A marriage is a once-in-a-lifetime joyous event, and most individuals want a grand wedding to make it the most memorable occasion. It is an expensive affair that comes with a hefty bill. A wedding can cost you more than you are planning or can afford. You might have an elaborate guest list and want the most beautiful wedding attire, jewellery, food, and decorations. Also, if it is a destination wedding, it can be even more expensive. Thus, you may require funds to turn your wedding dreams into reality. A marriage loan can be a way of bridging the financial gap and funding such lavish affairs.
Most individuals prefer Personal Loans for marriage funding. If you wonder why to apply for it, read the post.
1. No collateral is required to get funds –
A Personal Loan for marriage is an unsecured collateral-free loan. You need not pledge any assets. It makes marriage loans easily accessible for more individuals.
2. Ease of online processing –
A Personal Loan for marriage is easy to process. Lenders follow the digital process and allow you to make online applications to provide the required funds conveniently.
3. Minimal paperwork –
The applicants need only minimum documents as lending institutions offer Personal Loans against KYC documents and income proof. They only need to fill out the online application and submit it with the necessary documents to be evaluated by the lender.
4. Quick loan disbursement –
Lending institutions can disburse Personal Loans quickly after the application approval. You can get the loan amount directly to your account.
5. Flexible Repayment Tenure –
Borrowers can choose to repay the loan within 12-48 months. Depending on your repayment capacity, you can opt for a short or extended tenure. If you want to repay the debt as soon as possible, apply for a shorter-term loan. A longer-term loan can reduce your EMI but increase your interest.
6.. A High Loan Amount –
You can apply for a Personal Loan for up to Rs.25 lakhs and high-end expenses without making a hole in your pocket.
7. Cheaper than Credit Cards –
Making purchases for your weddings can be very costly as credit card interest rates may go as high as 24-36% on the outstanding balance. A Personal Loan is a cheaper financing option.
How to go About Taking Marriage Loans
You can check your eligibility criteria to make a Personal Loan application and use the funds for wedding expenses. The eligibility criteria for a Personal Loan are as follows:
- The applicant should be a regular salaried employee. The minimum income must be Rs.20,000 per month.
- The applicant’s age should be a minimum of 21 years at the time of loan application and a maximum of 58 years at the end of the loan term.
- The applicant should be Indian.
- The lender prefers a credit score of 725+.
- The applicant should have a total work experience of 12 months and work in the current organization for a minimum of six months.
You can make your special day more memorable with an easy Personal Loan for marriage and quickly meet all the high-end expenses of your dream wedding.