Everything you wanted to know about wedding loans

You’ve found your “Right One” and the wedding bells have started ringing. But weddings in India are a grand affair. With multi-day rituals and an endless guest list, it’s not uncommon for costs to exceed your set budget. However, you don’t want the cash shortage to affect your choice of outfit or the number of friends you plan to call on your big day.

So what are the options for financing your dream marriage? Try a Wedding Loan!

What is a Wedding Loan?

A wedding loan is a personal loan that you can take out to help cover your wedding-related expenses. You can use the loan amount for various purposes from paying for the venue, arrangements, lighting, food, hotel stays and jewelry to fund your dream honeymoon. With a personal loan for marriage, you can plan your dream wedding.

The enthusiasm and celebration surrounding marriage is much higher today than it used to be. There is a bachelorette party, wedding ceremony, glamorous reception, professional photographers, wedding planners and much more.

Also, couples dream of romantic international honeymoon destinations that will give them unforgettable memories. A can help couples achieve all those dreams.

Features and benefits of availing wedding loans

Applying for a wedding loan is quick and easy. You can apply for the loan online at your preferred bank. The eligibility criteria are simple and you can proceed with very little documentation.

Wedding loans have a fast payout. If you have the necessary documents, you can quickly get funds into your account within minutes of applying.

There are no restrictions on wedding loans. You can use it for many purposes including outfit, makeup, hotel rooms, banquet halls, catering, honeymoon, etc.

It can be a great lifesaver when your spending exceeds your budget in all the chaos of the wedding.

Wedding loans are unsecured loans. This means you don’t have to pledge your assets to get the loan.

Many choose to liquidate their time deposits or other investments to fund their marriage. However, this may not always be a good option. In addition to losing interest on these deposits, you may also have to incur early withdrawal fees.

But with one Personal Loan for Marriage, you don’t have to do that anymore. Instead, you can continue your investments without interruption while the wedding loan takes care of all expenses.

Wedding loans come with flexible repayment options. You can choose the EMI and tenure which is the most convenient based on your capacity. A will help you make the right choice that will not burden your budget.

You can also use your marriage loan to increase your credit score, especially if you are new to credit.

Paying your EMIs on time will boost your score and put you in a better position to take out credit when needed.

Eligibility criteria for a wedding loan

Several lending institutions have simple wedding loan requirements. Here’s a look at them:

  • You should be over 21 but under 58 years of age.

  • You must be an employee with more than 12 months of experience and your employment with your current organization should be longer than six months.

  • You should earn at least Rs 20,000 per month.

If you meet all of these criteria, you can get a personal loan for marriage from any lending institution.

You will need the following documents to apply for a personal loan for marriage:

  1. A completed application form

  2. A recent passport photo

  3. proof of identity

  • Aadhaar card

  • voter card

  • passport

  • PAN card

  • driver’s license

4. proof of address

  • Aadhaar card

  • voter card

  • passport

  • driver’s license

5. proof of income

Why choose a personal loan for your wedding?

  • loan amount:- With personal loans from Rs. 50,000 lakh to 25 lakh, you can get married in style by availing one of your favorite lending institutions.

That way, you can enjoy and be immersed in the wedding celebration without worrying about paybacks.

How to apply for a personal wedding loan

Applying for a personal loan is quick and easy. Here are the three simple steps that will get you closer to your dream wedding.

  • Visit the lending institution’s website and fill out the personal wedding loan application form

  • The Account Manager will contact you regarding your requirement

  • Decide on the appropriate loan amount and loan term

  • Submit the required documents

  • Once approved, the loan amount will be sanctioned to you upon completion of the verification

What to consider before applying for a wedding loan

While wedding loan are important to making your big day a success, here are a few things to consider before applying for the loan.

Understanding these factors will help you make an informed decision that you won’t regret later.

While you may be able to take advantage of the maximum limit of wedding loan available, you may only borrow as required. Make a detailed estimate of your wedding budget and plan the loan accordingly.

Excessive borrowing can harm your finances and other long-term savings goals.

Before applying, check the creditworthiness requirements (also called CIBIL score and Experian score) of your preferred credit institution. An Experian score of 630 or more is required to obtain a personal loan for a wedding.

Aside from the interest, there are other fees associated with a personal loan, such as B. Your processing fee, prepayment fees, late fees, etc. Consider all of these costs when deciding on a loan amount.

Wrap up

Wedding is a special occasion in your life, and a will help you make the moment shine. However, it is always advisable to go in prepared. Plan your overall budget and repayment options ahead of time so you don’t find yourself financially unstable shortly after the wedding.

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