Getting your marriage is easy as lenders are willing to grant personal loans for a wedding. Like personal loans granted for other reasons including education, vacation or others, these loans can be availed from any lender as per your choice of interest rate and benefits extended by the lending institution.
Did you know that you could fund your marriage with a loan taken from a financial institution? Surprisingly as it may seem, lenders are ready to avail their customers’ necessary funds for any reason including weddings too. The concept of marriage loan is unknown to many as most loan applications are limited to buying homes, cars, two-wheeled vehicles and other purposes.
Marriages can be expensive. Right from betrothal to the exchange of vows, marriages involve a lot of spending, be it on numerous outfits for multiple occasions, payment for the venue, catering services, ceremonial receptions, etc. Such heavy expenditure warrants many people to seek personal loans to bear the expenses.
Know About Wedding Loans:
Taking a personal loan for wedding is not the first of its kind as many people are known to apply for them. These loans offered by various financial institutions can go up to Rs. 25 lakhs or more, depending on the credit score of the intended borrower. The best part of these loans is that they are unsecured, which means that you need not offer any collateral to secure the loan amount.
The loan interest rates vary between 10.5 percent and 24 percent, depending on your choice of lender. Having a CIBIL score equal to or more than 700 means that you can negotiate on your interest rates, thus, allowing you the benefit of availing cheaper loans.
The loan tenure can be anywhere between a year and 60 months, which means that customers enjoy the flexibility of paying equated monthly installments (EMIs) as per their needs and financial conditions. Before applying for the loan, you must inquire if your lender allows loan prepayment. This is because many lending institutions allow their borrowers to prepay their loans at zero or minimal foreclosure charges.
Eligibility criteria for loans
Be it salaried or self-employed, anyone can apply for these loans as the eligibility criteria for such loans is simple. Individuals applying for these loans must not be less than 25 years of age. The maximum age for making such a loan application is 58 years for the salaried while the self-employed are eligible to apply for such loans till they turn 65 years old.
You may make the loan application online by logging on to the lender’s site or clicking on the company’s app downloaded on your mobile. Once you fill in the details including your name, address and loan amount desired, you will be directed to another page wherein you must submit your documents showing proof of your identity and residence. These documents may include PAN Card, Aadhaar Card, Voter ID Card, Driving License, etc.
Salaried customers must submit Form 16 or salary slips of the past three months or bank statements showing financial transactions over the previous five months. The self-employed customers would be required to share Income Tax Returns filed over the last two years, Profit & Loss account and Balance Sheet of the company apart from bank statements showing income and expenses over the past six months. After the personal loan required documents are uploaded online, you must wait for the lender’s approval.
Lenders do not take too much time to verify your credentials, post which they intimate you about your personal loan eligibility criteria for the amount you have sought. The amount is then disbursed and then credited to your savings or current account within 24 hours of loan approval. Though in most cases, the amount is disbursed through the NEFT method, lenders are willing to send the amount through a demand draft or a cheque to your address, depending on the request made during the loan application process.