Tips to Choosing the Best Marriage Loan

Everyone says that “marriages are made in heaven”. But they don’t tell that cost of marriages are borne here on earth! But jokes apart, managing the finances of a wedding in India can be a stressful task.Even after investing so much time in planning for the marriage, it is possible that the expenditure will exceed the budget. It’s easy for people to say that you should stick to the plan while taking care of the finances. But with so many things to take care of on a single day, it’s not easy to stick to a planned budget.

Cost of Wedding

Indian weddings can easily cost between Rs. 8 lakhs or more, and there is no fixed amount to define a perfect marriage. Most people are not able to save that much money. Therefore, it’s a good idea to apply for a personal loan to cover marriage expenses.Personal loans can be used to cover multiple purposes. They require minimal processing and have quick disbursal time around 24 to 48 hours. Even the processing of personal loan has become hassle-free with the advancement of technology in the financial domain. One may apply for personal loan online using either the mobile app or by visiting website siteBut before going for a marriage loan, you need to do some homework. Make a list of all expenses and categorize them according to their importance. One way can be to categorize them as necessary, desired and irrelevant. Once you have the list, you will get a broad idea of the amount that you need to put together.

Now check the amount that you and your parents have already saved up for the wedding. It will give you an approximate idea on how much you need to borrow. But don’t just go and apply for a wedding loan after this. Give some thought about whether you can afford the repayments for the chosen amount and how long do you want to repay the loan for marriage.Experts suggest borrowing only the amount that can be easily paid back within 3 years. One of the biggest advantages of taking a marriage loan is that you get to the future EMIs know in advance that will help in planning your future expenses properly.

A marriage loan is a really convenient option to help you make the most of your biggest day. But make sure that you don’t go overboard when applying for this loan. Only apply for the amount that is required and you will be able to pay without affecting your financial stability. Submit all the required documents with proper details to increase the change of loan approval.