How to Get An Instant Personal Loan For Marriage?

Weddings are a once-in-a-lifetime event, and you want a wedding that you can talk about and remember for the rest of your life. But we all know that a destination or grand marriage requires a lot of fund. You should not spare any expenses to have your dream wedding, and in case you fall short of the required amount, then a personal loan for wedding loan can come to your rescue. 

In this article, you will get clarity on some general doubts with regards to how to apply, applicable interest rates, documents required, tenure, eligibility etc. 

But, First, You Need To Plan For A Faster Approval 

When preparing a budget plan before the wedding, always remember that the actual cost is more likely to be higher than the proposed cost. For example, you may budget Rs 20,000 for the catering, but the catering service you hire may cost Rs 25,000. At that point, serving the best food becomes a priority. Once you have the budget ready, it is now time to decide the fund flow. Do you have enough to meet the wedding expenses or do you need to take a loan? If you have to take a loan that you need to approach loan providers to understand your eligibility with regards to a personal loan for a wedding. 

Are you eligible?

Yes, both salaried person and business owners are eligible for a loan up to Rs. 25 lakhs. It is a collateral-free loan.

Go to your lender’s website to check out your eligibility for the loan. Generally, all loan providers have an eligibility calculator on their website. So, you will know within seconds if you are eligible or not for the desired loan amount. The loan amount depends on various factors such as occupation, age, monthly earning, location, existing EMI, credit score, working experience etc.

Some of the critical eligibility you need to consider: 

1. You should be at least 21 years of age at the time of applying for the loan
2. You should not be more than 60 years of age at the time of loan maturation
3. For the salaried individual, his/her income should be at least Rs. 25,000 (Delhi, Mumbai) or Rs. 20,000 (other cities)
4. A minimum score of 750 is required 

What is the loan tenure?

The loan tenure depends on the EMI amount and your financial income. You have the option to settle your loan in 12 to 60 months.

An individual is allowed to pay a maximum of 30%-40% from their income as EMI.

What are personal loan interest rates?

Instead of looking at figures, it is better to contact the lender and ask them to calculate the personal loan interest rate applicable to your loan application. Factors like monthly/annual income, yearly profit, employment or business stability, bank statements, etc., will also be considered. 

What type of documents do you need to submit at the time of applying for a loan?

• Bank statements
• Income proof
• Aadhar card & Pan card
• Form 16 (if required)
• Business proof documents (VAT/GST/Sales tax/Cst etc.)
• Other income sources (if any)

How can you submit a personal loan request?

The procedure is simple. You can apply from your smartphone or computer, and it does not take much time.

Step 1: Open an eligibility calculator online and check out your loan eligibility. 

Open the CIBIL website and check your CIBIL (credit) score. If it is less than 750, then first consult with a loan provider if you need to improve the score, or your income offsets the credit score.

Step 2: Make sure you have soft copies scanned and ready for uploading.

Step 3: Sign up/log in with your mobile number and fill necessary details such as name, location, monthly etc. It is essential to upload all the documents required by the lender.

Step 4: Click Apply

Step 5: After your application is verified and approved, the loan amount is disbursed to your account. 

Conclusion:

A personal loan has its advantages such as fast approval, longer tenures, etc. but once your application is rejected, do not repeatedly reapply with other loan providers but must compare the personal loan interest rate of different lenders. Follow the procedure of the lender to get a personal loan for a wedding.