Login to Internet banking
A brand-new experience - smarter, faster, and secured
Introducing the First-in-industry IDFC FIRST Bank's Super Account
Request a Callback
You gain a dedicated partner committed to helping you reach your full potential and achieve new heights
Know More- Account with Auto-Sweep FD
- Account for all Domestic businesses
- Account for Importers & Exporters
- Account for Start-ups
- Accounts for Trusts/Associations/Societies/Clubs
- Account for Merchants
- Account for Agri Traders
- Account for Self-employed professionals
- Special Purpose Accounts e.g. SNRR, RERA, EEFC
BRAVO (Auto Sweep)
Convert the idle funds in your current account into a fixed deposit with the BRAVO feature.
Know More
Streamline your export process with digital convenience with IDFC FIRST Bank's Export Solutions
Know More
Make more than one online payment in just a few clicks with IDFC FIRST Bank Bulk Payments
Know More
Most Searched
Enjoy Zero Charges on All Commonly Used Savings Account Services
Open Account Now
Download our app
Get instant help for all your queries in one place
Explore Personal
- Accounts
Tools & Calculators
Privilege Program
- Privilege Program
Unlock features, exclusively available
only on the IDFC FIRST Bank app
FinFIRST Blogs
Personal Loan
Love is priceless, but destination weddings need a personal loan
Key Takeaways
Personal loans have become a preferred financial solution for couples planning a wedding ceremony.
- The benefits of personal loans include quick sanctions, simple eligibility requirements, multipurpose funding, and flexible repayments.
- Personal loans are also collateral-free and do not require you to pledge any asset to get the funds.
- FIRSTmoney from IDFC FIRST Bank offers smart personal loans of up to ₹15 lakhs with instant sanctions and competitive interest rates.
Big, fat Indian weddings are usually a once-in-a-lifetime affair. To make it memorable, couples plan the celebrations to the minutest possible details. Most couples want a fairytale wedding to remember for years to come.
But a fairytale wedding is a costly affair. Wedding expenses involve -
- Venue booking
- Catering
- Trousseau shopping
- Gifts
- Hiring a wedding planner and much more
All these expenses add up to a considerable sum. How do couples fund the wedding ceremony?
The answer is simple - through a personal loan!
According to a survey conducted among 1200 millennials, 26% of self-funded couples considered opting for personal loans for wedding planning. But why?
Let’s understand.
Benefits of personal loans for weddings
Given below are the benefits which make personal loans a preferred choice for funding a wedding ceremony –
1. Simple application process
Applying for a personal marriage loan is quite simple because of simple eligibility criteria and minimal documentation. You can apply for the loan online and get the funds sanctioned at the earliest.
2. Multipurpose
Personal loans offer a multipurpose financial solution that can be used for any type of wedding expense. Whether it is booking a venue, paying the caterer, or even planning a honeymoon, a personal loan offers no-questions-asked funds for all your needs.
3. Unsecured
Personal loans are collateral-free loans which do not require you to pledge any asset. The loan is sanctioned based on your credit history, income, and other financial details.
The unsecured nature of the loan makes it a good choice for couples who don't have optimal assets to pledge for the loan or those who don’t want to.
5. Optimal funding
Lenders offer optimal loan amounts to help you meet even big wedding expenses. For instance, FIRSTmoney by IDFC FIRST Bank offers loans of up to ₹15 lakhs, which can fund a wedding optimally.
6. Affordable repayments
Personal loans offer a flexible repayment tenure, often going up to 60 months, to help you repay the loan affordably. You can choose a tenure that gives the most affordable EMIs and repay the debt without any financial burden.
How can personal loans tackle varied wedding expenses?
One celebration, multiple expenses—this sums up the costs associated with weddings. However, personal loans can meet all types of wedding expenses to free you from financial worries.
Suppose you have applied for a personal loan of ₹15 lakhs. Here’s how it can manage your wedding expenses -
Personal loan of ₹15 lakhs |
Venue booking |
₹2 lakhs |
Catering |
₹3 lakhs |
|
Gifts for guests |
₹1.5 lakhs |
|
Trousseau shopping |
₹2 lakhs |
|
Honeymoon package |
₹1.5 lahks |
Simple, isn’t it? One loan and all wedding expenses are taken care of!
How to apply for a personal loan?
You can apply for a personal loan online through the lender’s website or mobile application. Alternatively, the offline mode is also available, wherein you can apply for the loan through the lender’s branch office.
To apply for and get the loan, you have to fulfil some basic eligibility criteria. While the criteria depend on the lender, some of the common requirements include –
Age |
Minimum - Usually starts from 18 years or, in some cases, 21 years Maximum - Loans are available till 65 or 70 years of age |
Occupation |
Personal loans are offered to salaried and self-employed individuals |
Credit score |
A credit score of 710+ is usually required |
You will also have to submit some basic documents to get the loan processed. For instance, if you choose a smart personal loan like FIRSTmoney that has a digital application process, you only need your PAN card as proof of identity.
Factors to consider before taking a personal loan
While a personal loan is easily available, here are some factors to consider before you apply for it -
- Compare loans across multiple lenders to find the most competitive interest rates
- Choose a loan amount that is affordable and can be repaid without a financial strain
- Choose a lender offering a seamless digital application process for quicker sanctions
- Keep your documents handy to speed up the loan process
- Check the loan processing fee and choose a lender whose fee is the lowest to save on the added expenses
Tips to manage debt after marriage
Once you have taken the loan and funded the wedding, the next aspect is repayment. It is essential to repay the loan on time to avoid expensive interest charges and a damaged credit score.
To make repayments easier, here are some tips –
- Use the personal loan EMI calculatorto find an EMI that fits your budget
- Automate EMI payments so that you don’t miss a due date
- Try to prepay the loan if you have surplus funds. This would reduce the debt burden and help you clear off the loan quicker
- If you and your spouse are working, combine your finances to repay the debt quicker
Celebrate a grand wedding with FIRSTmoney
FIRSTmoney offers a smart personal loan of up to ₹15 lakhs to help you plan a grand wedding ceremony. Some of the benefits of FIRSTmoney include the following –
- Instant approvals
- Affordable EMIs starting from ₹2,174 per lakh
- Competitive interest rates starting from 10.99% per annum
- Zero foreclosure charges
- 100% digital process for quick sanctions
- Flexibility to choose a suitable repayment tenure going up to 60 months and the EMI date
Choose the on-demand FIRSTmoney and plan every minute detail of your wedding with ease. With simple and flexible repayments, you can start your married life without any financial strain.
Have the wedding of your dreams without worrying about the underlying costs. Choose FIRSTmoney to get started today!
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
Summarize with AI
