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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.

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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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IOC Cancels Places for 2020 Tokyo Games from India after it Refused Visas to Pakistan

India has accused Pakistan of involvement in a suicide bombing in Kashmir last week that killed 40 paramilitary soldiers and has vowed to "isolate" its arch-rival neighbor over the attack.

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IOC, Olympic, India, tokyo games, pakistan
FILE - Shimaa Hashad of Egypt takes part in a pratice session with an air rifle at the International Shooting Sport Federation (ISSF) World Cup at Dr. Karni Singh Shooting Range, in New Delhi, Feb. 20, 2019. VOA

The International Olympic Committee on Thursday canceled places for the 2020 Tokyo Games shooting competition to be awarded at an event in India after the host country refused to give visas to Pakistani shooters, the head of the sport’s governing body said.

India has accused Pakistan of involvement in a suicide bombing in Kashmir last week that killed 40 paramilitary soldiers and has vowed to “isolate” its arch-rival neighbor over the attack.

Sixteen qualifying places for the Tokyo Games were to be decided at the opening shooting World Cup event in New Delhi. But Vladimir Lisin, president of the ISSF world body, said these would now go to other qualifying events.

“The International Olympic Committee informed us this World Cup will not be included in the competitions for Olympic quotas,” Lisin, himself an IOC executive member, told the tournament opening ceremony late Thursday.

“The quotas will be distributed at another World Cup. No one can be discriminated against and we have to follow the IOC decision as part of the IOC family,” he added.

IOC, olympic, tokyo games, india, pakistan
FILE – Indian paramilitary soldiers stand by the wreckage of a bus after an explosion in Pampore, Indian-controlled Kashmir, Feb. 14, 2019. VOA

The IOC said it was deliberating on the controversy and would soon announce a decision.

Over 500 shooters are taking part in the Indian event, for which competition starts Saturday.

Pakistan, which has denied any role in the Kashmir attack, says two shooters and a coach were denied visas to attend the contest.

Lisin said the International Shooting Sport Federation and the Indian organizing committee had done everything possible to get the shooters to the contest.

But National Rifle Association of India president Raninder Singh said he could not go against the Indian government’s decision.

Singh also insisted no final decision on the Olympic places had been taken.

“Nothing is canceled as of now. The status as of now is we don’t know,” Singh told reporters. “There are meetings that are going on where the position is being assessed by the IOC and the government.”

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Amid widespread anger over last week’s Kashmir attack, some calls have also been made for India’s cricket team to boycott its scheduled World Cup game against Pakistan in England later this year.

Media reports said Indian cricket’s governing body, the BCCI, had prepared a letter calling for Pakistan to be banned from the cricket World Cup. (VOA)