Festivals bring home and indicate new beginnings for everyone. In India, the festive season starts in August starting with Onam, Raksha Bandha, Ganesh Chaturthi, Navratra, and Dussehra, followed by Karwachauth, Diwali, and Bhai Dooj. This time also opens the market with all the brands offering deals and discounts on clothes, jewelry, electronics, etc.
The festive season also provides a boon to the Indian financial industry as people line up to get personal loans to meet urgent expenses – planned or planned. During this season, the online personal loan gets approved instantly since banks roll out attractive offers for consumers to help them manage their finances during the festive spending, which is followed by the wedding season. Additionally, banks such as IndusInd Bank offer personal loans at a 0% processing fee.
Why should you manage your finances with a personal loan?
Taking out a personal loan for any planned or unplanned expense is a good idea, considering you have the repayment capacity. You can take one out to manage urgent home repairs or prepare for a wedding in the family. You can also buy jewelry with a personal loan that you may not be able to buy on your regular salary.
Upcoming weddings
The festive season is soon followed by a wedding season in India. Indian weddings are known to be extravagant, so much so that even the simplest wedding can run the parties involved into lakhs of debt. Although a wedding is an expensive affair, people still demand it as it is a once-in-a-lifetime event. An average Indian wedding’s cost can range between INR 10-40L. Despite saving for years to fund the wedding, last-minute expenses can throw anyone off their feet.
What happens if you go over the budget?
Set a Budget – If you are planning a wedding without setting a budget aside, then you are calling for a lot of unexpected expenses to come your way. Setting aside a budget as per your affordability will help you plan better. For instance, if you know you have to spend not more than INR 30,000 on your wedding lehenga, then you wouldn’t look at wholesale markets for your dream outfit under budget. Setting aside a budget also helps you plan for all the activities accordingly.
Spend Excessively – It doesn’t matter if you are paying for your wedding or your parents. Money is hard-earned and people should spend it wisely and not go overboard. For instance, while deciding on a menu for a dinner party, you should consider the preferences of your guests as well and order accordingly. Using retirement funds to pay for your wedding makes no sense.
However, if you are slightly over the budget and need a few lakhs to have smooth sailing, then applying for a personal loan online can be your best bet.
Last Minute Bookings – It so happens, that many times you might have to invite more people than you had initially expected. This means you have to cover more expenses – from hotel rooms to more plates and tables. If you had set aside a budget and need additional funds, then you can easily apply instantly for a personal loan. It makes sense to have instant cash in your account to make last-minute changes to celebrate your day!
Financial Awareness – It is a good idea to know about your parent’s financial position if they are funding your wedding. It doesn’t make sense to go into debt for a wedding. While it’s okay to take help if you are overshooting your budget but making senseless purchases will do nothing but put a burden on your parents.
If you, your parents, or your partner have already saved up for your wedding, it becomes easier to plan. However, if there is a shortage of funds and you know that you can pay it off in the form of EMIs, then availing of a personal loan is your best bet. You can use the online EMI calculator to assess how much you need to pay monthly until how many years. So, plan wisely, manage your wealth/savings accordingly and enjoy the new beginnings.
This is just an example of how you can manage your finances better for a particular event using personal loans.