Is it a Good Idea to Borrow Money from Friends to Pay for a Wedding?

Weddings are expensive affairs, and borrowing money from your friend to meet the expenses is quite a common thought that many of us come across. However, certain things can happen in the due process, making it highly inconvenient for both parties. Moreover, complex misunderstandings can even damage the relationship.

For a lavish Indian wedding, the expenses have a high upper cap. Breaking down your pool of savings in such a case is quite common; however, you can still fall short of covering the cost. Borrowing money from friends for a marriage might not be an excellent choice since it could lead you toward future roadblocks. Wedding loans or personal loans from lending institutions like SMFG India Credit are a hassle-free solution to all your problems in such a case.

Let’s understand why borrowing money from friends for marriage isn’t a good idea.

Why is a Personal Loan Better than Borrowing Money from Friends for Marriage?

Below are some prominent reasons why borrowing money from friends for marriage isn’t a great idea, but a personal loan for a wedding is.

1. Delays

Your friend may be ready to lend you money for the wedding, but they might not be able to arrange the amount quickly. Therefore, there may be frequent delays in arranging the amount from the appropriate sources. This will interfere with your wedding preparation which will, in turn, cause delays. It might not be appropriate for you to ask your friend now and then for the money; thus, you will have to be patient until the amount is disbursed to your account.

However, with a personal loan , you can quit worrying about the delay. You can apply for the loan online and the relevant processing can begin within 30 minutes* shortly after loan approval.

2. Repayment Tenure

The friend who lent you money for your marriage might face an emergency situation where they need urgent cash. Therefore, their solution is to reach out to you. However, it might not work out for you as arranging the entire amount in such a short span could make things inconvenient. Additionally, it can also lead to you losing your peace of mind. Even if you had discussed a repayment timeline earlier, this would cause trouble.

This is where a personal loan helps, as it lets you decide on the loan tenure that can go up to 60 months with the lending institution. This will allow you to pay the loan expenses based on your convenience.

3. Repayment Strategy

While money is helpful in solving most problems, it can also mess up relationships, if not handled well. For one reason or another, if you fail to repay the loan you took from your friend for marriage on time, an awkward relationship gap can brew up between you. It is never a good idea to lose your friends over money.

With a lending institution that offers marriage loans, you can pay back the entire amount as EMIs. Now that it is well understood why taking a loan from a friend for your wedding isn’t a healthy solution, what are the other alternatives? A wedding loan or a personal loan from a financial institution is a better option, and here comes the reason to back up the notion.

Must Read: Documents Required For Wedding Loan in India

Advantages of Getting A Wedding Loan

Wedding loans from a financial institution have so many advantages.

1. Quick Approval and Disbursal

There is nothing better than quick approvals for wedding loans. All you have to do is follow the steps:

• Check if you are eligible
• Fill up a detailed form
• Upload the relevant personal loan documents

Funds, especially at the time of a wedding, are important within tight timelines. Once all your data is verified, and if you meet the requirement of the lender, the amount will be disbursed into your account shortly once your wedding loan is approved.

2. Enticing Interest Rates & EMIs

Wedding loan interest rates start from as low as 13%* per annum. Moreover, the loan tenure to repay the amount back extends up to even 60 months.

Must Read: Top Budget Destination Wedding Places in India

Conclusion

Borrowing money from friends for marriage might not be the most feasible solution. Going for a personal loan is a straightforward process where you directly deal with a financial institution.

SMFG India Credit personal loans with exciting interest rates, which are as low as 13%* per annum. The loans can be repaid within the span of 12 - 60 months. Based on your eligibility, you can acquire a wedding loan amount of up to INR 30 Lakhs*. Additionally, you can use the personal loan EMI calculator, which will analyze your monthly repayments and guide you to better care of your finances.