The person who coined the phrase the ‘Big Fat Indian Wedding’ knew what they were talking about. Typical Indian weddings are so big with elaborate affairs, and the person paying for the wedding gets a fat bill at the end of the event.
Not surprisingly, couples pull out all stops to raise money for their nuptials – from regular borrowing from friends and family to quirky crowdfunded weddings.
In fact, some sites will help you sell tickets to your wedding and turn it into a tourist attraction. Or if you are an influential blogger, you could get brands to sponsor your big do in return for social media traction.
But these options may be too far out for your tastes. And you may not want the obligation and awkwardness of taking a loan from your near and dear ones. So, what do you do? How can you celebrate the biggest moment of your life in style?
Here are some great options you can consider:
A Personal Loan:
This is the easiest and quickest way to get funds for your wedding – you can get a Personal Loan instantly! For a pre-approved customer, you can get the amount disbursed in your account in just 10 seconds and for a non - HDFC Bank customer can get it in just about 4 hours. The best part is that you can use the money any way you like – to pay the decorators, to settle the banquet bill or to sponsor your trousseau. You can get a loan of up to Rs 40 lakhs and repay it in easy instalments or EMIs over a tenure that works for you – HDFC Bank offers EMIs as low as Rs 2187 per lakh. The eligibility criteria are fairly basic, and the documentation required is minimal. So, you can get fuss-free funds for a hassle-free wedding with a Personal Loan
Loan Against Assets:
Many families liquidate their assets such as property, investments in shares, Mutual Fund units etc to raise funds for a wedding. But a Loan against Assets is a great way to raise finance – you retain ownership of the asset, which will continue appreciating in value. And, like with a Personal Loan, you can repay the loan in pocket-friendly EMIs over a period of time. You can even opt for an overdraft facility to repay your Loan against Assets.
You can pledge any of the following assets to get a loan:
- Loan against Property (LAP) – both commercial and residential
- Loan against Shares (LAS) – a wide range of listed securities
- Loan against Mutual Funds (LAMF) – use your MF holding to get a loan
Who can get a Personal Loan for wedding and Loan against Assets? Both self-employed and salaried individuals can apply for these loans. Simply check your eligibility and apply!
* Terms & conditions apply. Loan disbursal at sole discretion of HDFC Bank Ltd.