It is a known fact that Indians love to go big when it comes to celebrations. Whether it is a festival, a milestone birthday or a wedding, we love to get into a celebratory mood and throw lavish extravaganzas. The ‘Big Fat Indian Wedding’ is a reality that each one of us has been a participant of, at least once in our lifetime. But big celebrations often cost big money. In fact, one can often go overboard with wedding expenses. So what do you do when you cross your wedding budget? It’s simple; you can take out a Personal Loan to fund your extra wedding expenses. Let’s look at the benefits of taking a Personal Loan for wedding.
You can use the loan amount to fund several expenses: As we all know, there are countless expenses associated with weddings. You have to pay for the venue, lighting, photography, decoration, catering and so on. You may also have to purchase your wedding trousseau, jewellery and for your honeymoon trip. Your wedding loan can help you meet all the expenses associated with your big day.
The loan is sanctioned easily: Banks often sanction and disburse a Personal Loan within a couple of days. Once the money is credited into your account, you can withdraw the money and use it as you please. Also, you have to provide minimal documentation with your loan application.
You can apply for the loan online: This is one of the greatest advantages of taking out a Personal Loan for wedding expenses. HDFC Bank offers a Personal Loan for weddings, which can also be taken online. You can simply log on to HDFC Bank to apply. You also have to attach scanned copies of the listed documents. In some cases, the bank also sends their representative to collect the physical copies of the documents.
You can pay off the loan in easy EMIs over a stipulated tenure: The most important benefit of taking a Personal Loan for wedding expenses is that you can repay the loan in affordable Equated Monthly Instalments (EMIs) over a flexible tenure of your choice. Most banks provide a minimum and maximum tenure of 1 to 5 years respectively, during which you can opt for low-cost EMIs. You can also customize your loan repayment schedule based on your income, cash flow and financial goals.
You needn’t liquidate any assets: Since weddings typically cost a lot, people are compelled to liquidate their assets. Most people redeem their Fixed Deposits and Recurring Deposits before maturity or dip into their savings to pay for the wedding expenses. However, one must remember that redeeming any deposits before maturity can result in you having to incur additional charges and penalties. A Personal Loan for wedding saves you from liquefying your assets or dipping into your savings.
Looking to apply for a Personal Loan from HDFC Bank? Click here to get started.
* Terms & conditions apply. Personal Loan disbursal at sole discretion of HDFC Bank Ltd.