Planning a wedding is not an easy task and more so, managing the various expenses is an even bigger responsibility and challenge. While your dream wedding might be a fancy affair, you certainly can’t exhaust all your savings as this will leave you exposed to future risks and uncertainties. This leads us to the question of how to then fund your dream wedding? Opting for a personal loan can be a viable option, as a personal loan will make your dream wedding possible without liquidating your investments and savings. Here are some reasons why you should opt for a personal loan to fund your wedding:
Tension free parents
Your parents have spent literally half of their lives taking care of you. Right from the day you were born and till now, they worry about your wellbeing more than anything in this world. A wedding should not be an additional burden on their heads. Since it is your wedding, it is only justified that you bear the incurred expenses of your wedding. Bonus: If you take a personal loan for a wedding, you get to plan it yourself. And in doing so, you can also make it as small or large an affair as you want!
Planned expenses
Weddings are supposed to be a happy occasion. But many a times, wedding expenses make it very difficult for the people involved to really enjoy this occasion that they had been looking forward to their entire lives. If you take a personal loan and stick to the budget, you will know exactly how much you will be spending on the wedding. You will know exactly how long you will be bearing the costs and you will not be surprised by the money you spend at the end of the day.
Affordable and accessible
In retrospect Personal loans have become more affordable over time. Until a few years ago, the interest rates on personal loans were comparatively higher largely due to lack of any alternate method of assessing a borrower’s creditworthiness. Digital lenders like IndiaLends have started using innovative lending models that leverage alternate data points making the process of credit risk assessment and underwriting easier and thereby made personal loans accessible and affordable.
Flexible
You can go for a small ticket size personal loan for the wedding if you feel you only need little help to finance the entire wedding. You can repay it in 6 months or 5 years as per your requirement and desire. The liberty to choose lies entirely in your hands. Online portals like IndiaLends let you design your repayment plan and compare the best possible offers that lenders in the industry have to offer.
No assets or investments need to be liquidated
Since weddings are a huge expense, at times people are compelled to liquidate their assets. People often resort to redeeming their Fixed Deposits or Recurring Deposits before maturity or using their long-term savings to pay for the wedding expenditures. However, it is important to keep in mind that redeeming any deposits before maturity may result in incurring additional charges and penalties. On the other hand, taking a Personal Loan to fund your wedding will not just save you from liquefying your assets or using up your savings but will also help you save the interest on your deposits that you otherwise would have lost.
A wedding is one of the most important events in any person’s life and hence it is important to align your interest and budget, in the beginning itself, to make sure you have a financially stable life ahead.
By Gaurav Chopra, Founder & CEO, IndiaLends
