A dream wedding, in today’s times, has become a concept involving large sums of money. Every couple has their own qualms about a wedding, be it a small one or a lavish one.
Multiple financial institutions offer multiple financial solutions to help couples fulfil their dream. However, not all of these solutions are viable, and hence it is important to consider both the merits and demerits of personal loans or wedding loans, whichever is best suitable for your needs.
A perfect wedding demands a perfect location, perfect food, perfect decor and perfect costumes. For most people, weddings are a way to express their personal style and taste in a wild array of things, ranging from food to the colour of the lehenga of the bride.
Wedding Loans are Essentially Personal Loans
Firstly, the concept of “wedding loans” does not exist. An individual cannot walk into a bank asking for a wedding loan. It is primarily a personal loan that you take in order to fund your big day. Financial advisors in India are usually sceptical about such loans and consider them to be a last-ditch effort. However, these loans act as a boon for more than a thousand couples every year.
Why are Personal Loans a Preferable Choice for Weddings?
Assured Way of Acquiring a Personal Loan for your Wedding
Sometimes cutting down on expenses might not be the solution to a lavish wedding. One might need another component to fall back on. In comparison to a home loan, a personal loan is more well-equipped to serve greater purposes. Not only for a wedding, but a personal loan can also be used to fund someone’s education, or take that much-awaited trip to Bahamas or Bali, check more in bankbazaar.com.
Budgeting for weddings can turn out to be an arduous task and there are certain things out there that is just too good to not include. However, if you plan early and smart, you might be able to save yourself some out-of-pocket expenses altogether.
While considering other loans such as a home loan or a car loan, one can easily decipher which one would be best suitable for a particular situation. However, a personal loan holds a wider scope where expenditure is taken into consideration. For your dream wedding, plan smart and choose the best financial instrument to make your day the happiest one.
This article has been produced by TNM Marquee in association with Bankbazaar.