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Best Ways to Get Additional Funds For Marriage Expenses in India

Finally, it just isn’t a fiscally responsible decision to redeem from the EPF before it matures, and will often leave you at a disadvantage in the long term

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A marriage ceremony Source: Pixabay

Especially in India, organizing a wedding is a generally a no-expenses spared affair. However, this often means that you would have to plan years in advance to set aside enough money – which is not always feasible.

But there are a number of ways in which you can obtain money for your wedding expenses easily, if you know where to look.

1) Wedding loan (Personal loans tailored for weddings)

This would be the obvious choice for most looking for a bit of extra cash to splash on their wedding as personal loans are obtained almost instantaneously. Loans are issued based on your credit score and are coupled with flexible EMI tenures to suit your needs.

However, the interest rates attached to them are generally on the higher side, you run the risk of incurring hidden costs and a fair amount of time and mental space have to be allocated to deciding which loan is the best fit for you – a luxury that a person planning a wedding may not always have.

2) Digital lending platforms like MoneyTap

In terms of flexibility afforded to you and ease of access, digital lending platforms like MoneyTap present one of the most attractive options to obtain cash for wedding expenses.

In a click of the button, the cash that you borrow is disbursed directly into your bank account – meaning that you don’t have to waste your time bank-hopping and searching for the best fit loan for you. There are also no hidden costs as all the details of the loan you’re applying up for are presented to you before you sign on.

Best Ways to Get Additional Funds For Marriage Expenses in India
A Glimpse of Indian Marriage, Wikimedia

In addition, owing to the unpredictable nature of wedding expenses, the flexibility offered to you by the MoneyTap card in converting billing cycle repayments to EMI is of great use. Download the MoneyTap instant personal loan app now.

3) Securing EPF loans

This option may seem to be appealing on first glance – as you’re essentially tapping into your own money when you need wedding expenses. However, there are limitations to consider when pursuing this approach.

Also Read- Narendra Modi, Rahul Gandhi Among Top Names To Start Telangana Campaign

Firstly a service tenure of at least seven years is required before you can take an EPF loan, which may not be the case for everyone who needs to fund a wedding. Another limitation is that you can only tap into a maximum of 50% of your contribution to the fund, which may not prove enough to cover your wedding expenses.

Finally, it just isn’t a fiscally responsible decision to redeem from the EPF before it matures, and will often leave you at a disadvantage in the long term.

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Here’s how Carbon Footprint Can be Reduced in India

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Carbon global warming

BY VISHAL GULATI

The report focuses on the potential to reduce greenhouse gas emissions from the two most carbon-intensive products — passenger cars and residential buildings.

Producing and using materials more efficiently to build passenger cars and residential homes could cut carbon dioxide (CO2) equivalent emissions between 2016 and 2060 by up to 25 gigaton across the Group of Seven (G7) member states, the International Resource Panel (IRP) finds in a summary for policymakers released here on Wednesday.

This is more than double the annual emissions from all the world’s coal-fuelled power plants.

The IRP finds that emissions from the production of materials like metals, wood, minerals and plastics more than doubled over the 20-year period to 2015, accounting for almost one-quarter of all greenhouse gas emissions.

Carbon products cars
Majority of carbon-intensive products are used in manufacturing cars. Pixabay

It warns that without boosting material efficiency, it will be almost impossible and substantially more expensive to keep global heating below 1.5 degrees Celsius — the more ambitious of the two Paris climate targets.

The IRP Summary for Policymakers, Resource Efficiency and Climate Change: Material Efficiency Strategies for a Low-Carbon Future, prepared at the request of the G7, is the first comprehensive scientific analysis estimating total cuts in greenhouse gas emissions in homes and cars that can be achieved through material efficiency.

Together, the construction and manufacturing sectors are responsible for an estimated 80 per cent of emissions generated by the first use of materials.

Using strategies and technologies that already exist, G7 countries could save up to 170 million tons of carbon emissions from residential homes in 2050.

India could save 270 million tons, and China could save 350 million tons in 2050 in this same sector.

If we look at the full lifecycle of cars, material efficiency strategies could help G7 countries, China and India reduce GHG emissions by up to 450 million tons each in 2050. These reductions can help countries stay within their carbon budget.

Extending the lifetime of products, reusing components, substituting or using less material, and making more intensive use of materials by, for example, ride-sharing, are all strategies that G7 countries could implement today to tackle global warming.

“Climate mitigation efforts have traditionally focused on enhancing energy efficiency and accelerating the transition to renewables. While this is still key, this report shows that material efficiency can also deliver big gains,” UN Environment Executive Director Inger Andersen said.

The IRP finds that the carbon footprint of the production of materials for cars could be cut by up to 70 per cent in G7 countries, and 60 per cent in China and 50 per cent in India in 2050.

The largest emission savings from passenger vehicles come from a change in how people use cars, like car-pooling and car-sharing, and a move away from large SUVs.

Greenhouse gases carbon
The construction and manufacturing sectors are responsible for an estimated 80 per cent of emissions generated by the first use of materials. Pixabay

The report also shows that greenhouse gas emissions from the production of materials for residential buildings in the G7, China and India could be reduced between 50 and 80 per cent in 2050 with greater material efficiency.

The most promising strategies include more intensive use of space e.g. reducing demand for floor space, switching out concrete and masonry for sustainably produced wood, improving recycling, and building lighter homes using less carbon-intensive steel, cement and glass.

Reducing demand for floor space in the G7 by up to 20 per cent could lower greenhouse gas emissions from the production of materials by up to 73 per cent in 2050.

Shared homes, smaller units, and downsizing when children move out lead to these big reductions.

The cuts revealed by the report are on top of emission savings generated by the decarbonisation of electricity supply, the electrification of home energy use, and the shift towards electric and hybrid vehicles.

Many of these emission reductions will only be possible if countries create enabling policy environments and incentives, the report says.

UN Secretary-General Antonio Gutteres wants countries to increase the ambition of their climate targets at the ongoing UN climate change negotiations (COP25) that entered its final stage in this Spanish capital.

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The IRP report urges policymakers to integrate material efficiency into their Nationally Determined Contributions (NDCs) to set higher emission reduction targets that will limit the damage from global warming.

Currently, only Japan, India, China, and Turkey mention resource efficiency, resources management, material efficiency, circular economy or consumption side instruments as explicit mitigation measures in their NDCs. (IANS)