Before we get onto all the talk about the mullah necessary for a minimum amount of finances required for a wedding in UAE, let us just first take in mind all the things involved in a wedding that needs moolah: Event planners and Wedding managers, caterers, Makeup artists and hair stylists, Venue/Lodging for outstation guests, florists, stationery suppliers, cake designers , wedding videographers and photographers, wedding favours, accessories designers, travel agencies, fashion designers or simply a boutique for the dresses and finally the cake. There are other things too, which makes this list endless. So, what could one possibly do, in such cases? Perhaps, taking a personal loan might be a good idea.
Plan Your Wedding in Wisely with a Personal Loan
In today’s world, both the bride and groom are often stuck with the dilemma of having to pay for their wedding, not just because it is necessary in their situation but in today’s world, it is the right thing to do. Parents would of course not mind but one cannot always rely on a budget wedding in UAE, since you are living in a society that has some expectations. These expectations have to be met, simply because we need to survive in the society, hence a fairly decent wedding is appropriate. But, taking in consideration your age when you are getting married perhaps your to be and you can afford a wedding all by yourself and a personal loan can come handy. So, here's what you have to do:
- Calculate an estimation of what your wedding budget is going to be: If you do not know where to start, simply start with the list we mentioned earlier. To get in detailed calculations, start contacting the people involved. A wedding planner would be the right person to contact first. But, do not rely on a wedding planner alone. You can, yourself figure out the prices and expenditure to make your wedding slightly more pocket-friendly if you directly meet and speak to these people to get an idea of what perhaps is the amount that will be spent for your wedding. Once you have a number in mind, here is what you need to do next.
- Figuring out a personal loan: Hey wait, don’t get too hasty, there are things you need to consider before you choose a personal loan and apply for one. Here are the things that you should keep in mind. As of 2016:
- You can expect an interest rate on a personal loan in UAE, from anywhere between 5% to 18% for reducing rate calculations and 3% to around 7% for loans with fixed rates.
- You get a maximum of 4 years tenure to pay for your personal loan in UAE. This means the installments are also going to be the amount divided by your tenure, plus additional charges such as processing fees, which generally starts @ 1% of the loan amount.
- There is a minimum income that a bank will consider before you can even apply for the loan, because at the end of the day, you will have to pay for it. So, there are personal loans for people who are earning a minimum of DH3,000 also, but the interest rates are comparatively higher for these loans. People earning over DH 12,000 in a month will find the highest number of personal loans choices in UAE.
- There are 4 main types of personal loans that you can use for your wedding, however based on random factors: Personal Loan for UAE Nationals, Personal Loan for Expatriates, Personal Loan for Self-employed professionals and Personal Loan without Salary transfer.
- You get a whole array of features and benefits from these personal loans along with the benefit of the loans which includes lifetime credit coverage and optional insurance coverage.
- Finally the loan amount can be anywhere between AED 500,000 to a whopping 2 million for a UAE national. So, choose your amount wisely and remember you have to pay back the amount with interest in the following 4 years.
- Once you have figured out a personal loan and chosen the most viable option for yourself, you need to apply for the personal loan. Keep approximately 2 weeks in hand for the time for loan sanction after you have submitted the documents required by the bank. It generally varies from bank to bank but the basic elements involved includes identity & address proofs, income and occupation proofs, etc.
Once you receive the money start using the money for your wedding. However, keep one thing in mind that if you are not using the whole amount, the savings will help you repay the loan amount. Also, saving it at the bank will earn you interest and you can save more on your personal loan. But the best thing to do is always choose a loan amount that is sufficient and yet not excessive. Also, a lovely wedding to you!!