The wedding is a special celebration that requires sufficient funds to make it grand. From the designer outfit of the bride & groom, costly jewellery and accessories, guest invitations, food arrangements and many more, need a big budget for execution.
To execute your dream wedding expenses smoothly, you must apply for an instant wedding loan. In this article, you will get to know all the necessary information about wedding loans.
Importance of Marriage Loan: It is a personal loan for marriage to provide funding for all the expenses regarding the celebration. Every bride and groom have a dream of a perfect wedding which includes many functions and rituals. To fulfil all your desires, you may face a lack of money, and here comes a loan for the wedding to save your plans. The best part of the loan is, it needs minimum documentation and provides approval instantly to make sure your wedding plans do not stop.
Eligibility for a Wedding Loan: Lenders have their eligibility criteria to lend a wedding loan. The borrower must fulfil the criterion list to get a successful loan. Though, the criteria vary from lender to lender, here are some basic requirements to avail of a loan. The age of the loanee has to be between 24 to 60 years and the monthly income has to be a minimum of Rs. 20000 or above. Their CIBIL score and credit history have to be good. A minimum of 700 or above CIBIL score is eligible for the loan. Your credit history will help you to get a lower rate of interest.
Required Documents: The wedding loan requires very few documents in the application process. Applicants have to provide their ID proof in the form of an Aadhar card, PAN card, driving licence, voter ID or passport. They must submit an Aadhar card or ration card as proof of address. A school leaving certificate, PAN card, or birth certificate should be attached to the application as age proof. To acquire a successful loan, you must provide your income proof. If you are an employee in a company, submit salary pay slips for the last three months and self-employed individuals can submit their bank statements.
Benefits of Marriage Loans: The procedure of marriage loans is easy and quick, and the approval can be received within seven days. Also, it requires very few documents for approval. Moreover, most banks and lenders allow the borrower to pay their EMI for 5 years. Marriage loans have higher rates of approval and they only get rejected if your credit history is not good enough. The best thing about a wedding loan is, the amount gets credited to your account within 3-5 working days after the approval.
Application Procedure: To apply for a wedding loan and avail of it smoothly, you have to be careful during the application. Most lender organizations have their official websites, you just need to visit the portal to enter the required details, upload the asked documents and submit. You will get a confirmation of the completion of your application.
ConclusionTo manage all the expenses of a big-fat wedding without any challenges, you must apply for a marriage loan. Also, you should check out the interest rates of several lenders to get a good deal. Moreover, you can go for an instant personal loan app that will offer you the best deal with less stress.