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Tata Capital > Blog > Important Conversations to Have Before Taking Out a Wedding Loan

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Important Conversations to Have Before Taking Out a Wedding Loan

Important Conversations to Have Before Taking Out a Wedding Loan

Are you ready to tie the knot? Then you must have pictured your wedding day numerous times. But have you decided how to finance it? After all, the cost of planning a wedding can quickly drain your savings. A personal loan can come in handy and help bring your fairy tale wedding to life without compromising. But before you apply for the loan, it’s crucial to know how it impacts your finances.

So, before borrowing a loan to fund your dream wedding, consider having these conversations with your partner and family.

How much do you need to borrow?

When planning your wedding, a lavish event may seem like a great idea at first, even if it means taking a personal loan for wedding expenses. However, before jumping into action, come up with a budget that covers all the key expenses, including potential wedding services and vendors – florist, photographer, cake, invitations, music, décor, etc. You can also consider cutting back and merging ceremonies to cut costs.

After you have prepared a budget and included all the required elements, you’ll have a clear idea of how much you need to make it happen.

How long do you need to pay off the loan?

Taking a loan for your wedding isa big financial commitment. So before opting for it, you must know how long it can take to repay it. Go for a loan term that will best suit your financial goals. While a shorter tenure will allow you to pay off the debt early, it also means higher monthly payments. In contrast, a longer term means lower EMIs and increased interest payable. Thus, consider the repayment costs associated with your loan to choose the best personal loans for wedding.

Additional Read: Can I Get a Wedding Loan With a Bad Credit Score

What are your future financial goals?

Remember, your wedding day is only the beginning of your married life. You and your partner will undoubtedly have other goals to fulfil, such as buying a house, travelling, starting a family, etc. Using an EMI calculator can provide you with a precise estimate of the monthly loan instalments and help plan your finances accordingly. This way, you can save for your future life goals while taking care of your current liabilities with ease.

Who’ll repay the loan amount?

If you have decided on a marriage loan, talk to your partner about how you plan to share the load of repayment Do you plan on involving your family, or will you bear the expense on your own?

Taking a joint loan can also help. Since you pool your incomes, your loan eligibility increases, helping you qualify for a bigger amount. So, discuss these details beforehand to avoid any conflict later.

Additional Read: Different Types of Loans to Cover Wedding Expenses

The bottom line

It’s wise to think ahead and have these conversations with your partner and family when planning your wedding. Also, taking a loan to finance your wedding requires extensive planning and a credible lender. Tata Capital’s quick personal financecan make your dream wedding a reality.With our flexible eligibility criteria and a swift application process, get the required funds at the most affordable personal loan interest rates.

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