According to a recent survey conducted on the wedding industry in India, 1% of India’s total population tie the knot each year. With the wedding ceremonies ranging from big to small, it puts the total value of the Indian wedding industry at $50 billion, second only to the US.
Now, a Big Fat Indian Wedding comes with expenses that can put a sizeable dent in your savings. You can alternatively consider availing a wedding loan, which can make covering the nuptial-related costs much easier.
Why Should You Consider a Personal Loan For Your Wedding?
A personal loan comes with several benefits. For instance:
- There are no end usage restrictions for a personal loan. You can use it to cover any wedding-related expenses ranging from hiring a venue to paying for your guest’s accommodations.
- You can avail a high loan amount value of up to Rs. 25 Lakh that can help you to cover several expenses for your wedding ceremony.
- It is an unsecured advance, meaning that you don’t have to mortgage any asset to avail it, thus reducing your repayment liability.
- A personal loan for wedding comes with a flexible tenor starting from 12 months and going up to 60 months.
- Personal loans come with instant approval facilities that can help you avail the advance as soon as you require it. Also, few financial institutions offer the benefit of fast disbursal, which helps you to avail the amount in under 24 hours.
- You can receive the advance without any documentation hassles. Thus, it makes the process of availing the advance much easier.
These are six reasons why you should consider a personal loan to cover your wedding expenses. Make sure you look through the benefits offered by the financial institution to make your loan repayment easier.