It may be a wedding, medical emergency or any financial distress to meet capital requirements in business or personal. There we just need financial support or a bridge loan for a shorter or longer term.
Though it could be very difficult to get the liquidity when we need it the most, the answer is Gold Loan which could easily satisfy our urgent capital requirements and provide an option to repay with flexible mode.
If we plan a marriage in the family our parents/guardians start saving or collecting money, jewellery, clothes and other trousseau items for this day from the beginning so that the big day turns out to be the most perfect one.
However, planning the event day is a tricky one for obvious reasons of funding requirements in case our savings are falling short to meet the planned budget. When it comes to the actual cost/budget everything listed is a priority and we can’t compromise. That is when the challenges start where the funds are shorter than the actual budget need.
Things to keep in mind while planning a budget for any event.
- What is an expense budget?
- Is there any travel cost required? (from one city to another)
- How many people will be part of your celebration or event?
- What all are you planning to give as gifts or goodies and the list goes on
How to fund such Budgets?
Well, there are multiple ways in which you can seek short term hand loans.
- Borrow from a friend/ relative
- Opt for a wedding/marriage loan from any Financial Institution
- Apply for a Personal Loan
- Choose a gold loan based on your requirements for a defined term
Now let us have a better understanding of the above ways to funding the need of the hour.
Borrow from a friend/ relative: Friends or family members who lend you money may assume their financial investment gives them a right to instruct on where to use their money. On the other hand, borrowers may believe that it’s okay to miss the occasional payment since the lender is a known person. Also since there’s no documentation of this transaction there may be chances of disputes.
And of course, accepting loans from loved ones isn’t just problematic from a legal perspective, but problematic for your personal relationships. It can create social awkwardness as well.
Applying for a Wedding or Personal loan: You can reach your nearest FI if you are seeking a Wedding or a Personal loan or you can apply online, which may take 4-5 working days and a lot of documents to arrive at the eligibility.
However, there are several cons involved like the interest rates are very high. For example, if you avail of a loan of Rs.10 lakhs at a 10% interest rate for 5 years, then you will end up paying Rs. 2,74,823 extra throughout your loan. And of course, you would not want to do that.
Choosing a gold loan: Availing a gold loan from Fedfina will provide your benefits like the lowest interest rates, maximum LTV as per RBI guidelines, quick disbursal, part pay option, minimum documentation process and disbursal in just 30 minutes in your account or in cash mode if loan value is below Rs.1.99 lakh.
Much more flexible option where you can choose to close the loan any day after disbursal and no foreclosure charges are involved, you can part pay, take a loan top up and park your savings in this account as part payments to reduce the monthly interest burden. Our FEDFINA Buddy will even serve you at your Doorstep with the online Doorstep Gold loan services.
Other modes of availing a loan from Fedfina are: