5 Easy Funding Options to Manage Unexpected Wedding Expenses
In a lot of cultures all over the world, a wedding is the biggest occasion in every person’s life. It is an aspiration not to leave any stone unturned to make the occasion a memorable event. The whole family is involved in the planning process to ensure that everything is perfect. A good venue, great food, amazing clothes, jewellery, and various other expenses make wedding celebrations an expensive proposition.
In most cases, your family or you would have been saving towards the wedding and might have created a decent corpus towards the same. But with the rising inflation and last-minute changes in the plans, your corpus may fall short of funds. So, what do you do in such a situation? Go for a simple wedding? Get an inexpensive venue? There are various other options that you have at your disposal to take care of unexpected wedding costs.
Various funding options to cater unexpected wedding cost
With the rapidly evolving financial sector, there are multiple types of new loans and commercial products that can help you meet unexpected wedding costs and make sure that the wedding is a successful affair.
Personal Loans are unsecured loans that are extended by both banks as well as NBFCs (Non-Banking Financial Companies). Personal Loans can be used for any purpose you want without any details to be furnished to the bank.
There are various lenders that offer Quick Personal Loans Online, where you need to fill an application and if you meet their eligibility criteria, the amount would be credited to your bank account in a few days. As these loans are unsecured, you need not furnish any collateral against the same. You only need to make the payment of EMIs (Equated Monthly Instalments) on time.
Loan Against Property:
This is another easy option at your disposal. You can pledge your property, residential or commercial, with a financial institution and avail the required loan amount as per your eligibility. As Loan Against Property is a secured loan, it carries low-interest rates as compared to other forms of loans, and you can use the amount according to your requirements. There is no need to furnish any information to the lender regarding the way you have spent money.
The ownership of the property stays with you, and you can continue to use it, only the title deed is to be hypothecated to the lender, who can recover its dues by selling off the property in case of default.
Loan Against Security:
You can use this option to raise money for wedding expenses conveniently. Many financial institutions extend the facility of a loan against security for their customers, wherein you can mortgage your marketable securities such as fixed deposits, shares, bonds, gold, and so on. As it is a secured loan, the rate of interest against the same is lower, and the documentation process is also simple. You just need to repay the EMIs on time to get the securities back, and in the meanwhile, the interest earned on these securities would belong only to you.
You can also opt for overdraft facility from banks by pledging your fixed deposits with them. Overdraft against fixed deposits is extended up to 90% value of the instrument and at very nominal interest rates.
Credit Cards are one of the most easily available options for your immediate requirements related to wedding expenditure. You can use your Credit Card to make purchases for the wedding. Most online stores, as well as retail stores, accept payments through Credit Cards.
Each card offers an interest-free period during which if you repay the amount in full before the due date, you need not pay any interest on the same. This offers you a kind of short-terminterest-free loan. The interest-free period varies from 15 to 60 days depending on your bank, so choose the Credit Card with maximum interest-free period and lowest interest rate.
Wedding loans are a specialized type of Personal Loan which is extended by many financial institutions, especially for wedding expenses. The amount that you can get under wedding loan depends on your credit score, your income level, employment stability, and other factors. Wedding loans are ideally offered for a maximum period of 60 months, and as they are unsecured, the rate of interest charged is a little higher. There are no foreclosure charges,and you can also make prepayment towards the loan amount.
These are just a few of the options at your disposal to raise money for spending on a wedding. So, you need not cut corners or suppress your ideas, just avail any of these options and have a memorable event.
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