Indian weddings are expensive affairs that involve numerous expenses like venue, food, accommodation, jewellery, outfits, decorations, entertainment, and several other miscellaneous things. All these account for a substantial budget that requires proper planning and accounting. Besides these, a few payments can spring up suddenly at the last moment, such as extra food, transportation, tips to service staff, last-minute guests, overtime charges, etc., which may make the wedding host stand in a fix.
To tackle these expenses, taking a Personal Loan for marriage is a wise option since it comes with instant disbursement. Aspiring borrowers can obtain it without any collateral, guarantor, or security. Additionally, most lending institutions have minimal documentation requirements and process them faster than other loan types. Those looking for instant funds to cover unexpected wedding expenses find Personal Loans the best funding option. Let’s delve deeper into how Personal Loans can help cover unexpected wedding expenses efficiently.
How Does a Wedding Loan Help Cover Unexpected Wedding Costs?
Indian weddings involve a series of occasions and rituals that continue for many days, making the event considerably expensive. Instead of exhausting the savings to meet various expenses, opting for a wedding loan is prudent. Let’s look at the benefits of a marriage loan to cover unexpected wedding costs.
- Hassle-Free Application
Managing the wedding expenses is quite overwhelming for a person hosting the event. However, when they avail of a marriage loan, they can handle the entire procedure without burdening themselves. All they have to do is to opt for the right marriage loan plan that provides maximum benefits with other features. Moreover, the Personal Loan application process is quick and easy. They just have to visit the NBFC’s website, review their terms and conditions, provide details, upload the necessary documents, and get instant approval.
- Quick Funding
Since it is an unsecured Personal Loan, it requires no collateral, security, or guarantor for qualification. Hence, aspiring borrowers can obtain one without any hassle. It is an instant loan option with a fast turnaround time. Consequently, the applicant can receive the credit amount pretty quickly. Generally, they can get instant approval on a wedding loan soon after the lender verifies the details and documents. Furthermore, they get the loan amount credited to their bank account within no time.
- Coverage for Multiple Expenses
Obtain a personal loan for marriage to tackle any unexpected expense at a wedding event. A wedding loan comes with no end-use restrictions, which means borrowers can use the loan amount to fulfil any purpose, including venue, jewellery, outfits, decorations, photography, food, accommodation, lighting, catering etc.
- Chance to Improve the Credit Score
A Personal Loan for a wedding is a perfect funding option to cover various wedding expenses and simultaneously build a strong credit score. For instance, if an individual borrows a wedding loan and pays its EMIs on time, it will improve their credit score and place them in a better position when applying for more loans in the future.
- Coverage for Additional Charges
The applicable GST and other taxes can significantly increase the wedding expenses. These charges apply to every item involved in a wedding ceremony, making the event more expensive than the expected budget. Therefore, opting for a wedding loan helps you handle taxes easily and efficiently without any last-minute tension.
- Reduced Burden of Overtime Charges
Most facilities at a wedding event, including catering, photography, music system, venue, etc., are available for a certain period only. However, it is common for an event to extend beyond the pre-determined time. In such a situation, hosts cannot refuse the extra time their guests request for the facility and end up paying hefty overtime charges. A marriage loan can help bear these costs with ease.
Who is Eligible for a Marriage Loan?
Although different lenders have unique eligibility criteria for Personal Loans, these are the common conditions one must meet:
- The applicant must be a resident of India
- The loan seeker must be at least 21 to 58 years of age
- Must be a salaried individual with a regular monthly salary
- Minimum salary requirement of above ₹ 30,000
- Total work experience of two years
- Minimum one year of residence in the current home
- The aspiring borrower should have a credit score of 700+
Documentation Requirements for a Marriage Loan
Following are the documents required for a Personal Loan application, irrespective of its purpose:
- 2 Passport Size photographs
- Identity Proof: Passport, driving license, PAN card, or voters ID
- Residence Proof: passport, utility bill not more than three months old, or Lease and License Agreement
- Income Proof: Last three months’ Bank Statements and salary slips
How to Apply for a Marriage Loan?
Follow these steps to apply for a Personal Loan for marriage:
- Visit the NBFC’s website
- Fill out an online application form
- Enter the KYC details and income-related information
- Verify with an OTP received on the registered mobile number
- Submit the application form
Things to Consider Before Applying for a Marriage Loan
Here are a few pointers to consider before applying for a wedding loan:
- Compare the Personal Loan interest rates from different lending institutions and choose one with the lowest rate offer. Doing that reduces the monthly EMIs and makes repayment easier.
- Use a Personal Loan EMI calculator to calculate the monthly EMIs before applying to choose a tenure with budget-friendly instalments.
- Since wedding loans are unsecured, aspiring borrowers must maintain a good credit score to improve marriage loan eligibility.
- Check the NBFC’s eligibility criteria beforehand to avoid rejection.
From the above information, the concept of a wedding loan must have become clear to all. Before applying for one, complete all formalities online and take advantage of the 100% digital process to get loan approval in time.