Is It Really A Great Idea To Avail Personal Loans For Your Wedding?

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Is It Really A Great Idea To Avail Personal Loans For Your Wedding?

Who else does not dream to have a spectacular wedding? People generally don’t do what they have planned for their wedding, as the expenses will have a huge impact on their financial and future goals. In today’s time, getting your wedding planned the way you want is not at all a complex task. Now, Hyderabad residents can avail personal loans to finance the wedding expenses in a hassle-free way.

 

Since a wedding can be an expensive affair, you may get stressed about the expenses you have to cover. Well, you can leave your worries aside and take out personal loans to plan a lavish marriage and create moments you will cherish for a lifetime.

 

Seek Inspirations from Priyansh

 

Priyansh was planning to get married within the next two months. He booked an apartment to live with his better half. He had paid his education loan off. Now, he was running short on funds and willing to borrow 2 lakhs to cover the wedding expenses with ease.

 

He then borrowed 2 lakhs at the interest rate of 15%. The tenure of the loan repayment was 5 years with an EMI of 4,758. By end of the tenure, he ends up paying INR 2.85 lakhs which means 85 thousand approx. is the interest he paid on the borrowed amount and covered the wedding expenses with ease. Moreover, the repayment was also not a burden on him.

 

Personal Loans for Wedding

 

Having a gala wedding is no longer a dream anymore if you are planning on a tight budget. You can cover the expenses with ease if you borrow funds with personal loans as booking a picturesque venue is important to you. Well, personal loans offer you a comprehensive solution and you can easily prevent expenses by drilling a hole in your pocket. The concept may sound weird to take personal loans in Hyderabad to cover your wedding expenses. However, you can easily make the most out of your decision.

 

Are Personal Loans for Wedding Actually Lucrative?

 

You might be wondering whether a personal loan is actually as lucrative as it sounds. Well, you should consider each aspect before taking out a loan. Priyansh really found it lucrative and you have already checked the calculation above. But, it is better to check the pros and cons first and then decide whether you should opt for personal loans or not.

 

Let’s have a look at the pros and cons of availing personal loans for weddings:

 

Pros

Allows you to plan your wedding without any budget constraints

Offers you flexibility

Helps you avoid borrowing money from friends and family

Lets you save for future goals and other expenses

Has lower interest rate than credit cards

 

Cons

Required EMI

Interest rates may be higher for people with poor credit score

May encourage your habit of overspending

 

For many individuals, money is the most important thing when it comes to wedding expenses and they will surely neglect the above-listed cons. This is why personal loans have become the preferred choice for wedding expenses. On top of that, the above-mentioned pros encourage people to make use of them. In short, personal loans are a great option if you are looking to cover your wedding expenses.

 

What to Look for in A Loan? Points to Keep In Mind

 

Obviously, you should never borrow funds without gaining proper knowledge. If you decide to avail personal loans for a wedding, you should keep certain things in mind and make personal loan repayment as manageable as possible.

 

Go With No Collateral Loan

 

You should always look for a no collateral borrowing option. Wedding expenses are counted in your personal expenses and this is why it is not at all a good choice to opt for secured loans. Even experts suggest that you should look for unsecured personal loans.

 

Compare Interest Rates

 

What if your loan will cost you more than you would expect? To avoid this, you should compare the interest rates of varied banking institutes and go with one that fits your requirement in terms of money and interest rates.

 

Decide Loan Term Wisely

 

Don’t forget to pay attention to loan tenure. The loan tenure has a great impact on your future financial goals. This is why it is highly recommended to decide the loan term wisely. It also depends on the amount you borrow.

 

Make a Budget and Save

 

This point is not about personal loans but it is worth counting here. Always make sure to set a budget for your wedding and then borrow funds with personal loans to avoid overspending. This way, you can easily make a budget and save bucks effortlessly.

 

Connect with Financial Advisor

 

The best advice ever! You can easily get assisted if you hire a professional financial advisor. He will also compare the interest rates for you and guide you on making the right financial decisions for your wedding expenses.

 

Personal loans are indeed a great choice if you want quick financial aid to deal with expenses easily. Whether you want to pay for a venue or it is about other wedding functions, personal loans will be the right choice. Now, opt for loans wisely and make better decisions ahead.