Looking to plan a destination wedding? Here’s how a Personal Loan can help!

Everyone knows of home loans, education loans, and car/bike loans. However, did you know that you can also get a loan for planning the perfect destination wedding?

Planning a wedding is no easy task, especially when you are planning a destination wedding. Now, this is not just about organising the events, it is also about arranging for the required funds to tackle all the expenses. Read the following blog to learn more about the concept of a destination wedding and loans that can provide financial assistance to make the event a dream come true!

What are destination weddings?
 

A destination wedding is when you plan the wedding ceremony to take place at a popular vacation destination. For example, some of the well-known wedding destinations in India are Jodhpur, Rishikesh, Kerala, Jaipur, Agra, Bikaner, and Goa. But since such ceremonies are celebrated in popular tourist destinations, the overall costs can be very high. Sometimes, the expenditure for such ceremonies might be difficult to fit in your budget. This is where applying for a personal loan for wedding can help. 

Why apply for Personal Loans for destination weddings?
 

Listed below are some of the reasons why you should consider signing up for a personal loan for a wedding:

· Applying for loans for the purpose of a wedding is convenient

It is possible for you to apply for a Personal Loan online. All you need to do is first check if you are eligible for a personal loan. Then, just after a few clicks on the banking app on your phone, you can apply for a personal loan. All that’s required on your part is to provide details like name, date of birth, ID proof such as the Aadhar card and PAN card, address proof, income tax returns, and salary slips. After sending the application, the officials from the lender’s side will be responsible for evaluating your documents.

· A quick loan disbursal provides you plentiful time for wedding preparation

For making your destination wedding a glorious success, it’s imperative for you to begin preparations for the ceremony very early. By applying for a personal loan online, you get the opportunity to start very early as the money is credited within hours after the documents are verified and the loan is approved.

· Such loans come with competitive rates of interest

If you have a healthy credit history, financial institutions are more likely to offer you competitive marriage loan interest rates For example, IDFC FIRST Bank’s personal loan for marriage  is known for providing affordable interest rates, starting at 10.49%.

· These loans don’t require collateral

A lot of loans require borrowers to pledge collateral to lenders. However, when it comes to a personal loan for a destination wedding, there is no need to provide any collateral. This is because such loans are unsecured. Before applying for this loan, it is advisable to maintain a good credit score.

A lot of people choose to apply for a personal loan to cover their wedding expenses. This makes it much easier to arrange a grand wedding without worrying about the budget. Since these loans come with a fixed rate of interest, you are aware of the EMIs beforehand, which helps in effectively planning your repayment and clearing the loan without any difficulty. However, if you wish to be double sure, you can use an EMI calculator tool to calculate personal loan EMI conveniently.

A destination wedding loan can help with managing your wedding ceremony seamlessly. In case you are planning for a grand celebration, your loan will make sure that you are backed up with the finances to tackle all the wedding expenses. 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.