Wedding is a special moment of our life, and everybody of us wants to make it a truly memorable occasion. However, the marriages are becoming increasingly expensive, and everyone is under pressure to hold a lavish, glamorous wedding. As a result, sometimes wedding expenses overshoot the budget. In this situation, a personal loan can come to your rescue to meet a shortfall in funds.
What is a wedding loan?
You can get a wedding loan under the umbrella of a personal loan. A personal loan for a wedding is designed to meet your wedding expenses such as expenditure on designer outfits, precious jewelry shopping, wedding invitations, top caterers, swanky wedding hall etc.
Most banks and Non-Banking Finance Companies (NBFCs) are offering a personal loan to cover wedding expenses. You can check and compare the interest rates on a personal loan online.
Who can avail a marriage loan?
Banks offer a personal loan for self-employed individuals and salaried professionals. You can apply for a personal loan online with minimal documentation. You need to meet the following criteria to get a personal loan.
Age Limit: Anyone within the age limit of 21-58 years can apply for a personal loan for the wedding.
Monthly Income: Anyone with a minimum salary of 15k per month can apply for a personal loan. Minimum monthly income depends on various factors such as age, current city, company etc.
Employment Status: Lenders offer a personal loan for self-employed persons and salaried individuals alike who have a regular cash flow. Borrowers should be getting regular income from the current employer or current business for the last 1 year.
Good Credit Store : CIBIL score plays an important role in deciding your eligibility for a personal loan. A good credit score ranges from 750 to 900.
All banks have their own set of criteria for personal loan eligibility. Credit score, age, income etc. may vary from lender to lender and city to city.
Documents required for a personal loan
Personal loan for salaried employees:
- Filled personal loan application form with passport size photographs
- Identity proof: any of – voter ID card / Aadhaar card, passport, driving license
- Address proof: any of – telephone bills / electricity bills / water bill (for the last three months)
- 3 months’ salary slips
- 3 months’ bank statements showing salary is being credited
- PAN Card
Personal loan for self-employed individuals:
- Filled personal loan application form with passport size photographs
- Identity proof: any of – voter ID card / Aadhaar card, passport, driving license
- Address proof: any of – telephone bills / electricity bills / water bill (for the last three months)
- Office address proof documents
- PAN card of firm/company if part of loan structure
- Income proof:-
- Last 2 years audited financial statement / ITR documents
- Bank statement of the last 6 months
- In case of partnership: Partnership deed/MOA and AOA
- Current account statements of the business
- Savings Account statements of the individual
Why should you get a personal loan for the wedding?
Instant approval: When you apply for a personal loan online, in most cases, loans are approved within 10 minutes of application. After approval, the loan amount will be credited into your bank account within 2-3 working days.
Flexible Repayment Tenures: Generally, banks offer a personal loan for 12 to 60 months. You have the flexibility to choose your repayment cycle as per your repayment capacity.
No guarantor required: Personal loans are unsecured loans i.e. you don’t have to submit any collateral to get the loan. You can get a personal loan without any collateral and security.
In the case of budgetary problems, a personal loan is a right choice to cover your wedding related expenses. If you apply for a personal loan online, you don’t need to visit the lender even once. All you need is a good CIBIL score, decent monthly income and KYC documents. You should check and compare the rate of interest rates, documentation charges and tenure to get the best deal.
