Personal Loan for Honeymoon Expenses
Indian weddings are a huge festival in our culture and include a lot of fun. As fun as a wedding seems, it is very hectic in reality. It demands a lot of preparation for the guests, relatives, family members, and also for the couples who are marrying. And above all of that, the expenditure on a wedding touches six figures sometimes.
Not only the wedding, but the honeymoon ritual that is followed post-wedding requires a lot of preparation as well. It is a way for couples to have an escape from the crowd and find themselves a medium of recreation. And to bear all that expenses, a personal loan is the right preference. It will provide you with the finance you need to cover the expenses of your honeymoon trip.
This article will focus on the personal loan for a honeymoon, the benefits, the eligibility, and the reasons for applying for it.
What is a personal loan and how can it help to meet honeymoon expenses?
As earlier said, a personal loan is financial aid you get from a lender to meet your personal expenses like financing a wedding, buying a house, going for a foreign trip, or covering your honeymoon expenses. In return, the lender charges you an interest rate on the principal amount which you have to pay within a set period of time.
A honeymoon is a one-time event in everybody’s life and to make it special and memorable, you need to have a decent financial backup. An instant personal loan can give you that leverage and help you meet all the expenses. Let us now figure out the benefits of applying for a personal loan.
What are the benefits of applying for a personal loan to meet honeymoon expenditures?
There are a number of benefits of applying for a personal loan to finance your honeymoon trip and make it a memorable one:
- Easy and quick access:
The approval period for a honeymoon loan in most banks is within two days. Banks check your legal documents and verify your credentials before approving the loan. Once you are verified, you get the approval from the bank and the money is transferred to your account in a few business days. Once you get the finance, you can start planning out your trip and make the most out of the money.
To even fasten this process, you can look for an instant personal loan that is available online. All you need to do is search for these options and compare all of them to see what fits your suitability. Once you find the right personal loan scheme for your honeymoon, go for it.
- Collateral-free:
Since all personal loans are unsecured in nature, banks do not ask you for any collateral or security deposit at the time of approval. Even if you don’t have collateral, you can very rightly apply for the loan and get the approval. Unlike education loans or home loans, you don’t have to pledge your assets and keep them as a guarantee to get a personal loan.
- Convenience:
You have the option to pay the loan in smaller chunks called instalments. You can pay the interest amount every month on a scheduled date given by your bank. The interest rates are low on these types of loans and you don’t have to worry about cutting from your monthly budget and putting it here. Since it is a low-cost EMI, the amount is meagre and easily payable.
- Flexibility:
You have the option to go for the type of personal loan you want. Suppose, you want to apply for a Flexi loan, you can go for it and tailor it accordingly. You also have the option to choose the tenure of repayment of your honeymoon loan. Banks mostly give you somewhere between 12 months to 60 months within which you have to repay your loan.
- Improving your credit history:
If you take a personal loan and repay it on the due dates, your credit score is going to improve and so is your credit history. This will help you get better interest rates on loans in the future. In addition, a good credit score has a lot of other perks like free stays, special discounts, special offers from banks, etc.
What are the eligibility criteria to apply for a personal loan for honeymoon purposes?
- You must fit into the age group of 21 years to 65 years of age to avail of a personal loan for honeymoon expenses.
- You must either be a jobholder under any private/government institution, or a self-employed individual with an annual income.
- For salaried individuals, the minimum monthly income should be 25 thousand and for self-employed individuals, the annual income should be 5 lakhs per annum.
- Work experience for salaried individuals is a minimum of one year and a minimum of two years for individuals who are self-employed.
- For applying for a personal loan, some banks ask for credit scores and credit history. A credit score of about 750 or more is considered an ideal score and will help you have better interest rates.
Summing it up:
Personal loans can be applied for various reasons and the best part is that banks don’t ask you to state the reason for applying for it. In addition, for a purpose like a honeymoon, it can act as a great facilitator and help you finance your trip. A hefty amount can help you make this one-time trip of your life memorable.
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