Weddings in India is a grand affair where all the closed family and friends gather to celebrate your happiness. It is also a very special day for both the bride and groom which is why they make sure to make it memorable by organising a grand celebration.
A grand celebration also calls for some heavy money spending. If you are someone with limited savings then spending it all on a wedding can be a tricky affair. A better option is to opt for a marriage loan which is available in India.
What is a Marriage loan?
While there is no specific loan as a marriage loan, a personal loan can be taken to fund your wedding expenses. As it is a personal loan it does not require any collateral and can be paid back in easy monthly instalments. Also, the interest rate charged by lenders is market-driven and mostly depends on the borrower’s income, credit score and age.
Why opt for a wedding loan?
For individuals who want an expensive wedding, but do not have the money to pay all at once, a wedding loan is a great option. Without much hassle of emptying your savings account, a personal loan will fulfil all your wedding wishes and make your day a memorable one.
Some of the benefits of a wedding loan are:
These benefits make a marriage loan the ideal choice for your wedding. However, make sure that you calculate your expenses before applying for the loan. This will help you in avoiding unnecessary expenses that may cost you a fortune during the repayment. Make sure to know all the loan terms before signing up. Let us discuss some of them:
Eligibility criteria:
The eligibility criteria for wedding loans are the same as that of personal loans. While it may vary for different lenders, some common eligibility criteria are:
These are the eligibility criteria applicants must fulfil to get the loan approved. For confirmation, the applicant is also required to upload some documents for the personal loan.
Documents required for a personal loan
The personal loan documents for both salaried and self-employed individuals vary. Below are the documents for both.
Documents for Self-employed individuals
The personal loan documents for the self-employed include
Documents for salaried individuals
For salaried individuals, the personal loan documents required by the lender are:
Conclusion
The above information discusses all the facets of opting for a personal loan. You can now go ahead and make an informed decision. Ensure that you borrow for the required reason and are aware of all the terms and conditions of the loan. This will help you choose the right lender for your loan.
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