Marriage is all about confirming that unique bond you have with someone. Therefore, you will want your marriage day to be as special as it possibly can be but you know that it is going to add some financial commitment at your side. For example, the cost of a wedding can escalate to extortionate levels and that is why you have an option to consider getting a personal loan to help you dealing with some of the required expenses incurred on such event. Now you have a facility in Pakistan of finding a personal loan that better suits your needs through a comparison platform like mawazna.com where you can scan and compare all personal loans products offered by Pakistani leaders.
As the cost of a wedding can spiral to huge amounts, a high percentage of professional couples are now looking to borrow money to absorb the cost where possible. The easiest option for many is a personal loan as it is far quicker to get and it also offers repayment choices based on their financial circumstances. However, it is important to have an understanding of personal loans so that you can run a comparison and make an informed decision.
What is a Personal Loan?
A personal loan is one of the more sensible solutions for covering the cost of your wedding day. These are loans that are unsecured which means that it will not require a property or any other asset as a form of security against the amount you borrow from banks. Many personal loans now come with a fixed rate and this means that you can plan future expenses in a better way as you will always be required to pay a fixed amount as repayments each month until the loan is fully paid off, keeping the payments at an amount that you can afford. However, the rate of a ‘floating rate’ personal loan product’ varies across the term period and may change on yearly basis, and is derived based on Karachi Interbank Offered Rate (KIBOR). The bank adds its own spread rate on top of KIBOR rate to calculate the monthly repayments for the term year and the yearly rate is revised on annual basis according to any fluctuations in the KIBOR rate. In case the KIBOR rate is low, you will benefit with the lower monthly repayments.
Making the Right Decision
Taking out a personal loan for your big day is a big decision and that is why you need to make sure that it is the right choice for your circumstances and what you can afford. There is no point in having a wonderful day only for it be spoilt by the worry of having to make payments that you fear you cannot afford. This highlights the importance of finding the best personal loan rate offered by Pakistan banks as it will provide you with the opportunity to find a loan that has comfortable repayments.
Should You Consider a Personal Loan for Your Wedding?
Some people can pay a certain amount of their wedding bill but with the average cost of a wedding in Pakistan is increasing day by day and going beyond what many can afford, they turn to a personal loan. Before you commit to a certain personal loan product, as a first step, you should always compare and obtain personal loan quotes offered by Pakistani banks as that will help you to identify a loan that can make your dream wedding possible yet staying in your financial limits based on your own circumstance. Often it is found that some personal loans come with a low-interest rate making it the ideal choice for accessing additional funds.
One positive that comes with choosing a fixed rate personal loan is that it will come with payments that are fixed each month, making it possible to plan your budget after you get married. It is also possible to find a term that fits in with your budget and lifestyle. Opting for a repayment period that is short will mean that you pay a lower amount of interest while a longer repayment period will mean lower monthly payments but that will come with an increased interest. There is a personal loan for everyone so whether you are a salaried person, self-employed or a businessman, you have to determine what you require so that you make the right choices by comparing all personal loan offers first and then applying for a specific product.
Choosing the Right Personal Loan
You know that you may need to raise extra funds for your wedding but it is vital that you compare deals so you pay as little as possible for the amount you need. This can be done by carrying out a comparison at mawazna.com so that you can view all the different personal loans deals available from a wide selection of banks in Pakistan.
“Mawazna Karein Apne Liye, Apno key Liye”
