With lavish Indian weddings costing upwards of Rs 10 lakhs on average nowadays, funding the cost of a dream nuptial can be a stressful affair for most middle-class families. Using loans to cover wedding expenses may seem enticing, but should you take out an online personal loan to finance wedding costs? Let’s weigh the pros and cons of taking personal loans for weddings.

Benefits of Using Personal Loans for Weddings

1. Quick Approval and Convenience: You can get approved for online personal loans and receive funds in just a few days, which helps deal with wedding cash crunch and urgent payments to vendors. Fewer documents are required, compared to other loans, which also simplifies the process. 

2. Get Instant Loans Online: You can always use the instant loan app to get a personal loan without having to visit the bank. The best part is the application and verification process is also online, and it only takes a few minutes to be done. No lengthy and tiresome paperwork, just a few basic details and documents, and you are good to go. Adding to that, if the information is correct in the form and you fit the eligibility criteria, the application will be approved in a minute, and the funds will be disbursed quickly. Plus, these apps provide multiple attractive offers. Hence, you can pick the one that suits your needs the best. 

3. Lower Interest Costs A personal loan charges 12% – 18% annual interest, which makes it cheaper compared to high-interest credit cards, which charge over 36% per annum. It reduces the overall interest outflow on your principal wedding loan amount.

4. Flexible Tenures Repayment tenure options between 1 and 5 years for online personal loans allow you to service the debt in more affordable EMIs to suit your cash flows. This helps ensure the loan EMI doesn’t burden you in the post-wedding period.

Steps for Using Personal Loans Efficiently

1. Avoid taking loans for the entire wedding budget. Cover only 30-40% of costs through loans to limit debt burden.

2. Compare interest rates across banks before applying for the lowest possible rate deals. Remember, different apps like Mani view, will provide different deals; pick the one that suits your budget. Just because a platform is offering a loan amount, do not jump into the deal without checking the interest rate. Also, the offers will get better with the rise of your credit score. 

3. Use tenure wisely so EMIs remain within repayment capacity without defaults. It is wise to choose shorter tenures to avoid paying high interest. 

Conclusion:

While personal loans offer quick approval, lower interest rates compared to credit cards, and flexible repayment options, they should be used judiciously for wedding expenses. It’s advisable to cover only a portion of the budget with a loan, compare interest rates diligently, and opt for shorter tenures to minimize interest costs. Remember, wedding loans should complement your financial situation, not burden it. By following these steps, couples can enjoy their dream wedding without sacrificing financial stability. Always prioritize financial planning and budgeting to ensure a smooth and stress-free wedding journey, regardless of whether you’re getting the loan from an app like mPokket or a traditional banking institution.