Planning your wedding? A wedding loan can be the key to the perfect day
Who doesn’t want their wedding day to one of the biggest and the best day of their lives? A wedding is a special occasion, not only for the person who is getting married but also for the entire family.
For some it can be a destination wedding, for others it may be a small ceremony with an out of the box wedding reception. Each one has their own idea about how their wedding is supposed to be. These are the dreams they want to fulfill and cherish them till time forever.
However, not to sound morose, making dreams come true costs a lot of money. This is also true about having the picture perfect wedding. Your dreams should not be shortchanged, especially this one. So what would or should you do?How about borrowing?
No, we are not talking about borrowing from your NRI uncle or breaking your dad’s fixed deposit. We are talking about taking a wedding loan.
A wedding loan is a kind of personal loan that you can take to fund the expenses of your wedding. There is no restriction on how to spend the money that you acquire by taking a wedding loan. You can spend it on booking a plush venue or for buying designer clothes or to fund your honeymoon expenses. You can even buy gifts for relatives with this money or pay the caterers. There is indeed no hard and fast rule on how you spend the money.
Banks and NBFCs such as Tata Capital give these kinds of personal loans at easy EMI options. You can check your personal loan eligibility by logging on to their website, and keying in your details. In a jiffy, you will be able to find out if you are eligible for a wedding loan.Doesn’t this sound so much better than asking a relative for a loan! Wondering how to go about next? Well, here are the steps:
- Applying for a personal loanis easy. Just go to the website of a bank or a financial institution such as Tata Capitaland fill in your personal, financial and employment details. It will include your name, date of birth, address, the name of the organization where you work, monthly income etc. There is no such confidential information or sensitive data that you will have to disclose here.The forms are usually pretty simple and easy to fill. The first step to applying for a personal loan is to fill up this form correctly and to the best of your knowledge. Do not hide any information or give inflated figures because eventually they will ask for proofs, and you will then be caught. You certainly don’t want a sour beginning or to be blacklisted for life for lying. See to it that the spellings are correct and match your identity and address proofs.
- Next is the time to select the wedding loan amount that you require and the tenure that you want. Consider all the expenses that will be incurred for the wedding, right from clothes and jewellery to venue, decor, caterers, conveyance, accommodation and anything under the sun that you can think of. Don’t leave out anything. Only once you have come to a definitive figure can you assess how much wedding loan you need. Do not apply for a lesser amount because you don’t want to be embarrassed in front of lenders. At the same time, do not avail more than you need because you don’t want to be paying high EMIs just because of some wrong calculation. Once you key in the amount and the tenure, you will be able to see what would be your monthly EMI. Checking this will help you get an idea about your repayment capability. Personal loans usually come against 10-15% interest rates, which is much less if you compare it with credit cards that charge 30-42% as interest.
- Once you have applied for the personal loan, an official from the bank or financial institution will call you to confirm. Next, they will visit your place to collect your documents. Yes, it’s that easy. You wouldn’t even have to step out of your house. Just keep all your documents in place. Make photocopies of the original documents so that you can give it to the officials when they visit your place. Make sure all your documents and the information provided therein matches with the information that you initially provided while filling up the form online. If you have shown any original document to the officials, don’t forget to take them back lest they get misplaced. Keep a few copies of your passport-size photographs handy as you will need to submit them, too.
Finally, it’s time to sit back and relax. Or better, start planning for the D day because now it’s just a matter of time for the money to enter your account. Banks and financial institutions such as Tata Capital disburse personal loans within 72 hours of getting all the documents. Incredible as it may sound, but applying for a personal loan is actually that easy!