenses. It is quick, easy, and collateral-free with flexible repayment tenure. It is undoubtedly a great decision if you consider taking out a wedding loan to fund your wedding expenses. However, it is crucial to think about its consequences and plan its repayment beforehand. Below are the 5 most important questions you must discuss with your family before applying for a wedding loan.
1. Is it Necessary to Take a Wedding Loan?
Borrowing money and covering your wedding-related expenses with it is a promising endeavour. It can help you plan the wedding of your dreams without splurging your savings. Since personal loans do not come with any end-use restrictions, you can use your loan amount to cover any costs, including your wedding outfit, jewellery, venue, caterer, decorations, photographer, and others. However, remember, you can benefit from the loan only if you have a robust plan to repay it in time. If you think you won’t be able to pay its EMIs, you should not take a loan, as it will only drag you into a debt trap and reduce your credit score.
Weddings loans are readily available these days. When you have easy money in your hands, you may decide to spend on things you would not have otherwise. Therefore, discuss with your family and determine if it is necessary to take a wedding loan, or is it possible to reduce the cost by doing away with any unnecessary expenses.
2. How Much Loan Amount to Take?
Before you apply for an instant personal loan for wedding, don’t forget that you will need to repay the amount you borrow along with the interest rate. These days, NBFCs offer generous amounts as personal loans for varied purposes. For instance, Clix Capital offers wedding loans of up to ₹ 25 lakhs that you can use to cover your wedding-related expenses. Depending on your credit score and eligibility , you may apply for a considerable loan amount to cover your wedding-related expenses. However, you must calculate your costs along with your family carefully and apply for a loan amount accordingly.
3. Who Will Be Responsible for the Loan EMI Payments?
Whether you live in a joint or a nuclear family, all friends and relatives come together to celebrate a wedding. Therefore, it’s crucial to sit with your family members and decide who will be responsible for paying the loan EMIs and who will share the load.
Mostly, the head of the family handles all the financial issues, and they have the answer to this question. The couple or their parents may be asked to bear the cost, and other family members may also share some of the EMIs. Sometimes, the loan EMIs may be distributed among the families of the bride and the groom. Discuss with your family and make clear how you will distribute the expenses and the loan EMIs.
4. How the Wedding Loan Will Affect Other Financial Goals?
You start a new life after the wedding, and you must have several other goals to meet soon as a couple, such as buying your dream house, starting a family, or travelling to your favourite destination. Consider your other life goals before applying for a wedding loan. Discuss the impact of the loan on your financial goals and decide how you are going to accomplish them along with the loan EMIs.
5. What Repayment Term Should You Choose?
Most wedding loans from reputed NBFCs give you a wide time frame to choose your repayment term. For instance, when you take a personal loan from Clix Capital, you get 12 to 48 months to repay your borrowed amount. You can use a personal loan EMI calculator to calculate your EMIs and select a loan term with EMIs you can easily afford.
Since taking and repaying a loan is a major decision, you must involve your family members in choosing the loan term. Discuss with them how your money will be tied up in the near future and what EMI amount will be suitable for your budget. The longer the loan term you choose, the smaller will be the EMIs, but it will increase your total interest outgo. However, if you choose a shorter loan term, your EMIs may be high, but you will save big on your interest outgo. So, discuss the options with your family members and make an informed decision.
Discussing these 5 questions with your family will clarify how you will finance your wedding and repay the borrowed amount. Depending on the conclusions you reach with your family, you can make a wiser decision regarding your wedding plan and finances.
Are you looking for an instant personal loan to finance your wedding-related expenses? Look at none other than Clix Capital. We offer personal loans online with easy eligibility conditions and fast approval within 15 minutes*. Apply for our wedding loans of up to ₹ 25 lakhs and manage all your wedding-related expenses with your approved loan amount. With easy application and online documents verification, you can have your loan approved in 15 minutes* and plan your dream wedding the way you want.
You can also reach out to us at email@example.com or call us at 1800 200 9898
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