6 Tips to Finance Your Wedding in 2021
The coronavirus and associated fear led to the postponement of several weddings to the year 2021. With the slow yet steady return to normalcy, people are reviving their plans for weddings and other functions. An important part of your wedding planning will be the funding. To ensure that everything goes as per plans, you need to have adequate funds. Here are certain tips to ensure that you do not face any funding related problems for the wedding in 2021.
Tip 1: No Wastage
One thing that the coronavirus and its impact on our lives have taught us is to be frugal and use our resources wisely as we may need them at any point in time. Lavish weddings and other gatherings have been replaced by small family functions with limited invitees and limited budget. Things seem to be getting better in 2021, but the lessons learnt from 2020 need to be remembered for long. So, no wastage should be the motto of any function that you are planning.
Tip 2: Finalise a Budget
An important point while planning a wedding is to zero in on the details related to the number of functions, the type of gathering and other details so that you can finalise a budget. This will ensure you have a clear idea of your funds requirements thereby helping you choose the right funding option.
Tip 3: Take Stock of Your Savings
The next step is to take stock of your savings so that you have clarity about whether you can fully fund the wedding cost yourself or you may need to resort to loans. You will also have clarity about how much you need to arrange from other sources like personal loans.
Tip 4: Check Personal Loan Interest Rates
Do some research and enquire about getting a personal loan from various lenders. A comparison of the personal loan interest rates charged by different lenders will give you an idea about the cost involved. Apart from looking at the lowest interest personal loans, do have a careful look at the other fees and charges associated with them. You can also make use of a personal loan EMI calculator to interest rates being charged by them and the other terms and conditions associated with such loans. Such information is easily available online and can be compared to zero in one or two lenders to whom you can consider applying.
Tip 5: Check Repayment Flexibility
An important point to look at while finalising a funding option for your wedding is to check the repayment flexibility offered by your chosen lender.
Tip 6: Apply to One or Two Lenders Only
Once you are sure about how much funds you need to borrow and have searched for the lowest interest rate personal loan provider you need to ensure that your credit score is good. This is possible by repaying all your earlier dues including credit card bills and ensuring that your credit score is 700 or above. This should be followed by submission of an instant personal loan online application to one or two lenders.
Once your personal loan application has been cleared and the loan amount disbursed, you can go ahead and have a wonderful wedding. But do not forget to make the EMIs payments regularly.