We all know that weddings are big events that come once in a lifetime. So, everyone wishes to have the style and glitz of a big, fat wedding. They want to make the wedding the most memorable ceremony of their lives. Most people aren’t afraid to spend a lot of money on a lavish wedding. This may cost those people more than they can afford.
Also, the trend of candid photography and destination weddings has raised the bar to a different level.
Hence, implying that your personal loan for wedding will help to bridge the gap between the present scenario and your dream wedding. A personal loan for wedding will make sure you avoid redeeming your investment or using your savings. Below, we will shed light on the reasons to help you know the importance of a personal loan for wedding.
Key Reasons to Choose a Personal Loan for Wedding
Planning a wedding is a very time-intensive and hectic process. The stress doubles when you have a minimal budget. You want to avoid being in a situation where you face a financial crisis before the wedding. Only a personal loan for wedding can help you out of this situation at such a time. It can provide you with the required amount to take care of your dream wedding.
A marriage loan is mainly a personal loan for wedding. You can opt for it to cover every expense related to the wedding. It is primarily a collateral-free loan, which implies that you do not need security against the disbursed amount. Also, the lender will have no say in how you intend to use the funds paid to you in the form of a wedding loan. However, let’s dive into why a personal loan for wedding is a good option to cover wedding expenses.
Easy application process
We are now living in a digital age. Everything is undergoing digitalization. So, you can easily apply for your personal loan for wedding with just a few clicks. You must provide essential information to your lender. This includes ID proof, name, address proof, salary slips, date of birth, or income tax returns. After that, the lenders will take care of all the paperwork while you start planning your wedding.
You can take a personal loan for wedding to fund your wedding without any collateral. You do not go through a lengthy and time-consuming process with reputed lenders. You do not have to “become eligible” for a personal loan for wedding. The eligibility criteria for a personal loan for wedding are also simple. It only takes a few minutes to get approval on a wedding loan. It will be done in a few minutes, right after you submit your application online and get your documents verified. The loan amount is credited to your bank account within a day or two.
If you somehow find a reliable lender, they will allow you to choose the monthly instalment option to repay your loan. It benefits newly-wed couples. That’s because it allows them to manage their finances. They will only be able to repay their loan once, soon after their marriage.
Cover several expenses.
The primary reason for taking a personal loan for marriage is that you can use the loan amount to fulfil any purpose, like a medical emergency, buying a car, financial crisis, etc. In the case of a wedding, you can cover all the expenses with the loan, which includes decoration, catering, venue, jewellery shopping, etc.
Cover last-minute expenses.
A wedding is generally a hassled affair that involves unforeseen expenses. Therefore, you need to be well prepared to handle those situations at your wedding. For instance, we always hire catering services and wedding venues for a certain period.
But we may have to pay extra charges if the event extends beyond the specified time. This is a common thing to happen at a wedding, and a smooth marriage loan can handle it easily.
Factors Affecting Your Eligibility For A Marriage Loan
If you wish to borrow a personal loan or a wedding loan, you must know the eligibility criteria set by your lender. It is essential to read all the terms and conditions to ensure you meet the eligibility criteria. But below, we’ve listed the things that can make or break your chances of getting a wedding loan.
If you have an outstanding loan payment history and a good CIBIL score, you are more likely to become eligible for a marriage loan. If your CIBIL score is 750 or above, your application will be instantly approved.
Your lender will verify your profile and your age, work experience, and job security to understand if you meet the eligibility criteria. All these factors will help the lender understand your financial situation and ensure you can repay your loan on time.
Your lender will also check your monthly income (whether you are self-employed or a salaried employee). This is done to know if you can repay the loan on time. If you are a salaried employee, your monthly salary must be at least Rs. 25,000.
Also, you should have at least 3 to 4 years of work experience. However, the lender will check your existing liabilities, like credit card debt, student loans, car loans, etc. This establishes a debt-to-income ratio.
Availing yourself of a marriage loan is a logical option if you are short on money to cover your wedding expenses. Approaching a trustworthy lender for a hassle-free loan application process is essential.
However, get a marriage loan from Piramal Finance and have your loan followed by an easy and quick process. They have a team of professional advisers who will guide you through the application process. This ensures speedy approval and fast disbursal in your bank account. You can get a high-value loan amount with zero foreclosure charges and prepayment.
Also Read: How to Calculate Foreclosure of a Loan?