In India, weddings are no less than any festival and are celebrated with pomp and show. Whether it is a grand destination wedding or an intimate one, Indians spend lakh of rupees to prepare for the big day. At times, your savings might not be enough to deal with all the wedding expenses but that doesn’t mean that you have to compromise with your dreams. You always have the option of applying for a personal loan that gets disbursed quickly and requires minimum documentation.
What Are the Benefits of Taking a Personal Loan for Wedding?
- Fund various expenses: There are many expenses related to a wedding including venue, photography, decoration, catering, jewellery, gifts for guests, clothes, etc. A personal loan for wedding can help you to deal with all such expenses without having to borrow money from friends or relatives
- Loan amount: You can apply for a personal loan amount of as high as Rs. 40 lakh that is sufficient to cover various expenses of a wedding
- Online application: A personal loan for wedding can be conveniently applied online from the comfort of your home or office and hence saves a lot of time and effort. You can compare various personal loan options and apply for a desirable loan option at Paisabazaar. Also, you can upload the documents online and can even track the status of your loan application
- Flexible tenure: You can conveniently repay the loan amount within flexible tenure ranging from 1 to 5 years. You can decide the tenure on your own as per your repayment ability. You can calculate your personal loan EMIs by using Paisabazaar’s Personal Loan EMI Calculator
- Flexible repayment option: Apart from letting you choosing the desired tenure, banks also offer you the facility of foreclosing the loan before your tenure ends. Also, you can make a part prepayment on your loan if the bank allows
- Quick disbursement: Once you meet the eligibility criteria, submit the documents and your loan gets approved, the amount is quickly disbursed to your account
What is the Eligibility Criteria of Personal Loan for Wedding?
- You should either be a salaried individual or a self- employed professional/individual
- You should be at least 21 years old
- Your minimum monthly income should be Rs. 15,000
- You should have a good credit score
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What are the Things to Consider Before Taking a Personal Loan for Wedding?
- Prepare a budget: Plan the finances in advance as a wedding expense may range from a few lakh to even a few crores in some cases. Divide the expenses into categories like clothes, venue, caterers, gifts, etc. If you are planning to meet a portion of the expenses with your savings, find out the deficit and take a loan for only the shortfall
- Check your credit store: Credit score is basically a reflection of your loan and credit card repayments and it is checked by the lenders before offering you a loan. If you have a poor credit score, you might not get a loan from the bank but if your credit score is good, the chances of loan approval are high
- Know your EMIs: With the help of Paisabazaar’s Personal Loan EMI Calculator, you can know the EMIs that you would be paying if you select a particular loan amount. This way, you won’t borrow more than you can repay and would be able to manage other expenses too
- Keep your documentation ready: You might be needing funds instantly to start your marriage preparations and for that it is important to keep all your basic documents including ID proof, address proof and income proof ready
- Know about the additional fees and charges: Additional fees and charges like prepayment penalty, processing fee, EMI bounce charge and late payment penalty may be charged. Ask your lender about all these charges before finalizing the loan
- Discuss terms of prepayment in advance: After marriage, the family income will consist of both your incomes and you might find it easier to pay off the loan in full or part before maturity. Hence, it is always advised to discuss the terms and conditions related to prepayment of personal loan
Taking a personal loan for your wedding is a smart decision if you don’t want to overburden yourself with various expenses. As with a personal loan you can easily pay for various expenses and can even repay the loan within flexible tenure.
Thanks to the great guide