Marriage is the most important occasion of a person’s life, especially in India where people prefer big fat weddings. It is also one of the ceremonies no matter how much you spend feels insufficient. However, the expenses might be too much for some while reasonable for others. To refrain from reducing your demands or requirements, one can balance it by taking a personal loan for marriage. You can spend your marriage loan on all the wishful expenses like designer wedding clothes, booking your favourite venue with lavish decorations, pre-wedding shoots, choreographers, catering, or even a destination of your dreams.
Bank offers flexible loans ranging from 50,000 to 50 lakhs with agreeable payment times ranging from 12 to 72 months. The rate of interest on a personal loan ranges between 9.6-24% concerning your credit score or annual income. This article further tells you what is the right way to get a personal loan for marriage in India. But before that let’s find out the features of personal loans for marriages.
Features of a personal loan for marriage
With a very handy marriage loan facility and flexible lending, one doesn’t need to worry about the loan amount for their wedding as they can get amounts as high as 50lakhs and as minimal as 5lakhs.
Affordable Interest Rates
The rate of interest is always linked with the lending amount and it affects the repayment. An individual doesn’t need to worry about the interests because multiple lenders have varying rates of interest ranging from 9.6% to 25%.
No requirements for collateral or security
The most striking part of a marriage loan is, that it does not require collateral or security as submission.
A personal loan for marriage allows you to repay the amount in the desired time you wish to. You can choose your time from 12 to 72 months.
You don’t need to make frequent visits to a bank to apply for a loan, you can always apply it from your home on the lenders’ website. The process can easily take place at your fingertips. Once you have completed the process and the lender approves it, you can get the loan in your account.
Also Read: How to Apply for Gold Loan Online?
Your eligibility criteria for a personal loan for marriage will depend on the following factors:
Now that you know about the features, you must understand some eligibility criteria to apply for a marriage personal loan.
- Age: The minimum age of an individual should be from 21 to 65 years. Salary-based candidates can range from a maximum up to 58 while self-employed candidates’ maximum age can be 65.
- Minimum monthly income: The minimum income criteria for a wedding loan ranges from 15,000 to 25,000 varying from lender to lender. The income criteria may defer from city or area respectively.
- Employment type: Salary-based, self-employed, or professional applicants are eligible to collect a personal loan for marriage.
- Employment status: The applicant must be working for a minimum of two or more years with the job of a minimum of one year with the current company. They should have a stable source of income.
- Credit score: Lenders consider individuals with a good credit score(CIBIL score) of over 700 points for personal loans. Applicants with a lower credit score may manage to avail of a loan but maybe be imposed with a higher rate of interest.
- Loan Amount: The loan amount always depends on the lender and the borrower. It might depend on factors like repayment capacity, income, CIBIL score, etc. As mentioned earlier the amount can range up to 50 lakhs.
Documents required when applying for a loan are:
Once you have learned about the eligibility process, it’s time that you produce these documents for your loan application process. These documents include:
- Valid Identity proof such as Aadhaar card, voter ID/passport, ration card, PAN card, or driving license.
- Address proof such as Aadhaar card, voter ID/passport, driving license or water, electricity, telephone bill.
- Form 16, a Bank statement or passbook of the previous three months can be used for the income.
- Age proof: Usually the above-mentioned documents have age proof written on them. But, in case they don’t have valid age proof, one can use their school leaving certificate, birth certificate, or PAN card as valid age proof.
- For self-employed individuals, IT returns for the past 2 years, P&L accounts, balance sheets, or bank statements for the past 6 months.
- Application form for loan: The borrower is supposed to fill up an application form for the wedding loan with the required entries and agreements and due mentioned dates. Some forms are also available on the lender’s website online.
After you submit the application form with all the necessary documents, the lender will scrutinize your profile. And once you meet all the requirements of the lender, you get the personal loan. So, if you are also planning your dream wedding instead of using your entire savings, just take a personal loan and make it the best day of your life!