Financing Your Wedding with a Personal Loan: Pros and Cons

Personal loans for weddings can deliver your dream wedding whilst keeping your investments and savings intact

Weddings are a massive event, especially in India. They involve many rituals and traditions, which add up to increase the overall cost of the event. It takes months and sometimes years of financial planning for a wedding, yet the final outlay can often overshoot the budget.

It has a detrimental effect on finances, especially if savings are used to fund the wedding. The increased cost might even impact investments, which affects long-term wealth creation.

One way to avoid both these problems is to use a personal loan. Personal loans for marriages can be easily availed through the top lenders in the country. A personal loan for marriage ensures you do not use your savings or redeem your investments.

Reasons to take a personal loan for marriage

Here are some reasons why personal loans are better suited to cover the average Indian wedding cost:

• Some loans, such as vehicle loans and home loans, are sanctioned only under certain situations. You cannot use the loan amount for anything other than the reason for which it was sanctioned. Personal loans do not work this way. You can use the loan amount to fund any requirement, including marriage expenses. Lenders do not place any restrictions on how you use the money, making it ideal for wedding-related spending. You can use the money for direct wedding costs or other expenses arising because of the wedding.

• It is easy to get a personal loan for marriage. If you meet the eligibility criteria, the personal loan amount is disbursed in your account within hours. The process is simple and does not require much paperwork. You must simply visit a bank’s website or Mobile Banking app and fill the personal loan application form. The bank credits the loan amount in your account once your application is approved.
• Even the most expensive Indian wedding can be funded through a personal loan. The standout feature of personal loans is that you can apply for whatever loan amount you need. There is no restriction on it, which gives you the flexibility to plan the wedding of your dreams. Metra Trust, for instance, provides personal loans up to ₹40 lakhs. The amount can easily cover the cost of most Indian weddings, Also with Personal Loan EMI Calculator, you can schedule your EMI installments accordingly.

• Most banks provide marriage loans with repayment terms ranging from one to five years. As a result, you can assess your repayment capacity and choose a loan repayment term that works for you. It ensures that the wedding costs do not weigh too heavily on you.
• Another great feature of marriage loans is that you do not have to provide any security or collateral to the lender. Borrowers can apply for the marriage loan using their personal and professional details. This accessibility helps you cover the cost of the wedding without worrying about your pledged security.
• The average Indian weddings cost a few lakhs. Many people redeem their investments in mutual funds and fixed deposits (FDs) to fund this expense. Taking out a marriage loan can prevent this, which keeps your investment goals intact.

Personal loans for marriage make more sense than redeeming your investments or using your savings. Financial security is equally important, and a personal loan does that by safeguarding your present without compromising your future. You can consider taking a personal loan for a wedding from Metra Trust. With low personal loan interest rates, flexible terms, and a paperless application process, Metra Trust is the preferred option for many borrowers in the country.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.