A grand wedding is on the bucket list of almost every individual. However, there are times when some unexpected costs crop up when preparing for it. In such situations, you can opt for a marriage loan online, making it a completely paperless loan, to cover the sudden expenses. There are several advantages of a marriage loan which are immensely beneficial.
7 Ways in Which Marriage Loan Helps to Meet Unexpected Wedding Costs
Below are seven ways in which a wedding loan is advantageous:
Extensive Loan Amount
You can opt for a loan amount of up to Rs. 50 Lakhs while getting a marriage loan. This is beneficial as this money is sufficient to cover your immediate requirement of funds. Also, you can get instant loan approval to ensure a smooth wedding without any additional worry about arrangement of funds.
No Collateral Needed
For a marriage loan, you will not have to collateralise your property or jewellery. This saves you from arranging property papers for the loan application. Also, you will not have to pledge your jewellery that you were planning to wear during different wedding functions.
Affordable Interest Rates
The interest rate for a marriage loan is extremely affordable and starts only at 10.49%. Thus, you can save more on EMIs, reducing your monthly outgo. You can also choose a longer tenure to reduce the interest rate by a significant extent.
Flexible Repayment Tenure
You are at liberty to choose loan repayment tenure at your convenience. For example, if you want to pay a lesser EMI to avoid hampering your monthly budget, you can choose a longer tenure. However, if you want to repay the loan sooner, you can go for a shorter tenure.
Availability of Balance Top-Up
If, after utilising the loan amount, you require more money, you can go for a balance top-up. You can talk with your lender beforehand regarding the conditions and charges associated with a balance top-up facility.
Minimal Foreclosure Charges
You can easily foreclose a marriage loan once you have paid the minimum number of instalments that your lender specifies. Additionally, you will have to pay only minimum charges for foreclosing the wedding loan.
Hassle-free Online Process
The process of applying for a wedding loan is completely online and can be done in only a few steps. It is a paperless loan and you can apply for it anytime from the comfort of your house.
However, before applying for a marriage loan, you must check the eligibility criteria to avoid loan rejection.
Eligibility Criteria of a Wedding Loan
You must fulfil the criteria below to stand eligible for a marriage loan:
- Your age must be between 21 to 60 years.
- You must be a salaried or self-employed individual.
- You must have a minimum of 1-year of work experience.
- A CIBIL score of 750 is mandatory.
- Your monthly salary must be at least Rs. 50,000.
Once you have ticked all the boxes of eligibility criteria, you can proceed to apply for a wedding loan.
Steps to Apply for a Wedding Loan
You must follow the steps below to apply for a marriage loan:
Step 1: Navigate to the official website of a financial institute.
Step 2: Move to the ‘Personal Loan’ section.
Step 3: Enter some basic information required.
Step 4: Select the loan amount and tenure according to your convenience.
Step 5: Upload the essential documents required.
Uploading the right documents is mandatory for verification of details that you have provided. Hence, you can keep them scanned beforehand to eliminate chances of errors.
Documents Required for Marriage Loan Application
You will require the following documents during a marriage loan application:
- Identity proof documents such as Aadhaar card, Passport, Voter ID card, PAN card, or driving licence.
- Address proof documents such as rental agreement or utility bills.
- Last 2 years’ Income Tax returns for self-employed applicants.
- Last 6 months’ bank account statement for salaried individuals.
Additionally, there are certain things that you must keep in mind before applying for a wedding loan.
Things to Keep in Mind before Applying for a Wedding Loan
Below are certain pointers to keep in mind prior to wedding loan application:
- Compare the interest rates different financial institutes offer to choose the lowest one. This reduces the EMI and makes loan repayment easier.
- Calculate your monthly instalments before applying to choose the right loan amount and tenure.
- Since a wedding loan is an unsecured loan, you must maintain a good credit history to stand eligible for a marriage loan.
- Additionally, check the loan eligibility criteria and loan amount beforehand to prevent rejection. This is important as rejection of a loan application can lower your credit score.
Now that you know about the benefits of a marriage loan, you must opt for one in case of a financial emergency during wedding preparation. You can also complete all loan proceedings completely online, making it a completely paperless loan. Since it is an unsecured loan, you can get instant loan approval and disbursal.
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