How to Borrow a Piramal Finance Personal Loan for Marriage?
Personal loans can be used for various purposes, but marriage is a major reason people apply for personal loans. A personal loan is a collateral-free loan that is given out solely based on your creditworthiness. A personal loan for marriage will allow you to have your dream wedding.
A personal loan is one of the most popular services offered by Piramal Finance. Piramal Finance offers the best, hassle-free, and easy personal loan for marriages. The loan comes with zero prepayment and foreclosure charges. You can also get favourable interest rates, which start at 12.99% per annum. But why should you consider this type of loan?
Why should you choose a Piramal Finance personal loan for marriage?
Weddings can be quite expensive. You can reduce the financial burden by opting for a personal loan. Here are a few reasons to apply for a personal loan for marriage from Piramal Finance.
You can use it any way you like
Most loans have a specific purpose. You cannot use the principal amount for any other purposes. For example, you can only use a car loan to purchase a car. But, when you avail of a personal loan for marriage, you can use it for any expense. This makes a personal loan ideal for wedding-related expenses.
The loan amount is flexible
The expenses incurred for a wedding can vary. You cannot determine the exact amount you need to organise a wedding. To aid this, Piramal Finance offers flexible loan amounts. As a borrower, you can get marriage loans ranging from Rs. 1 lakh to Rs. 10 lakh. It makes it easier for you to access funds when they are needed.
You do not need to liquidate assets
Many times, people spend all their savings on marriage expenses. In addition, many others put their property up for mortgage or break investments. If you want to finance your dream wedding, you don’t have to liquidate your savings or investments. You can take a personal loan from Piramal Finance.
The repayment tenure is flexible
Piramal Finance offers flexible repayment plans. The loan tenure ranges from 1 to 5 years. Therefore, you can apply for both short-term and long-term loans. The loan tenure is decided based on your application and the principal amount.
Minimum documentation is required
The application process is simple and convenient. You need minimal documentation when applying for a personal loan for marriage. You choose to apply for a personal loan for marriage online. Most lenders offer the option of submitting all the needed documents by scanning them. There is no need to visit any offices.
There are zero prepayment charges
A big problem with repaying loans is the hefty charges. Many personal loans do not have prepayment charges. This allows you to pay the principal amount and interest beforehand.
You get a pocket-friendly EMI
Paying large sums in EMI is one of the more difficult things to manage. Many lenders offer pocket-friendly EMIs. Through this, you will have the option to choose the EMI amount based on your payment capacity. However, remember that the loan tenure changes as you change your EMI.
How do you decide how much to borrow for marriage?
There are certain factors to consider before applying for a Piramal Finance personal loan for marriage.
What is the marriage size?
Before applying for a personal loan for a marriage, understand what kind of wedding you are planning. You can have a small wedding, a large wedding, or a destination wedding. Understanding the size of the wedding will give you an overview of the total expenses you will incur during the wedding.
What is the marriage budget?
Marriage cost and budget are important factors when considering getting a personal loan for marriage. A well-mapped-out budget covers the cost of necessities like the location fee, clothing, food, entertainment, rings, photographers, etc. You have to determine how much you can borrow for the wedding.
What are the eligibility criteria?
There are eligibility criteria you have to meet when applying for a personal loan for marriage with Piramal Finance. These criteria include;
- Your age needs to be between 21 and 66.
- You have been stably employed for at least a year.
- You will need the following documents with your application for a personal loan for marriage: identity proof, address proof, a bank statement for the previous eight months, and two latest salary slips.
- Your credit score should be more than 750 when applying for a personal loan for marriage.
Which documents do you need to submit when applying?
Below are some of the documents you have to submit to apply for a personal loan for marriage:
- Photocopy of your PAN card
- Identity Proof (any 1): Passport, driving license, Aadhaar card, voter ID
- Address Proof (any 1): lease agreement, passport, driving license, Aadhar card, voter ID, or utility bill (not more than three months old).
- Income proof: last salary slip; bank statement for the previous three months.
Apply with a co-borrower if you want to borrow a large sum. If you are applying with a co-applicant, you need to submit all the documents given above for the applicant you add to the loan.
Conclusion
Your decision to finance your marriage ultimately depends on personal preferences. Personal loans for marriage are convenient mainly because they allow you to have your dream wedding with affordable EMIs.
Using this option, you can afford a better wedding without stressing over a tight budget. If your dream day is coming and you do not have the funds to cover the cost of your wedding or marriage, you can apply for a personal loan. Applying for the Piramal Finance personal loan is the best option. Learn more by visiting the website now!