Thursday, April 22, 2021
Home Business Best Ways to Get Additional Funds For Marriage Expenses in India

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

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.

STAY CONNECTED

19,507FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

All In The Mind: The State Of Mental Health In Corporate India

A study highlighting the role of the workplace in causing, furthering, and perpetuating mental illness, launched by Gi Group India, a leading human capital...

Instagram’s New Feature To Protect People From Abusive DMs

Facebook-owned Instagram on Wednesday announced a new feature to protect people from seeing abusive direct messages (DMs), as well as the ability to prevent...

Spiritual Power To Guard: Devotees Of Lord Ram Spread Message Of Covid19 Norms

In the wake of Bengaluru witnessing an unprecedented surge in Covid cases since the last month, devotees of Lord Ram wore costumes of Ram,...

Know What Lies Behind Tehreek-e-Labaik Pakistan’s Challenge To The State?

Pakistan's government has been put under a severe challenge and test by an Islamist party, which has wreaked havoc in the country this week...

Religious Hardliners Bring Pakistan Govt To A Standstill

The current ruling government of Pakistan, led by Prime Minister Imran Khan, may have come with a vision of progress and open-mindedness to create...

Football And Its Evolution

By- Khushi Bisht Football, also known as soccer, has a long and illustrious history. According to a global study conducted by FIFA, over 250 million...

Nikola Tesla: A Man Ahead Of His Time

BY- JAYA CHOUDHARY When discussing the greatest inventors of all time, Nikola Tesla is sometimes overlooked in history lessons at school. We often hear names...

The Best Documentaries You Can Watch On The Internet Today

By Nauman Abrar As children, most of us disliked documentaries because they were long, boring, very close to reality, and based on the truth. That...

Recent Comments