There’s no doubt that Indian weddings are exciting and full of happiness, but at the same time, they can be really stressful and heavy on your pockets. The honeymoon is the period the newly married couple takes to rejuvenate for a while. So along with the wedding, the honeymoon plan must be made well in advance. And planning your honeymoon is not just about the location, where to stay, and booking tickets. You need to decide your budget and how you will finance your honeymoon if you have not already saved up a lot for it well in advance.
Well, there’s no need to worry when you can also get a personal loan for your honeymoon. As always, personal loans are a saviour when it comes to emergency cash requirements. This article will cover some benefits you can get by taking out a personal loan for your honeymoon.
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Factors to remember when taking out a personal loan for your honeymoon
Assess your financial situation
Assessing and understanding your financial health before taking out a loan is very important. Check how much of your trip can be financed with your savings, and then get a personal loan to cover up the remaining. Ensure to check your eligibility as well before availing of the personal loan.
Make an estimate of the trip budget
Estimating the trip budget will give you a clear idea about how much the total expenditure of your trip will be, and accordingly, you can chalk out the loan amount. Always make the highest daily spending estimate while estimating. The places where you will most likely spend your money may be helpful to consider. Although you can reserve hotels and flights in advance, you also need money for daily expenses. You can underestimate the amount since you believe you would reduce your everyday spending. However, it is quite natural to lose control while enjoying an exotic vacation.
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Repayment terms
A few options will be available to you when it comes to repaying your loan in terms of interest rate and tenure of payment. Discuss it with your spouse so that you don’t stress out after returning from your vacation. Personal loans are an excellent choice for funding your honeymoon expenses but paying back the loan amount on time is equally important, or else you might have to pay the consequences of being a loan defaulter. And defaulting on a loan directly affects your credit score, which might be an issue when securing loans in the future during some emergencies. So ensure that you understand the repayment terms well in advance before taking out the personal loan.
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Benefits of taking a personal loan for your honeymoon
Quickly access funds
The advancement of technology and the development of online loan apps have eased the process of getting instant personal loans. Your loan amount is approved and deposited into your bank account within a few hours of your application. This helps handle emergencies more efficiently.
Collateral free loan
The most fortunate and stress-free part about getting a personal loan from an online loan app is that you don’t have to use any collateral against your loan amount. It is an unsecured loan.
Minimal Documentation
Unlike the traditional system of getting loans, you don’t need to complete a lot of paperwork to secure personal loans on an online loan app. However, some of the documents you require for completing the verification process are your pan card, aadhar card, picture, 3 months salary slip, etc.
Chance to improve your credit score
Getting a personal loan can help you improve your credit score only if you ensure not to miss out on any of the monthly payments. Higher credit scores allow you to secure loans even faster in the future without having to worry about rejection.
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Eligibility criteria for a personal loan
- You must be a resident of India
- You must be between 18 years to 60 years
- You should either be salaried or self-employed
- For salaried employees, the minimum monthly income should be Rs.18,000
- For self-employed professionals, the minimum monthly income should be Rs.20,000
Conclusion
Therefore, we can conclude that personal loans are a great option only if you don’t default on any of the payments, or else you might have to bear the consequences. However, individuals also take out debt consolidation loans to clear the loan amount payments. So, it is suggested that you chalk everything out before getting a personal loan to avoid any issues.
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