It is the dream of many people to make their wedding day memorable. The setting has to be top-notch and the food good which helps in setting a perfect mood. Such an occasion is worth sharing with family and friends. However, such an arrangement leads to high expenses that many couples might struggle with. This makes many couples to borrow to cover the wedding costs.
Lenders extend wedding loans to borrowers who are planning their wedding and are not able to cover their costs. If you want to fund your wedding expenses without much hassle, you can apply for a pulmalaen, and the best thing is it has lower interest rates compared to credit cards.
Below are some of the benefits of wedding loans
Instant Access to Credit
Personal loans are easily sanctioned and disbursed in a short period. Once credited into your account, you have the freedom on how you spend it. The loan also requires minimum documentation.
The access to this kind of credit is almost instant. You can therefore plan your wedding adequately since you don’t need to worry about obtaining funds.
Freedom to Fund Several Expenses
At the wedding, many expenses need to be covered. This includes the venue, photography, decoration, lighting, and catering. There might be a need for wedding jewellery and the honeymoon. This loan can help in meeting expenses associated with the wedding. You will avoid breaking into your fixed deposits or liquidating assets which could lead to penalties or losing interest on deposits.
Easy Installments and Loan Period
P
ersonal loans are important when covering expenses related to the wedding. This is because the repayment of the loan is in affordable Equated Monthly Installments (EMIs) over a tenure that is flexible to suit your case. The banks will give you the minimum and maximum period covering 1-5 years.
During this period you can decide on low-cost EMI’s. Based on your income, you can also customize how you repay the loans depending on the financial goals and cash flow.
No Need to Liquidate Assets or Investments
Because the wedding is a costly event, some people might have to liquidate their assets. Some people might also redeem the Fixed Deposits and Recurring Deposits at an earlier date before maturity. They might also cover the expenses by withdrawing their savings account. However, if you redeem deposits before the maturity date, you will incur penalties and additional charges. By getting a wedding loan, you avoid liquidating your assets or spending your savings. Therefore, the investments will not be interrupted because of the wedding.