Weddings are an integral part of Indian society. They are often elaborate and expensive affairs. A good way to avoid dipping into savings to fund a wedding is by getting it financed. One of the best methods is to take up a Wedding Loan
, which can relieve you from the burden of depleting your savings.
Whether you are looking forward to hosting a grand ceremony or planning a destination wedding, a loan can make it all possible. The best part is that some lending institutions add no restrictions on how you wish to use the money. This article will provide information on how you can get a Personal Loan for your dream wedding.
Eligibility Criteria for a Wedding Loan
You can avail of Wedding Loans ranging from 1 lakh to 25 lakhs. The following are basic criteria to follow if you need a Personal Loan now.
- You should be above 25 years but less than 58 years old.
- You must have worked at the current company for a minimum of 6 months and have a professional experience of a minimum of 12 months.
- Your minimum monthly income should be Rs. 25,000.
Benefits of a Wedding Loan
The wedding is one of the most memorable events in your lifetime, and it should be celebrated well. It is why Wedding Loan packages have several features and benefits. Some of them are as follows:
- No Collateral: Yes, you heard it right. It does not matter the amount you want; there is no need for collateral or a guarantor.
- Instant loan approval: Unlike other loans, you don’t have to wait for weeks or months to get a Wedding Loan approved. Once you meet all the criteria and verify the documents, the loan can be credited within minutes.
- No restrictions: You can spend the loaned money in any way you want for the wedding. It doesn’t matter whether you buy a designer dress or book the best banquet hall in the town.
- Quick Processing: The loan process is quick, and most portals are easy to use. All it takes is a few clicks to submit your application.
- Flexible loan repayment: Using an EMI calculator, you can estimate the monthly EMIs. Accordingly, you can select the repayment term from 12 months to 48 months as per your convenience.
- Minimum documents required: You need to scan and submit a few mandatory documents. After that, you may need to carry the original documents to the lending institution for verification.
The required documents can be scanned while sending the application. However, it is essential to carry the original documents for verification purposes. Documents that need to be scanned are as follows:
- Application Form: Add the necessary details.
- Passport-size photograph: Use a recent photograph in which your physical appearance is unmistakable.
- ID proof: Identity proofs such as Aadhaar card, license, passport, etc., are required. A government ID can also be used if you are a government employee.
- Address proof: For this, you need to submit your Aadhaar card along with an Official Valid Document (OVD).
- Income proof: Either you can provide your one-month pay slip, or Form 16 is required.
Lending institutions may ask for additional documents to assess the loan in some cases. It is important to note that sometimes Wedding Loans can be rejected even if all the documents are present.
How to Apply for a Wedding Loan?
If you need a Personal Loan now
for your wedding, here are the steps to follow:
- Step 1: Fill out and submit the application form with the correct details.
- Step 2: Get ready for a brief interaction with the representative.
- Step 3: Wait for the Wedding Loan to get approved.
Tips to Remember
1. Maximum Amount of Personal Loan
Even if your lending institution offers a maximum Wedding Loan of Rs. 25 lakh, it is not compulsory to borrow the total amount. Instead, it is recommended that you calculate an estimate and then choose a suitable lending institution. A loan eligibility calculator can help you calculate an estimated amount. Usually, lending institutions finalise the loan amount by looking at your credit score and income proof.
2. Total Cost of Borrowing
Taking a Wedding Loan is a big decision. You must analyse the pros and cons before applying for the loan. Using an EMI calculator, you can estimate the payable interest, EMI amount, and total payable amount based on the tenures. You must enquire about the total fees required to process the loan. If possible, negotiate for lower charges.
3. Repayment Options
Whenever you borrow money, it is crucial to ensure that you will be able to pay it back. Therefore, paying attention to the repayment option is essential. Most repayment tenure ranges from 12 months to 48 months, and using an EMI Calculator online can give you a brief idea of the interest rate and total payable amount.
A Wedding Loan is a great way to keep aside your financial worries for the big day. They are easy to apply for as well as simple to get. In addition, the repayment of a Personal Loan taken for a wedding is also not very difficult. So, follow the information provided in this article to prepare to take a loan for your dream wedding easily.