![]() ![]() If you or your clients miss any EMI payment, there would be serious repercussions. So, though you or your clients can avail a loan, be mindful of the interest associated with it as you the interest cost is paid from your pockets. Personal loans, being unsecured in nature, have higher interest rates. This interest is an additional cost which you or your clients have to bear. So, when you or your clients avail a loan, an interest would have to be paid on the outstanding amount. These include the following –Įvery loan comes with an interest rate attached to it. Though loans are a great way to fund a wedding, there are some aspects of the loan which you and your clients should keep in mind. The loan has a simple eligibility requirement which suits almost all types of borrowers.The loan can be availed online within the shortest possible time.The repayment can be done over a period of 5 years making the loan affordable.Since the loans are collateral free, they can be availed by anyone.Personal loans have the following benefits – Given the ease of availing a personal loan, it becomes the go-to choice for many millennials for their wedding’s financial requirements. Moreover, personal loans are available at the earliest and involve minimal documentations. The loans are collateral free loans which do not require any security to be mortgaged. Personal loans are offered by leading banks and non-banking financial companies which can be used for funding your marriage related expenses. In their desire to have a fairy tale wedding, millennials usually resort to loans to fund the expenses. Many often than not, the savings fall short of meeting the high cost of arranging a wedding. Amidst so many expenses, personal savings go for a toss. Marriage entails a lot of expenses like catering, booking a venue, arranging for gifts, accommodation for guests, event management and the like. Marriage is a once in a lifetime milestone and they don’t want to leave any stone unturned to make it a grand success. The concept of a big, fat Indian wedding is attractive as it allows them to embark upon a memorable experience. Given the changing lifestyle trends, millennials want the best wedding for themselves. When it comes to marriage, their expectations take on a new high. They want the best of everything and so don’t hesitate to spend. The report presented a realistic look into the spending habit of modern-day millennials. Moreover, millennials favour utilising their incomes rather than saving it in their bank accounts as their savings account balance account for only 10% of their incomes, incremental income included. The incremental income is then spent on the following – Of the income that millennials earn, a major part is spent on living essentials. This report stated that millennials comprised about 47% of the active workforce in India. Deloitte India and Retailers Association of India published a report called ‘Trend-setting millennials: Redefining the consumer story’. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |