A wedding is a once-in-a-lifetime event for everyone. It’s the day you pledge to spend the rest of your life traveling the world with the person you’ve chosen to spend the rest of your life with. Therefore you should throw a party for all your closest friends and family. Most individuals fantasize about having a gorgeous wedding ceremony in an ideal location, complete with exquisite catering, decorations, attire, and accessories, as well as professional photography to capture every precious moment. You shouldn’t have to sacrifice your dream wedding because of monetary constraints. Unfortunately, not everyone can afford to pay for their wedding out of savings. This is why a personal loan for wedding can cover your big day’s cost.
What is a Personal Loan For Wedding?
A marriage loan is a personal loan used to pay for a wedding costs. You can borrow a set amount of money on an unsecured basis for a short period with a wedding loan. You can return your wedding debt on a weekly, fortnightly, or monthly schedule and interest rates are either variable or fixed.
Things You Require To Know About Personal Loans For Wedding
The requirements for obtaining a Personal Loan to pay for a Wedding may differ from one application to the next. Eligibility requirements can vary from one lender to the next, but generally speaking, you must meet the following:
Proof Of Age
Most applications do not request age verification because applicants’ identification and residency documents already include that information. If applicants’ ages are not included in the documents, they may submit any of the documents listed below.
- A Certificate of Completion of Secondary Education
- Certificate of Birth
- Membership Card (Pan Card)
One must be over 21 to apply for a marriage loan. Some financial institutions set the minimum age requirement for a marriage loan at 23.
Those applying for a marriage loan in the workforce shouldn’t be older than 58, while those in the self-employed sector shouldn’t be older than 65.
While most lenders set a minimum annual income criterion of Rs.15,000 for a marriage loan, others may set it higher, at Rs.25,000. The minimal income requirement could change based on the applicant’s present city, age, etc.
Financial institutions are more likely to extend loans to borrowers with CIBIL scores of 700 or above. Even if your CIBIL score is low, you may still be able to get a marriage loan, albeit the interest rate will likely be higher.
Maximum Loan Amount
Several factors, including the applicant’s repayment history, income, credit history, and CIBIL score, influence the maximum loan amount that can be obtained as a marriage loan from any given lender. The loan amount will be between fifty thousand rupees and twenty-five million.
Benefits of Personal Loan For Wedding
- The approval process for a wedding loan is lightning fast. After the paperwork is checked, your loan application can be granted immediately.
- Depending on your financial criteria, you may qualify for a more extended payback period (tenor) with a flexible repayment facility. Tenors range from 12 to 60 months.
- Loans for newlyweds are between 50,000 and 25,000,000, so you won’t have to skip on any finer details of your big day.
- When you’re already swamped with all the work involved in organizing a wedding, the last thing you need is to spend time worrying about money. Instead, you can get the best wedding loan rates if you take advantage of pre-approved offers.
- A loan’s repayment schedule and other loan details are available through a customer portal that may be viewed online at any time, day or night, regardless of where you happen to be.
Alternative Ideas To Finance Your Wedding
Credit cards may also seem viable, but only if you don’t need a large loan. But make sure you pay it off fast because the interest rates could skyrocket if you don’t!
Friend Or Family
You might also ask a member of your family for a loan. The wedding date could be pushed back to give you more time to save money, but this option may seem extreme initially.
Marriages are genuinely unique and significant occasions. The celebration of a marriage is a major event. The costs associated with weddings can add up quickly. Without question, you want this particular day to be unforgettable. Thus having a budgeted amount of money to spend is crucial. However, only some are given a golden opportunity to start life. Therefore, you shouldn’t let a lack of funds prohibit you from having a memorable wedding. Not! It’s time to be married, so take out a personal loan online and get the funds deposited into your account immediately.
Apart from that, if you are interested to know about 5 Ways to increase your income for a bright and successful future then visit our Finance category.