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.
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.
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.