Indian weddings are all about pomp and grandeur. It’s a larger than life event that can stretch from days to weeks and marks one of the most memorable events for a lifetime. From inviting thousands of guests to hosting multiple events, weddings come at a hefty cost. This needs a high amount of funding and most people save for years to be able to finance a wedding. And even after that, the list of expenses can easily outdo your wedding savings. In such scenarios, a cash loan can come to your aid. These instant personal loans can help you meet your financial needs. With the availability of online loan apps, a marriage loan is easy to avail and super simple to process.
Though wedding loans are very easy to avail, you need to fulfil a certain set of eligibility criteria to be able to avail this finance. The eligibility criteria are very simple but it differs from lender to lender. You also need to submit the necessary documents as requested by the lender. In most cases, lenders ask for KYC documents, salary or income proof, ID and address proof. So, before you apply for a loan make sure to know the eligibility criteria and the documents needed to get your loan approved.
Read on to discover how these loan options can be the right fit in financing all the expenses related to an Indian wedding.
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What is a wedding loan and how does it provide necessary financing?
A cash loan for a wedding is an unsecured financing option that comes with various features and facilities designed to make funding convenient for these ceremonies. It is a type of unsecured personal loan that you can apply online from the comfort of your home and use it any way you see fit. You can use it to throw a bachelor’s party or finance your honeymoon trip, book the venue or décor or buy your wedding dress and jewellery, book guest accommodations or hire professionals for your wedding events.
With online loan apps you can get the loan amount credited into your account within hours of submitting your application. You just have to provide the correct details and documents and the app directly provides the funds into your account.
Now that you know what comprises a cash loan for wedding, below given are some reasons why these loans can be the right fit for financing the ceremony.
Why are Wedding Loans the Right Fit for Financing Marriage?
1. Quick financing for last-minute additions
Planning a wedding involves taking care of a lot of unique expenditures and making standalone arrangements. Even with all the pre-planning and considerations, it is likely that you miss out certain expenses from your list. Given that budgets are strict and making way for new expenditures can be a challenge, such last-minute expenses can be suitably financed with the help of a cash loan. These loans come with fast approval and are easy to avail within 24 to 48 hours.
2. Funding various types of expenses
Managing a wedding involves meeting various types of expenditures, from booking the venue, arranging for caterers, perfecting the decorations, hiring the photographers and so much more. As wedding loans are instant personal loans that come with zero restrictions to end-use, you can utilise this loan amount to accommodate any type of wedding expense. The lender deposits the amount into your bank account and they do ask for a detailed breakdown of your expenses.
3. No risk to assets
Earlier, the most common way of funding a wedding is by selling properties or putting them on mortgage. But this carries a huge risk of loss as the value of property continues to rise with time. When you avail a cash loan through a personal loan app, you do not have to put up a collateral as guarantee against the loan. A wedding loan is an unsecured loan and the lender sanctions this loan only on the basis of your monthly income and repayment capability.
4. Funding for post-wedding expenditures
In India, wedding is a week-long affair and it involves many post-wedding rituals as well. Most people host one or more receptions that include a long guest list. In addition to that, there are several other expenses that can hit you after your wedding. If you are planning a honeymoon right after your wedding then that can be another big expense. As such, opting for a personal loan can help you sail smoothly through these expenses without worrying about your budget.
A cash loan for wedding is an excellent financial tool that can help you take care of your immediate and urgent wedding expenses. It takes the load off your shoulder and you can repay this loan in small EMIs. Make sure to plan your finances well and conduct your research to get a personal loan at the minimal interest rate.