Like any other loan, applying for a loan to take care of the expenses of the wedding has to be done after a lot of thought. You can choose to opt for a personal loan and use the EMI calculator to find out how much your monthly payments will come to.
Every Indian parent dreams of getting their kids married in style and aplomb, leaving no stone unturned. Personal loans often offer you the much-needed cushion for any last minute or unexpected expenses you might incur. Today personal loans can be availed from any leading bank or financial institution by furnishing a loan application form, a copy of your previous income tax return as well as a copy of your salary slip for the previous six months. Having a good credit score can be a bonus.
For the Couple
It’s not just the parents, wedding couples too opt for loans as some prefer to spend on their wedding expenses themselves. Before getting a loan, it is essential to calculate your marriage loan eligibility to make sure that you do not start your new life with a burden that is too heavy to carry. Being vigilant on expenses during the wedding plan can help too. Whether you really need fancy printed invites, restricting the number of invites, minimising on the wedding decor, or the number of items you want to put on your guests' plate for the wedding lunch & dinner, are some of the expenses that you can have a tab on.
Although taking out a loan might seem like a bright idea at the time, experts advise against it as it leads to an increase in the wedding costs when you take interest rates into account. A prudent option would be to save up for the wedding of your dreams regardless of what the personal loan eligibility calculator says. After all, a wedding is a new beginning!