Eligibility Criteria for a Wedding LoanYou 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 LoanThe 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.
Documents RequiredThe 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.
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.