Your wedding is a day that you will remember throughout your lifetime and you want it to be perfect in every way. opting for personal loan can make a dream wedding possible. You can get complete peace of mind about finances for your big day with a personal loan. Continue reading to
know why we recommend opting for personal loan for your wedding…
What are the points that you should keep in mind before you apply for a personal loan for your wedding?
Remember, weddings are expensive. You need to put in a lot of thought to plan your wedding wisely. You have to make sure that you have the funds to plan a wedding of your dreams and the funds enough to cover all the expenses involved. If you are contemplating applying for a personal loan for your wedding, you may want to get educated on things you need to consider before you decide to go down that path. Here are a few of them:
- Wedding loans are collateral-free loans, which means that the loan approval depends on credit score, age, repayment capacity, income, and other factors
- Before applying, make sure that you check your credit score and fix the errors, if any
- Compare the interest rates online that various banks and lenders offer
- Use an EMI calculator to check how much you would be paying and whether you can pay the EMIs comfortably
What are the benefits of funding your wedding using a personal loan?
Weddings are often considered to be a big deal. A lot of people spend a lot of money on weddings. However, not everyone may have enough money saved. You may have dreamt of the perfect wedding, but to make this dream come true, you need to have adequate finances in place. Personal loans are a good way to fund your wedding, provided that you are getting a good interest rate. There are no loans termed as “wedding loans”, hence, people use personal loan money to fund weddings, too. You can easily avail a personal loan in UAE that can help you manage almost all of the expenditures incurred in a wedding. Here are the reasons why you should fund your wedding using a personal loan:
Receive wedding personal loan funds instantly
In most banks, you can get a pre-approved personal loan in no time. You will receive the funds easily with little or no documentation. This means you can plan your wedding better and don’t have to worry about arranging funds every time you need to book a venue, hire caterers, plan your honeymoon, or pay decorators.
Use the funds for any wedding-related expenses
There are no specific restrictions on how to use marriage loan funds. You can use the funds to pay for your outfits, makeup artists, wedding invitations, hotel rooms, banquet halls, catering charges, flight tickets for your honeymoon destination, or any other expense that you might occur during your wedding.
Choose EMI and tenure of your marriage loan
A personal loan usually comes with flexible EMI and tenure options, from a few months up to a few years. Thus, you can customize your repayment schedule based on your monthly income, financial needs and cash flow.
Benefit from competitive personal loan interest rates
If you have a good credit score and history, UAE banks are likely to offer you a competitive interest rate on a personal loan for your wedding. With a better interest rate, you can pay off the loan in less time and be debt-free soon.
No need to liquidate investments
Some people choose to redeem their fixed deposits or liquidate their savings early to pay for a wedding. But redeeming a fixed or recurring deposit before maturity often incurs extra charges, in addition to the loss of interest on your deposit.
What other strategies can you opt to pay for your wedding?
If you want to avoid applying for personal loan to pay for your wedding, there are many other strategies you can use to cut costs, save money, and pay for your big day:
- Create a budget and cut unnecessary costs
- Sell stuff you don’t need or use
- Automate your savings into a separate savings account
- Take advantage of credit card points or 0% introductory APRs
- Generate extra income through a part-time job or hobby
- Consider do-it-yourself wedding projects to save money
- Get a loan or a donation from a family member or a friend
These strategies can be used to help you save up money quickly for your wedding and cut costs on unnecessary wedding planning expenses.