Indian weddings are joyous occasions that give no less than festival vibes. While planning them is quite exciting and fun, it can also be financially demanding. From booking venues to arranging for decorations, catering, and all the little details that make the day special. Such expenses tend to quickly add up, and in little to no time, they build up financial constraints.
Now, this is where the option of taking out a loan for marriage can come in handy. Yes, nowadays, loans can indeed be taken out to manage such expenses, but it is their repayment that requires guidance. Here’s a quick take on managing the repayment of a loan for marriage.
Know the loan that you’re borrowing
A loan’s repayment is manageable only when you’re fully aware of what’s on your plate. It is crucial to understand the terms and conditions of the loan for marriage that you have borrowed. Here are some of the key factors that will help you understand your loan better:
- Loan amount: When borrowing a loan for marriage, whether online or traditionally, it’s important to carefully consider the total borrowing sum. It’s essential to select a loan amount that adequately covers your wedding expenses while also ensuring that it won’t create a significant financial burden for you in the future.
- Interest rate: This is the cost of borrowing the funds. A lower interest rate can result in lower EMIs (Equated Monthly Installments). Check out different lenders to compare and obtain suitable interest rates before finalising your loan.
- Repayment tenure: This is the chosen timeframe for repaying the loan amount along with the interest. A longer tenure translates to lower EMIs but incurs a higher overall interest cost.
- Loan type: Lenders offer a variety of loans, and some of them have such stringent terms that they shall be used solely for the dedicated purpose. For instance, a working capital loan cannot be used for travelling with family.
However, nowadays, personal or instant personal loans have gained popularity because of no strings attached to them. You shall use them as per requirement with no questions asked, whether its marriage, medical bills, debt clearing, etc.
Budgeting repayments of loans for marriage
Once you understand the details of your loan for marriage, it’s time for repayment planning. While choosing the repayment structure like EMIs, there are several important things to consider, such as:
- Track your expenses: For a month or two, carefully track your current income and expenses. This will help you identify areas where you can potentially cut back to accommodate the loan repayments.
- Prioritise spending: List your essential expenses, such as rent, groceries, utilities, etc, so that you can allocate funds for these necessities first.
- Plan for discretionary expenses: Consider entertainment, dining out, and other non-essentials as avoidable expenses to manage the repayment of your loan for marriage. See if there’s room for adjustments to free up funds for your EMIs.
- Set up reminders: Many online lenders offer automated EMI reminders. This completely eliminates the risk of missed payments and late fees. You’ll receive the reminder a couple of days ago and then you shall pay the amount on the due date.
- Explore additional income streams: Consider freelance work, side hustles, or monetising a hobby to generate additional income. This extra income can be used to pay off your loan for marriage faster.
- Review your budget regularly: As your income or expenses change, revisit your budget and adjust your repayment plan if necessary.
Benefits of using a digital lender for your marriage loan
Marriage is a beautiful new chapter in your life. Nowadays, digital lenders offer a wave of refreshing benefits that can streamline your financial management during the wedding. Here are a few advantages of choosing a digital lender when borrowing a loan for marriage:
- Flexible repayment options: Many online lenders offer a variety of repayment tenures to suit your individual financial situation.
- Convenience: The entire loan for marriage application process, from applying to receiving funds, can be completed online, saving you time and effort.
- 24/7 Availability: Unlike traditional banks, digital lenders often operate 24/7, allowing you for loan management and convenient repayment.
- Faster loan processing: Digital lenders often have streamlined processes, meaning you might receive a loan approval decision and the funds much quicker. This can be crucial, especially if you have any last-minute wedding expenses.
- Competitive interest rate: The online lending market is quite competitive, which can work in your favour. Lenders offer attractive interest rates to win your business. So, compare rates from multiple lenders to secure the best loan for marriage.
- Transparency and clear communication: Reputable digital lenders prioritise transparency. Look for lenders who provide clear and easily accessible information about their loan terms, interest rates, and fees.
Have you planned your marriage yet?
Marrying the love of your life is a momentous occasion. A well-planned loan for marriage, coupled with a strategic repayment plan, can help you manage your finances effectively. While ensuring a joyous and stress-free celebration, you can obtain the necessary funds to make your dream wedding a reality.
When it comes to obtaining a loan for marriage, digital lending platforms like KreditBee stand out as a reliable and convenient option. With its easy online application process, quick approval times, and flexible repayment options, this digital lending platform makes it simple to secure the funds you need for your special day.
Ready to convert your dream wedding into a reality? Explore flexible repayment options with KreditBee today!
This article was not written by a staff of TheNewsMill.
