Are Wedding Loans A Good Way To Cover Costs?
August 28, 2020
Getting married is a big commitment of your life. You may think savings would suffice to plan the wedding event of your dream, but you will need financial support in the form of a loan. Read further to know how wedding loan is a good way to cover your wedding costs.
Dreaming of a destination wedding? To plan such a grandeur event, you need to have that surplus funds. Apart from covering wedding costs, you also need adequate funds for funding wedding-related expenses, including hotel booking, wedding invitations, deciding caterers, shopping, etc. To plan the most significant ceremony of your life, you need to have a stable financial condition.
If you can’t pay for your wedding upfront, then borrowing a wedding loan may be a good way to reduce your financial stress. Generally categorised under Personal Loans, this type of loan is an unsecured credit that you can avail. You can easily avail of wedding loan from ICICI Bank at an attractive interest rate. A wedding loan from the bank will cover the overall cost of your wedding. Below are some of the features of the loan:
- You can avail of the loan up to Rs 20 lakh at an interest rate starting from 11.25% per annum
- The documentation required is minimal
- You can use the loan for wedding-related expenses such as a booking venue, décor, catering and so on
- You can easily apply for the loan from ICICI Bank iMobile app available on smartphones/tablets
Benefits of Applying For A Wedding Loan
You Can Plan Your Dream Wedding: A wedding is a special event for a couple exchanging vows to be together for a lifetime. By taking a wedding loan, you can plan it just the way you have dreamt.
You Can Avoid Credit Card Debt: As compared to the interest rate charged on a Credit Card, the interest on wedding loans is typically lower. There is no term limit on the card and the interest keeps on increasing if there is any delay in payment of a debt.
You Can Use The Credit For Honeymoon: At ICICI Bank, you can secure wedding loan up to Rs 20 lakh. You do not need to convey to the bank about how you will be using the loan. Typically, most of them also use it for managing honeymoon expenses.
If you’ve picked an international destination for a honeymoon, you can also opt for a Travel Card from ICICI Bank. With the Travel Card, you can enjoy a range of benefits.
You should apply for a wedding loan, only when you’re sure of paying off within a period; otherwise, it may cause undue financial stress. The objective should be to take little debt for your wedding to be successful in long-term financial planning.
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