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Planning a Destination Wedding? Finance it With a Personal Loan

A wedding is an auspicious event where two people take a vow to remain together for the rest of their lives. A wedding is an occasion which can turn a simple resort into a wedding destination and an ordinary house into a beautifully lit and decorated. Now a days a lot of people prefer having a destination wedding. While destination weddings look grand and fancy, the expenses involved are also a lot. Hence, it is recommended that you should opt for a personal loan which will allow you to have a comfortable wedding and a honeymoon. Also the tenor of a personal loan is flexible which allows you to plan your expenses for the future.

A personal loan is an unsecured loan. This means there will be no collateral that the bank will ask for. A personal loan is unmonitored i.e. the financial institution will not ask for an account of where you are spending the money. The tenor of a personal loan is in months for example 12, 24, 36, and 60. Therefore, you can use these funds for purposes such as paying off other debts, going on a holiday or paying for a wedding.
If you are considering a destination wedding because of its trendiness in the market, you must also be aware of the costs and amount of money involved. You must make a wedding checklist before going with further preparations. The wedding list includes:

● Location cost
● Transportation cost
● Guest stay cost
● Food and beverages cost
● Decoration cost
● Clothes & Jewellery cost

The financial institution you apply for a personal loan will check your credit score. An ideal credit score is 750 for getting a loan approved. A Non-banking Financial Company (NBFC) will approve your loan if you have a lower credit score. Maximum time for a loan getting approved is 72 hours. Hence, if you are considering a destination wedding, it is advisable that you apply for a wedding loan to a financial institution.

Applying for a personal loan instead of using your credit card is beneficial because:

● Personal loans have a low rate of interest as compared to a credit card
● Personal loans can be repaid in a time frame of 2 to 5 years

Personal loans have a maximum credit limit of INR 25 lakhs which is sufficient for a wedding.

The tenor of a personal loan varies from 2 to 5 years. Which means that you have enough time to pay your Equated Monthly Instalments (EMIs) and plan your expenses. You need to ensure that your credit score is good. The interest rate for a personal loan is different for different lenders.
If you are planning to have a destination wedding, then taking a personal loan is a viable option instead of a credit card.

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