A son or daughter’s wedding is an important occasion in every parent’s life. It is a time when their friends and relatives from different parts of the country and worldwide come together and make each wedding-related ceremony unforgettable. However, parents always have some stress about how they will manage the finances to host their child’s dream wedding. They could use their savings to arrange the required funds, which causes a dent in their future financial planning.
Given these challenges, the best avenue to fund a kid’s wedding is to get an online marriage loan. Below are some crucial points that make a marriage loan a prudent choice to cover wedding expenses.
Reasons to Take a Wedding Loan
A Personal Loan for wedding, commonly known as wedding loan, is an unsecured loan specially designed to cover the costs of various wedding preparations. Basically, they are Personal Loans that NBFCs often sanction based on the applicant’s creditworthiness. Here are the most sought-after features that make a wedding loan the best funding option:
- Flexibility: Flexible nature is the most significant advantage of borrowing a marriage loan online. Numerous financial institutions offering these unsecured loans in India make them easily accessible at competitive rates. Most technologically-advanced NBFCs like Clix Capital accept online applications where they approve the loans almost instantly with minimum documentation. The adjustable loan terms make these loans even more flexible regarding repayment.
- Reasonable Interest Rates: The marriage loan interest rate depends on several factors, including the applicant’s ongoing debts, income, credit score, age, etc. The loan interest rates are lower than credit cards. Applicants with a good credit score of 630 or above get the best interest rates.
- Easy Availability: Wedding loans are easy to apply and obtain online. Aspiring borrowers no longer need to visit the NBFC’s office and stand in queues for the formalities and paperwork. They can apply for a Personal Loan for wedding online from the comfort of their home and get funds in their account instantly.
- Freedom of Usage: When someone borrows a Home Loan, Car Loan, or Business Loan, they have a fixed purpose of using the amount. However, the borrowers can use the Personal Loan for Wedding for any wedding-related purposes, including paying for the venue, caterer, wedding outfit, decorations, honeymoon, or any last-minute expenses.
Who Can Get a Marriage Loan?
Any salaried professional can take an online marriage loan to cover their child’s wedding expenses. However, checking eligibility before applying is crucial. An applicant’s loan eligibility depends on several factors, including the following:
Age Limit: The applicants must fulfil the NBFC’s minimum and maximum age limits to qualify for a Personal Loan. While taking a loan for a son or daughter’s wedding, the applicant should be at most 58 years of age at the loan term-end.
Monthly Income: An applicant’s monthly salary is crucial to their loan sanctioning. Many lending institutions have a minimum monthly salary criterion of approximately ₹ 20,000.
Employment: Salaried professionals should be employed in the same company for at least six months and have a total work experience of a few years to qualify for a Personal Loan for wedding. Those who frequently change jobs are high-risk borrowers, so they may get loan rejection or a higher interest rate.
Credit Score: Credit bureaus assign a credit score based on the applicant’s past credit history, repayment habits, diversity in the credit portfolio, financial obligations, outstanding balances, etc. An Experian credit score of 630 or above makes the borrower eligible to get the best loan interest rates.
Steps to Plan a Wedding
Most parents have big plans for their child’s wedding. Every parent wants to make this day memorable in their and their child’s life. Indian weddings are synonymous with colourful, musical, fun-filled events. However, they have one more aspect attached to them: the expenses.
Following the right approach to plan the wedding is imperative to fulfil all desires on the big day. These are a few steps of a practical approach that help plan a dream wedding without stressing the parent’s financial life afterwards.
- Begin Early
While planning for a child’s wedding, it is always better to begin early. Many parents start saving and investing in their son or daughter’s childhood. A more extensive time horizon accumulates a substantial amount to meet the wedding goals and build a bigger corpus.
- Rationally Calculate the Wedding Expenses
Avoid getting carried away by affluent friends, neighbours, relatives, and societal pressures. Each individual has unique personal finances, and there is no need to mimic others blindly. Therefore, stay focused on your financial goals and individual budget while evaluating the expenses.
- Choose the Appropriate Repayment Tenure
A wedding is a once-in-a-lifetime occasion when most parents want everything to be perfect. Taking an appropriate loan to cover the expenses divides the cost into several EMIs, reducing the financial burden and keeping the savings intact. Flexible repayment tenures avoid hurting the borrower’s financial health as they can select a loan term with EMIs suitable to their monthly budget.
How to Apply for an Online Marriage Loan?
After deciding on an appropriate loan amount, finalise a lending institution offering the lowest interest rates, flexible repayment terms, ample loan amounts, and easy terms and conditions. You can consider online lending institutions like Clix Capital, which provide online marriage loans instantly to applicants who fulfil their eligibility criteria.
Here are the steps to apply marriage loan online:
- Visit the lending institution’s website
- Click Wedding Loan in the Personal Loan section
- Click ‘Apply Now’ to register & verify your mobile number
- Fill out the online application form
- Provide the necessary documents or KYC details
- Wait for online verification online and loan approval
- Accept the loan offer after reading the terms carefully
- Get funds disbursed to your account instantly
Now that you know everything about the eligibility and process of online marriage loans, it’s time to take advantage and make the wedding of your children memorable. Ensure you fulfil the minimum eligibility criteria set by the lending institution to expedite the loan approval process. And yes, remember to pay the EMIs on time to have complete peace of mind.
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