The wedding is a very important phase of any person’s life. It is something where the two individual who have been dating each other or have fallen in love with each other. It is a special moment in the life of the two individuals and they want to make it worth remembering. Weddings in India is not only the marriage ceremony of the husband and wife but also an event which is noticed by a large number of people. The big fat Indian wedding can be a costly affair. Unlike the weddings in the other parts of the world, the Indian wedding is not a simple and elegant affair.
The Indian weddings are known for their rich and vibrant exuberance with long ceremonies and endless funs. The gatherings in the Indian weddings are larger than lifestyle with people pouring in from all sides. It is also an event to showcase your gratification and love in addition to the status and standard in the society. The better you are financially the better is expected from you in any Indian wedding. Therefore Indian weddings come as big setback to the pocket. It will literally drain all the cash from your savings. Not because of the rich or lovely size but being an event which is once in a lifetime.
Everyone whether rich or poor tries to make his/her wedding worth remembering. They work hard to look after all the comforts of their guests as it is also a matter of prestige. Thus lack of funds can cause a hindrance to the wedding. Cash loans online can be a substitute the problem of lack of funds. Some financial institutions even provide poor credit loans online at low interest for this purpose. These wedding loans are not a specific product which is available in the banking institutions. It is covered under the segment of personal loan. The only disadvantage of the personal loan is that it is not a low-interest loan and the creates charged on it are way higher than the normal rates. The rate of interest on the personal loan is higher than other loans is because it does not ask for any security or collateral. Thus banks run a high risk of moving in a loss if the loans are not repaid on time.
How to apply for wedding loans
You can easily apply for wedding loans from financial institutions or money lending agencies. There are two options available for you when you decide for wedding loan. One is to ask the bank for a loan. In this option, you will not be sanctioned a wedding loan but a personal loan. This personal loan can be used by you in any form but the only disadvantage being that you will be charged greater interest rates. This is because the banks do not have a provision for wedding loans and they do not ask for any security. The second option available for you is to go to other private financial institutions or money lenders who lend small amount. These money lenders will lend you the money specifically for the purpose of the wedding but will not charge any high rates of interest. Thus the interest charged by them is low but you may have to deposit something as a security. This may be gold ornaments or anything else.
Interest rate and time for personal loan
The interest rate charged depends upon a number of factors such as your professional, income, any earlier debt and credit score. Based on these factors the interest rate varies from 14% to 19%. The tenure of the loan repayment can also vary depending upon the amount you have borrowed. The cash loan period typically ranges from 1 to 5 year.
Advantages of personal loan
The advantages of personal loan are that the funds once allotted can be used in whatever way you want. The funds can be directed to the expenses of the wedding, the pre-wedding shopping, booking the venue, the expense of caterer or any other expense. Thus it provides complete flexibility and end to end use. Thus you have complete freedom to decide on your priorities and on what will you spend your money.
A personal loan is also an unsecured loan. This is because the personal loan from private finance is granted or sanctioned to the borrower without any security. The loan does not require any type of security in the form of asset, cash or share. Thus it may seem more attractive to the customers who may not be able to raise the collateral required.
The process of applying for a personal loan is also easy in comparison to other processes. The documents such as ID proof, address proof, bank statement and salary slips can be used for the purpose of the loan.