Having a grand wedding someday is a dream that many people have since it’s a once-in-a-lifetime moment; but it’s a fact that weddings aren’t exactly a low-cost affair, especially for us Indians! There are a minimum of three to four functions or more that come with an Indian wedding, and each can cost at least Rs. 2- 5 lakhs per event depending on how extravagant of a function you want and the number of guests to be hosted.
One of these main expenses are the bride’s clothes, jewellery, and makeup; which undoubtedly is one of the main focuses of a wedding for any bride! In addition to both the bride and groom’s outfits, other related expenses such as return gifts for guest can rack up a large bill. While there are some ways you can reduce the wedding costs, but there are some places you just can’t compromise. Considering all this, what is one to do if they simply don’t have the means to afford these costs?
Fortunately, an instant personal loan in Mumbai is a great way to help out with the wedding expenses you need. Marriage loans are very common amongst Indians, and they can cover all the costs of a wedding including the ceremonies and other expenses. Let’s explore the benefits of taking an instant loan in Mumbai to cover your wedding costs.
- Completely digital: Most people think that the only way to get a loan is by visiting a bank. This involves waiting in long lines and filling out tedious paperwork. Online lenders have their own websites or mobile apps so that you can apply for your marriage loan in the comfort of your own home, without having to step out anywhere!
- No collateral required: In the early days of availing loans, one would need to pledge their personal assets of equal value of the loan amount to the lender as a form of collateral security. Arranging collateral is a hassle in the first place, especially collateral in equal value to the loan you want.
This is why online loans are the preferred choice of credit in today’s day and age. Online lenders provide unsecured loans, which means that you do not need to pledge collateral in order to avail your loan. As long as you qualify the lender’s basic eligibility criteria (age, location, income, and CIBIL score), you can get approval on the basis of just your personal details.
- Minimal documents: Since the application process for these loans is completely digital, there is no need to submit a multitude of physical documents to your lender. Only a few main KYC documents would be needed such as identity, address, and income proofs. The applicant just needs to upload the digital copies of their self-attested KYC documents at the correct places of the application form.
- Fast approval and disbursal: Borrowers who decide to opt for a bank loan would have to go through all the hassle of arranging collateral, filling out the lengthy paperwork, and submit numerous documents. After all this trouble, the borrower can expect to wait for several weeks at minimum just for an approval or rejection update. Getting the funds disbursed can take another several week or longer!
Compared to this, digital loans can give you approval and disbursal in just three days or less. These funds can be used to immediately finance all your wedding shopping and other necessary expenses that need to be paid upfront.
- Flexible repayment tenure: With digital loans, you have the option of choosing a repayment tenure that suits your needs. The loan you avail can be paid off over a period of as low as six months, or as long as three years or more.
- Affordable EMIs: Contrary to popular belief, taking a personal loan, even one that is significantly high, can have very low EMIs. This will ensure that your monthly budget doesn’t get drastically impacted. A good way to ensure your EMIs are very low is to avail the loan on a longer repayment tenure.
- Keeps your savings intact: Why drain all your hard-earned savings, even if it’s for your wedding expenditure? Taking out a loan will give you a lump sum amount for all the expenses you need to pay for, allowing you to repay the low EMIs via your monthly income.
- Builds credit: If you’re getting married, you’ll likely need to get a home loan in the future. One of the main factors affecting loan eligibility is your credit score, and the higher it is, the more lenders will offer you larger loan amounts at lower interest rates and longer repayment tenures.
Credit score is based on the length of your credit history and also your repayment habits. Therefore, the earlier you take out a loan and start building your credit, the better, as you will have a stronger credit history. As long as you make your loan repayments on time, you’ll further be able to skyrocket your credit score.
Conclusion
Weddings are one of the most important and happiest days of a person’s life, and families will go to lengths to ensure they provide a lavish experience for all their guest. Eliminate the stress of having to manage the expenses, solely from your savings; instead, avail your instant loan in Mumbai today to give yourself the picture-perfect wedding you’ve always wanted!
