You’ve found your ‘the one’ and the wedding bells have begun ringing. But weddings in India are a grand affair. With rituals extending to several days and the never-ending list of guests, it is not uncommon for the cost to exceed your pre-decided budget. However, you do not want the cash crunch to affect the choice of your outfit or the number of friends you want to call on your big day.
So what options are available to fund your dream marriage? Try a wedding loan!
A wedding loan is a Personal Loan that you can avail of to meet your wedding-related expenses. You can use the loan amount for various purposes, from paying for the venue, arrangements, lighting, food, hotel stays, and jewellery to funding your dream honeymoon. You can plan your dream wedding with a Personal Loan for marriage.
The enthusiasm and celebration around marriage today are much higher than they used to be in yesteryears. There's a bachelor party, a pre-wedding ceremony, a glamorous reception, professional photographers, wedding planners, and much more.
Also, couples dream of romantic international honeymoon destinations that will give them memories to cherish forever. A Personal Loan for marriage can help couples realise all these dreams.
Easy Application
Applying for a wedding loan is quick and easy. You can apply for the loan online from your preferred lending institution. The eligibility criteria are straightforward, and you can proceed with very little documentation.
Instant Disbursal
Wedding loans have a quick disbursal. If you have the required documents, you can quickly get funds in your account within a few minutes of the application.
Fund Multiple Expenses
Wedding loans come with no restrictions. You can use it for many reasons, including your outfit, makeup, hotel rooms, banquet halls, catering, honeymoon, etc.
It can come as a great rescue if your expenses happen to outdo your budget in all the chaos of the wedding.
No Collateral Requirements
Wedding loans are collateral-free loans. It means you do not have to pledge any of your assets to get the loan.
Need Not Liquidate Investments
Many choose to liquidate their fixed deposits or other investments to fund their marriage. However, that may not always be a good option. In addition to losing interest on those deposits, you may also have to bear charges of premature withdrawals.
But, with a Personal Loan for marriage, you no longer have to do that. Instead, you can continue your investments uninterrupted while the wedding loan takes care of all expenses.
Flexible Repayment Option
Wedding loans come with flexible repayment options. You can choose the EMI and tenure that is most comfortable as per your capacity. A personal loan EMI calculator will help you select the right choice that will not strain your budget.
Boost Your Credit Score
You can also use your marriage loan to boost your credit, especially if you're new to credit.
Paying your EMIs on time will shoot your score up and put you in a better position to avail of any loan when required.
Several lending institutions have easy requirements for wedding loans. Here's a look at them:
You should be above 21 years but below 58 years of age.
You must be a salaried employee with an experience of more than 12 months, and your employment with your current organization should be more than six months.
You should be earning a minimum of Rs 20,000 per month.
If you fulfill all these criteria, you can avail of a Personal Loan for marriage with any lending institution.
Basic Documents Required for Marriage Loan
You will need the following documents to avail of a Personal Loan for marriage:
A completed application form
A recent passport-size photograph
Identity Proof
Aadhaar Card
Voter's ID
Passport
PAN Card
Driving Licence
4. Address Proof
Aadhaar Card
Voter's ID
Passport
Driving Licence
5. Income Proof
Previous month's pay slip
Current year's Form 16
Loans Amount:- With Personal Loans available from Rs. 50,000 lakh to 25 lakhs, you can marry in style by availing one from your preferred lending institutions.
Customised Repayment Options:- Clix Capital offers a flexible EMI plan with a payment period of 12 to 48 months.
This way, you can enjoy and immerse yourself in the wedding celebration without worrying about repayments.
Easy and Quick Approvals:- The instant and hassle-free wedding loan ensures you do not have to seek funds elsewhere to fulfill your dream wedding.
Applying for a Personal Loan is quick and hassle-free. Here are the three simple steps that will take you closer to the wedding of your dreams.
Visit the lending institution's website and fill out the application form for a personal wedding loan
The customer representative will contact you regarding your requirement
Decide on the suitable loan amount and loan tenure
Submit the required documents
After approval, you will be sanctioned the loan amount on completion of the verification
While wedding loans are beneficial in making your big day a success, here are a few things you need to consider before applying for the loan.
Understanding these factors will help you make an informed decision you will not regret later.
Borrow as per your requirements
While you may be able to avail the maximum limit of wedding loans available, you must only borrow as per the requirement. Make a detailed estimate of your wedding budget and plan the loan accordingly.
Borrowing in excess can hurt your finances and other long-term saving goals.
Check Out Your Credit Score
Check the Credit score (also called CIBIL score and Experian score) requirements of your preferred lending institution before applying. An Experian score of more than 630 or more is necessary to get a personal loan for a wedding.
Consider All Charges
Apart from the interest, there are other charges associated with a Personal Loan, such as your processing fee, pre-payment charges, charges for default, etc. Consider all these costs while deciding on a loan amount.
Marriage is a special occasion in your life, and an online personal loan will help you make the moment shine. However, it's always advisable to go into it prepared. Pre-plan your overall budget and repayment options, so you do not find yourself financially unstable shortly after the wedding.
