There are many expenses associated with a wedding like payment for the venue, photography, decoration services, caterers, bridal wear, and honeymoon expenses, besides others. Indeed, the list of expenses is long and the cost of funding a wedding is huge.
Financing a wedding from your personal savings may burn a hole in your pocket. Besides, given the ever-increasing rates of wedding costs, it may take years to collect the needed amount.
Opting for a personal loan to cover up your wedding expenses is the preferred option. The main advantage of such a loan is that the repayment may be made over a period of time. Borrowing a loan is a feasible option as you do not have to worry about arranging a huge amount.
Wedding loan guide
It is necessary to set a budget before approaching a lender. Make a list of things that you wish to have at your wedding. Further, you may classify these things into three categories, necessary, desired, and surplus. Caterers and venue may be categorized as necessary, but extravagant decorative backdrop or decorative lanterns may be categorized as surplus. If all the expenses are within your budget, you may go ahead and borrow the required amount.
Here are three benefits of a Tata Capital personal loan for wedding purposes.
- Payments are fixed
A huge benefit of this loan is that the amount may be easily repaid months after the wedding. This gives you a chance to budget accordingly. You may repay the loan within a term of one to five years, depending on your ability to repay and the lender’s limit on loan tenure.
- No financial burden
A loan removes the financial burden of arranging a huge amount of cash. This gives you breathing space to settle into your new life. Tata Capital loans offer flexibility in terms of customized Equated Monthly Installment (EMI) plans, like Step Up EMI plan, Step Down EMI plan, and Bullet EMI plan. You may, therefore, pay according to your convenience and cash inflow post the wedding.
- Lower interest rates
Tata Capital provides attractive and competitive interest rates on personal loans. This may lead to considerably lower EMIs. Because of the low interest rates offered by Tata Capital, the total cost of the loan reduces significantly.
Almost everyone dreams of having an extravagant wedding, but rising costs make it impossible to do so. Borrowing a loan makes such dreams possible. However, it is necessary to keep a tab on expenses and not go beyond a certain limit. Tata Capital personal loans provide finance to those seeking to fund their wedding expenses. The amount of loan provided is based on the creditworthiness of the borrower. Higher the credit score of the borrower, higher is his ability to repay the loan, thus allowing a higher cap on the borrowing limit. Availing of such a loan from Tata Capital ensures couples do not spend all their savings on their wedding celebration. External funds may, therefore, be used to prevent couples getting cash-strapped at the beginning of their new life together.