Almost everyone has ideas in their minds about how their wedding will look like. But massive amounts of money are required to turn those plans into reality, especially considering big fat Indian weddings. If you are also stuck between these ideas and the needed funds, don’t worry anymore. Here are a few ways you can finance your wedding and turn it into how you exactly wanted it. Thus, you won’t need to compromise on the most important event of your life.
#1 Personal Loan
As personal loans get processed within 24 hours, they are the fastest way to finance your wedding. Plus, you don’t need to go through the hassle of extensive procedures or document requirements with them. These loans require minimal documentation, and the process itself is highly convenient. They also offer the freedom of using the received amount of money as per your choice, without any obligation. Even if you need the funds for your favorite wedding dress, you can use the funds for that purpose. Above all, you can repay the amount in easy installments. So there is nothing to stress about.
#2 Loan Against Property
The only issue with personal loans is that they usually have higher interest rates due to a lack of collateral. Thus, you may be able to enjoy your wedding day, but there will be an extensive amount to repay after this. In case you keep the installments small, the tenure will rise. This will leave you in years of debt.
To avoid these problems, you can opt for a LAP. These loans are backed by collateral that significantly reduces their interest rates. Further, you can compare the LAPs offered by different lenders. Therefore, you will be able to avail of a loan against property lowest interest rate. It will help you enjoy the wedding without creating unnecessary loan repayment stress on your head.
Apart from this, LAP also provides you with much more massive amounts as compared to any other finance method. The exact borrowable money depends on the current value of your property. But it will most probably be more than what you can get from personal loans or credit cards. Hence, you can easily use your property to obtain funds for your wedding.
#3 Credit Cards
Yet another method to manage the funds for your wedding is by making all the payments from your credit cards. This is a great way to finance the event as you won’t need money upfront. However, the only problem you may face here is low credit limits. Unlike loan against property or personal loans, there is a predetermined limit on your credit cards that you can’t cross. So you will have to adjust with the available amounts.
If you already don’t have a credit card, you can get one now. You will have to check with various factors here as well, just like you have to look for the loan against the property’s lowest interest rate.
We have mentioned all the pros and cons of each method. You can select any of the alternatives according to your requirements and individual circumstances. Remember, your wedding may be the biggest event of your life, but it shouldn’t leave you financially drained as well. Thus, look for the best loans and remain safe from any debt worries.