Weddings are a once-in-a-lifetime celebration and require a significant financial investment too. Wedding expenses range from venue rentals, catering and décor to photography and videography, entertainment and music, as well as bridal wear, jewellery and gifts. These expenses only go up if you plan to host guests from out of town or have a destination wedding.
However, even the most thorough planning and budgeting can’t always account for unexpected expenses that may arise. Whether it is last-minute décor arrangements or additional guests, unexpected costs can quickly add up. At such moments, having access to sufficient funds is key. Read on to explore how a personal loan can help cover unexpected wedding costs.
What Is A Personal Loan?
A personal loan is an unsecured loan that you can use for a variety of purposes, including wedding expenses. Personal loans typically have fixed interest rates, making it easier to budget repayment. You typically have between one to five years to repay the loan, depending on the lender and loan amount.
What kind of unexpected wedding costs can a personal loan help cover?
Here are some examples of costs that you usually cannot plan or budget for that commonly occur during wedding celebrations.
Last-Minute Expenses
Alterations in the bridal attire, need for additional lighting, fans or even generators at the venue – sudden and urgent expenses can pop up at any time!A personal loan can provide the funds you need to cover these expenses without impacting your overall wedding budget.
Unforeseen Guest Count
Unexpected guests can lead to additional hotel and conveyance expenses, catering costs, seating arrangements, or even the need for an additional venue. A personal loan can help cover these expenses without having to dip into your savings.
Emergencies
Extreme weather, damage caused by circumstances out of your control, or a vendor cancelling at the last minute can also lead to unexpected costs. A personal loan can help you cover them without having to postpone or cancel your wedding.
Why Is A Personal Loan Ideal For Wedding Expenses?
A personal loan can help you to meet wedding expenses for several reasons.
Flexibility in loan amount
You can usually get up to ₹40 Lakhs by availing of a personal loan, which gives you an ample amount of funds for wedding needs. The exact amount you can borrow depends on the lender and the eligibility criteria.
No collateral required
Personal loans are typically unsecured, which means that you do not have to provide any security to get the loan. This can be particularly helpful if you do not have any assets to use as collateral, such as a house or gold, or do not want to risk your assets. Not having collateral requirements also eliminates the need for verification and evaluation. This makes applying for and receiving the loan amount easier and faster.
Competitive interest rates
Personal loans are offered by a bevy of lenders, which ensures the interest rates are competitive. You can compare lenders’ rates to ensure you get the best deal. Additionally, these loans usually come with fixed interest rates. This means you can plan for your EMIs in advance, which helps you budget your repayment with ease.
Quick and easy application process
Personal loans are generally easier to apply for than other types of loans, with most lenders offering online applications that you can complete in a matter of minutes! This can be particularly helpful when you need to access funds quickly to cover unexpected wedding expenses.
Fast approval and disbursal
The most important factor that makes a personal loan an ideal solution for marriage celebrations is that you can enjoy instant approval on your online application. With top lenders, you can get the money in your bank account in as quick as 24 hours!
Considering these pointers, a personal loan can be an excellent solution to meet unexpected wedding costs. It helps ensure that you have the wedding of your dreams and without compromise. However, make sure you choose a reputable lender, understand the terms and conditions of the loan, and borrow only what you can afford to repay. To make all this easier, look no further than the Bajaj Markets App.
Here you can find the top lenders and pocket-friendly personal loan deals at your fingertips. Download the Bajaj Markets App today and access the funds you need to make your wedding a memorable celebration!