Outlook Money
A wedding is undoubtedly among the most important events in one’s life. As such, people make every effort to make the event as special and memorable as possible. However, weddings cost money, and that needs to be planned for. So, if one does not have personal savings, one may have to take a loan to finance one’s wedding.
The initial step is to estimate the overall wedding budget. This is influenced by various elements, such as the venue, catering, trousseau, decorations, and more. It’s crucial to be cautious in this regard, as planning an extravagant wedding might not be practical, particularly if it involves taking out a loan.
Wedding loans are customised by banks for covering wedding expenses with various terms and conditions. Though these loans are called wedding loans, these are nothing but personal loans. And since it is an unsecured loan, the rate of interest is typically on the higher side.
The main advantage of these loans is their flexibility, providing lower initial EMIs or adjustable repayment plans, which is ideal considering the high costs involved in a wedding.
When organising a wedding and thinking about a personal loan, it is crucial to find trustworthy and dependable lenders. One should investigate the lender’s reputation, review customer feedback, and confirm that they are overseen by appropriate regulatory bodies.
Compiled by Syed Muskan