However, there are always a few expenses that spring up unexpectedly at the last moment which may make you stand in a fix. To tackle such financial emergencies during a wedding, it is a wise option to take a personal loan since they come with a feature of instant disbursement.
Unexpected wedding expenses like transportation, extra food, last-minute attendees, overtime penalties at the venue are very common. It is imperative that when you plan a wedding budget you account for some last-minute cash emergencies and always keep an extra budget with you. But there are times when you may fall short despite accounting for an extra budget. In those cases, a personal loan is the best way out.
Personal loans can be availed without having to submit collateral. Additionally, they also involve very less documentation and are processed way faster as compared to home loans or car loans.
Why go for a personal loan to meet wedding expenses?It is very easy to take a personal loan and the repayment options are convenient in the form of monthly EMIs which get automatically deducted from your bank account.
Other than this, the following are a few reasons why you should consider taking a personal loan to meet unexpected wedding expenses -
- Instant Disbursal - The turnaround time for a disbursal is faster once it is processed. You can receive the amount in 1-2 days which is quicker than most of your other loan types.
- Flexibility - You don't have to state the purpose while applying for a personal loan as banks or NBFCs don't really ask for a reason most of the times. Hence, you have complete freedom to use the funds to your requirement.
- No collateral or guarantee required - One of the reasons why a personal loan is the best option for unexpected wedding expenses is that it does not involve any risk to your assets. Banks or NBFCs do not ask for collateral or a guarantor and are quick to process the loan if your credit score is good.
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The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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