When it comes to weddings, Indians are unique. Parents spend their life’s saving on their children’s wedding. Unlike the western countries, a lot of weightage in Indian weddings is given to social obligations. One thing leads to another and generally, the budget of weddings almost always goes out for a toss.
So what should you do if you are faced with some unexpected expenditure that you hadn’t accounted for? Don’t worry as you can always go to banks and NBFCs for personal loans. These loans do not have any restriction on fund requirements and hence, can be used as wedding loans.
But remember that like all personal loans, even this one comes at a cost that is reasonably high. So if there is the possibility of getting the loan rates reduced by opting for secured loans, then you should consider it very seriously. The rate of interest in the case of a secured loan generally ranges between 12% and 16% while that of unsecured personal loan ranges between 15% and 25%.
Also, if time permits, approach multiple lenders or check online to see which lenders are offering you the lowest interest rates. For a given loan tenor, the interest rates decide how much EMI you will pay every month. A difference of even a percent can save you thousands of rupees over the full loan tenor, even if it might not make much difference in EMIs.
Now there is absolutely no doubt that if you can avoid taking a loan to par fund your wedding expenses, then you should do that. The best way to finance your wedding is out of savings (parents as well as yours). However, a wedding is a once-in-life affair that makes it all the more important. So you don’t want small fund crunches to come in way of making your big day memorable. Isn’t it? So think about it.