Personal Loan for Engagement Ring
Wedding expenses form a big part of a parent’s expense. Regardless of how well off one may be, a wedding is a time for celebrations and as such becomes an expensive affair. There has been a noticeable trend of the younger generations bearing some of the cost, if not all, in order to ease the burden on parents. Pre-wedding expenses form a huge part of the overall wedding cost. Engagement parties, and not to forget the engagement ring itself can ring up quite the bill. The prices of engagement rings can range from modest to outrageous, all based on the size of the ring, and the material it’s made from.
Ideally, one should be saving up for their engagement ring, but there will be instances when one simply cannot set aside enough funds. Engagement rings can be purchased even without the adequate funds through personal loans. Personal loans provide quite a few advantages for anyone looking to buy an engagement ring without dipping into their savings. It provides the required finances at affordable interest rates and offers the convenience of repayment of the loan through fixed instalments. Some popular personal loans and their features are as follows.
HDFC Personal Loan for Engagement Ring
- HDFC personal loans can be availed to meet a wide variety of expenses ranging from debt consolidation to marriage expenses. The borrowers can find out their loan eligibility either online or at their nearest HDFC branch, all in under a minute.
- Personal loans can be availed by borrowers as long as they their credit history and rating is in good standing. The loan is even available to first time borrowers. Borrowers can get assistance at any time through a multitude of channels such as Webchat or Phone Banking or SMS.
- Borrowers can also avail a critical illness policy having a cover of Rs 1 Lakh and a personal accident policy with a cover of Rs 8 Lakh that prevents the financial burden from passing onto their family in the case of unfortunate demise of the borrower or an accident that renders the borrower incapable of repaying the loan. The policy charges a nominal premium which is deducted from the loan amount availed during the time of loan disbursal.
- HDFC also allows the transfer of pre-existing personal loans and charge a minimal processing fee of Rs 999. The interest rate applicable on balance transfer loans are 11.49% making it an affordable choice.
Bajaj Finserv Personal Loan for Engagement Ring
- Acquiring the personal loan is a hassle free process and borrowers will even get assistance when it comes to submitting the supporting documents. They can also avail instant approval on their loans within 5 minutes and approved loans are disbursed within 72 working hours.
- The loan amounts offered are high enough to finance a marriage itself let alone an engagement ring. The maximum loan amount available subject to approval is Rs 25 Lakh. Repayment tenures range between 24 months and 60 months.
The loan also comes with a Flexi loan account. This account allows for partial or full prepayment of the loan without any additional charge. Borrowers can withdraw the prepaid amount within the drop line facility with no additional paperwork any time they need cash as long as they do so within the tenure of the loan. Bajaj Finserv Personal Loan also charges interest on the loan amount utilized and not on the amount that has been prepaid making it easier to manage finances and cut down on the cost of the loan.
- The processing fee of the loan is between 2.25% to 3% of the loan amount availed. In case of EMI bounce, a penal charge of Rs 1,000 is applied for every case.