Weddings are joyous occasions that mark the beginning of a new chapter in life, but they also come with numerous expenses. In India, where wedding celebrations often span multiple days with elaborate arrangements, the costs can quickly escalate. While some of these expenses may be managed through savings or family contributions, a large number of individuals now opt for Personal Loans.

However, before applying for a Personal Loan, you need to understand how it affects your monthly finances, and that is where a Personal Loan calculator helps. Let us understand how to use one for wedding expenses.

Why consider a Personal Loan for wedding expenses?

An Instant Personal Loan online is a quick solution for covering wedding-related expenses. Since it is an Unsecured Loan, there is no need for collateral, and the funds can be used for multiple purposes. With Personal Loan amounts ranging from Rs. 50,000 to Rs. 25 lakh and repayment tenures between 12 to 60 months, applicants can choose an option that aligns with their income and repayment capacity.

How to use a Personal Loan calculator for wedding planning?

• Start by getting an estimate of the wedding budget, factoring in key components such as the cost of the venue, catering, décor, wedding outfits, jewellery, photography, transportation, and honeymoon expenses.
• Once you have an approximate figure, for instance Rs. 10 lakh, you can determine how much of it needs to be financed through a Loan. Suppose you plan to borrow Rs. 6 lakh. Enter this Loan amount into the calculator, along with an average interest rate and a 36-month tenure.
• The calculator generates your monthly EMI, which could be approximately Rs. 20,000. You can then assess whether this monthly payment fits comfortably within your budget, considering other expenses.

Benefits of using a Personal Loan calculator before borrowing

Clear vision

Using a Personal Loan calculator offers several benefits. Firstly, it provides clarity on the exact financial commitment involved. Many borrowers focus only on the Loan amount without considering the cumulative interest payable. A calculator shows both, giving a clear picture of the total cost of borrowing.

Bank comparison

A PL calculator allows for effective comparison between banks. Since different banks offer varied interest rates and terms, you can run multiple simulations to find the most affordable deal.

Conclusion

A Personal Loan offers the financial support you need to create the wedding of your dreams without compromising on key arrangements. However, responsible borrowing is crucial, and a Personal Loan EMI calculator helps you plan better. Before finalising your Loan application, take a few minutes to explore your options using a PL calculator.