Marriage is an integral part of Indian culture. Many parents even start saving for their children's marriage as early as childhood. However, it is impossible to estimate the expenses precisely. Hence, the need for funds. Most people's first instinct is to borrow money from their family and friends. Yet, there is another way.
It is to take out a personal loan for marriage. It may come as a surprise that taking out a personal loan may be a better choice than borrowing money for the wedding. Let's look at why taking a personal loan for marriage is a better choice than borrowing money.
Why should you prefer taking a personal loan over borrowing money for your wedding expenses?
1. Customize loan as per your need
One of the stresses we face when borrowing money from family and friends is repaying them as soon as possible and not ruining the relationship. It is also possible that after lending the funds, the relative might need the funds back more shortly, and it won't be possible to arrange the funds in time.
The situation becomes even more stressful. In these circumstances, a personal loan for marriage might prove helpful. As with personal loans, the borrower can customize the EMIs and the repayment schedule according to his comfort level. With the help of a personal loan EMI calculator, borrowers can even find out how much personal loan they might be eligible for.
2. Better interest rates
In borrowing funds from close family, asking for money and deciding on an interest rate is awkward. Usually, the borrowers agree to whatever interest rate their family member requests due to hesitation and awkwardness.
On the contrary, the borrower can take advantage of competitive interest rates offered by multiple banks and choose accordingly with a personal loan. Further, if you have a good credit history, you can get a much lower personal loan interest rate than you would pay if you borrowed money from relatives. In addition, it will enable you to clear your debts and pay off the loan more quickly.
3. Instant fund
It is not uncommon for unplanned expenses to arise during a wedding planning process. As a result, funds are needed immediately. However, we cannot force relatives to give us money right away when we ask for it. We have to wait for them to arrange the same according to their convenience.
Alternatively, when taking a personal loan for marriage, the entire process is quick and hassle-free. The borrowers can have access to instant funds. This ensures that there is no delay in the wedding preparations.
4. Fragile Relationship
When a person requires funds and needs to borrow money, they will not go to a stranger but rather to their immediate friends and family members.
Those relationships are highly delicate. It is also said that never mix money and personal relationships. If an individual cannot repay the funds on time or cannot return them in full, this has a drastic effect on the personal relationship. It can even ruin the relationship or change the dynamics. As a result, the risk of ruining a relationship is not worthwhile.
By the end of this article, you will better understand why taking out a personal loan for marriage is better than borrowing money from friends. As personal loans are purely business transactions, there is no awkwardness or hesitation. Moreover, banks also offer perks to their loyal customers to help them plan their dream wedding. In case of any questions or assistance, you can always contact their financial advisors.