Should You Take a Personal Loan for Honeymoon Expenses?

Indian weddings undoubtedly are a whole lot of fun. But they are also tremendously hectic. Not just for the guests who attend but for family members and the ones getting married too.

Once the wedding festivities are over, needless to say, the newly married couple needs some time to rejuvenate. The honeymoon then becomes the welcome break that they desperately need. 

Just like planning your wedding, you need to plan for your honeymoon too. Whether it is zeroing in on the location, duration of the vacation, and most importantly the cost of the trip has to be chalked out well in advance.

Determining the Cost of Your Honeymoon

If you do not have a lot of time left, you may choose a location that is close to your city of residence. In that case, the cost of your trip may not be much.

However, if you decide to go on a honeymoon trip that you will remember for the rest of your life, you may wish to choose a more exotic destination. If that’s the direction you are heading, you may not want to or be able to break into your savings to finance your honeymoon after spending a whole lot on your wedding already.

Therefore, you may opt for a personal loan for honeymoon expenses that will enable you to go on this dream vacation without having to stress about how to fund it.

Must Read: Make Your Vacation Into A Dream Holiday With A Personal Loan!

Benefits of a Personal Loan for your Honeymoon Trip

A personal loan is among the best options to finance your honeymoon. Take a look at these benefits of a personal loan and decide if it is the right way to pay for your trip.

• Access to Funds Quickly: At SMFG India Credit, thanks to our technological prowess, we process personal loan applications quickly. This facility is now provided by a number of reputed lenders. As a matter of fact, eligible borrowers can, within 30 minutes* of final approval, get the required funds in their bank account within a couple of business days.
  To facilitate this, we at SMFG India Credit have brought the entire process of the personal loan application online. This means that you do not need to physically visit a branch, submit hard copy forms and documents to apply for a personal loan.
• Collateral-Free Loan: SMFG India Credit offers personal loans for up to Rs. 30 lakhs to prospective borrowers. This is a collateral-free loan which means that you do not have to pledge assets to the lender in order to avail of the loan.
  Unlike home loans or education loans, there is no downpayment. Therefore, eligible borrowers can get the entire loan amount* that they apply for.
• More Control Over Your Finances: Usually personal loan interest rates are fixed. Moreover, you have the flexibility to choose your repayment period that ranges between 12 and 60 months for a personal loan from SMFG India Credit. These are paid in monthly installments that include repayment of both the principal and interest components of the loan. Depending on the terms of your loan agreement, additional components such as insurance may be applicable.
  Opting for alternative sources of funding such as credit cards can actually land you in a debt trap. In case you are unable to pay off the total amount due within the defined billing date, you end up taking on more debt with extremely high interest rates. Non-payment of dues also has an impact on your creditworthiness which means that borrowing in the future can be difficult. On the other hand, personal loans allow you to pay a fixed amount as EMI. Paying off this amount fully* every month on time, can not only help you repay your loan on schedule, but also improve your credit score.
• Not All Debt is Bad: Taking a personal loan can help you improve your credit rating, provided that you follow the loan schedule with timely repayments. So, if you wish to take a home loan or a car loan in the future, and need to build a credit history to get good terms, having repaid a personal loan on time as per schedule will improve your creditworthiness and lenders will look at your application more favorably.
  Unlike first time borrowers, lenders may request minimal paperwork and the loan may be sanctioned in a matter of days. Additionally, you can also benefit from preferential interest rates which makes your overall personal loan affordable. If you do not have any history of credit transactions and as a result have a credit score of “-1” or “NH”, you may still be eligible to apply for a personal loan with SMFG India Credit, providing that you meet the other required criteria.

How to Applying for a Personal Loan?

Personal loans for honeymoon expenses can be availed from most major banks and NBFCs in India. Having said that, SMFG India Credit offers affordable interest rates on personal loans starting from 13% per annum.

Additionally, the loan can be availed through a completely contactless online process.

Prior to making your online application, make sure that you check the eligibility criteria for personal loan from SMFG India Credit.

This includes:

1. You must be a citizen of India 
2. You must be between 21 to 65 years of age
3. You must be an employee of either a registered private limited company, a public sector enterprise or be a self-employed professional or business owner
4. Personal loans for salaried individuals residing in India other than Mumbai and Delhi will be granted on the basis of a monthly income of Rs. 20,000. For Mumbai and Delhi applicants, the minimum monthly income is Rs. 25,000
5. Salaried applicants must also have a minimum work experience of 1 year, with at least 6 months in the current organization
6. For self employed professionals, the eligibility will depend on their minimum annual profit post tax and also basis their profession and industry for self-employed individuals or businesses
7. Minimum CIBIL score of 750
8. Cash salary applicants will not be accepted

Find out the maximum amount you may be able to get from a  personal loan from SMFG India Credit by using the Personal Loan Eligibility Calculator on the website. Depending on the loan amount you can also assess your monthly installments with the help of the personal loan EMI calculator. 

SMFG India Credit’s in-house verifies your personal loan application and vets all submitted documents required for a personal loan. If your profile meets the eligibility criteria and documents pass all the required verification checks successfully, you will be offered the loan terms. Upon your acceptance, execution of loan agreement and final approval, , the funds will be disbursed to your registered bank account within a few hours*. 

Must Read: 10 International Destinations to Visit with Family

Closing Thoughts

If you have already spent a massive chunk of your savings on your wedding, availing a personal loan for honeymoon expenses makes absolute sense. Your corpus remains intact and yet you are able to enjoy that special vacation with your partner without having to worry about your finances.

So, start planning your dream honeymoon by applying for a personal loan from SMFG India Credit today. If you have questions feel free to reach out to our SMFG India Credit customer support team on our toll free number 1800 103 6001 or email us at  .

*Terms and Conditions apply. Loans are at the discretion of SMFG India Credit. Final eligibility will depend on various parameters including SMFG India Credit’s policy at the time of loan application.