Getting ready for a wedding involves a lot of money, and sometimes, what you have may not be enough. There are four ways to help you if you find yourself in this situation:
Loan against EPF (Employee Provident Fund)
If you have a job, you can take a loan from your PF account.
You need to have worked for 7 years, and then you can withdraw money for your wedding or a family member’s wedding.
Loan against LIC policy
Instead of using FDs, you can use your LIC policy for money. You can get a loan of 80 to 90 percent of the surrender value of the policy.
You apply for this loan online or offline by visiting the LIC office.
Gold loan
If you suddenly need money, you can use the gold in your house as collateral to get a loan.
This loan can be taken for one to three years, and almost all government banks and NBFCs provide this type of loan.
Personal loan
If none of the above options work, you can choose a personal loan from a bank.
You don’t need to pledge anything, but they will check your monthly income and credit score. You have 12 to 60 months to repay the loan.
These options can help you get the money you need for your wedding.
