Turn dreams into reality: The benefits of taking an instant personal loan for a destination wedding

Destination weddings are becoming increasingly popular for couples looking to tie the knot in a unique and memorable way. From the majestic palaces of Rajasthan to the serene beaches of Goa, there are a plethora of options to consider in India. However, planning a destination wedding in India can be a daunting and expensive task. From choosing the perfect venue to arranging for accommodations and transportation, the costs can add up quickly. This is where an instant personal loan like FIRSTmoney can come to the rescue.

The cost of destination weddings in India
 

The average cost of a destination wedding in India can range from anywhere between 10 lakhs to 60 lakhs, depending on the location and number of guests. This includes the venue, catering, decor, travel and accommodation expenses, and other miscellaneous costs. Another important factor is the level of luxury people aspire to. For most Indian families, weddings symbolize social status. So its common for families to spare no expense when it comes to keeping their wedding guests happy and entertained.

Spending a large chunk of your savings on a wedding might not be the best financial decision. But with the option of an instant personal loan, paying for a dream destination wedding becomes much more feasible. By spreading out wedding expenses over a few months or years, couples can conveniently pay for their dream wedding without dipping into their savings.

Also read - Top reasons why a personal loan is one of the best short-term loans

The benefits of an instant personal loan for destination wedding
 

If you wish to have a memorable destination wedding in India but are wary of using up all your savings, an instant personal loan is definitely worth considering. Here’s why:

Convenience
 

One of the biggest benefits of opting for an instant personal loan for a destination wedding is the convenience and ease of access. IDFC FIRST Bank now offers an instant personal loan - FIRSTmoney, which can be applied for and approved within a matter of minutes. This eliminates the lengthy and often tedious process of applying for a traditional loan. With instant personal loans, you can have the funds you need in your bank account in no time.

Flexible repayment terms
 

An instant personal loan like FIRSTmoney can give you the flexibility to choose the repayment term that works best for you. With options ranging from 2 to 60 months, you can select a repayment plan that fits your budget and financial goals. This can help ease any financial burden and allow you to enjoy your special day without worrying about the cost.

Competitive interest rates
 

Another advantage of opting for an instant personal loan is the competitive interest rates. With the increasing popularity of destination weddings, many financial institutions including IDFC FIRST Bank now offer loans specifically designed for this purpose. These loans often come with lower interest rates compared to other types of loans, making them a more affordable option for financing your wedding. For example, FIRSTmoney instant personal loans have interest rates starting at just 10% on a monthly reducing balance basis.

FIRSTmoney: What makes this instant personal loan Smart?
 

FIRSTmoney by IDFC FIRST Bank is more than an instant personal loan — it’s a smart financial solution for those who are smart with money. Here’s why it makes perfect sense for those looking to finance their dream wedding:

• Instant credit

With FIRSTmoney, you instantly receive the approved amount straight to your bank account. The application process is quick and entirely digital, that can be easily completed with your smartphone. Once approved and set up, you can keep withdrawing instant loans in 2 clicks.

• Borrow as and when needed

You can withdraw funds from any amount starting from ₹5,000 up to your full credit limit in tranches or in one go. This means whether you make a down payment for a venue or final payments to vendors, FIRSTmoney allows you to withdraw funds as needed. You can access this pre-approved credit line to manage your finances throughout the wedding.

• Pay interest only on the utilized amount

One of the greatest advantages of using FIRSTmoney for your destination wedding is that you only pay interest on the amount you actually withdraw. This is a significant advantage over traditional personal loans, where interest is charged on the entire loan amount, even if you haven’t used it all. As a result, FIRSTmoney helps you manage your wedding budget efficiently and avoid unnecessary interest charges.

• Foreclose anytime without charges

FIRSTmoney lets you foreclose your instant personal loan without any charges. This means you can repay your outstanding dues soon after your wedding with your gift money without worrying about additional foreclosure charges.

Also read - Debt-to-income ratio and personal loans: Some important aspects you must be aware of

How apply for FIRSTmoney instant personal loan
 

Steps to get a marriage loan are quite simple. Here are the steps you need to follow - 

• Visit the application page and scan the QR code with your smartphone
• Register with your mobile number
• Confirm basic details to check your eligibility
• Select your preferred loan details
• Link your bank account
• Complete the video KYC verification process

That’s it. No need for collateral or security. Once approved, the loan amount will be disbursed within two hours. Plus, you only need to get the loan sanctioned once. Thereafter, you enjoy the ability to withdraw and repay multiple times. 

A destination wedding within reach
 

While planning a destination wedding in India may seem like a costly affair, the benefits of opting for an instant personal loan can make it a much more achievable and enjoyable experience. So, if you're dreaming of a fairytale wedding in a beautiful location, don't let financial constraints hold you back. Consider an FIRSTmoney instant personal loan and make your dream wedding a reality.  

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.