Everybody wants to make their wedding day memorable. However, marriages involve several rituals and functions spread over many days, proving to be an expensive affair. No matter how well you plan your wedding budget; you might be in need of cash at the last moment.In such situations, you can always rely on an online loan app for a quick loan.
The onset of online loan apps has changed the financing landscape of India drastically. Today, personal loans are one of the most preferred financial instruments in India. It’s mostly because of the ease of applying for the loan, the fast processing, minimal documentation and digitalized lending. All you need to do is to find the best loan app, check your eligibility, compare the loan offers, calculate your affordable EMI and submit the loan application.
If you furnish all the documents as requested by the lender, they may process your loan application within 24 to 48 hours. There is no need to visit the branch or submit tons of paperwork. You can focus on the wedding rituals while the loan takes care of all your essential expenses.
Marriage Loans: A Brief
A wedding loan is best described as a personal loan that helps you meet your marriage-linked expenses. The best part about these loans is that you can avail them without any collateral and they do not have any end-use restrictions. This means you can use the marriage loan amount in any way you seem fit. From funding your engagement to booking the venue or financing your honeymoon, you can use your loan amount to meet all the necessary expenses without submitting any proof of expense to the lender.
Similar to a quick loan, a marriage loan via the best loan app comes with a wide choice of EMI repayment options and flexible tenures. With their seamless online approvals and speedy disbursals, you do not have much to worry about on your special day.
Marriage Loans: Things to Remember
The basic eligibility criteria for taking a personal loan for marriages are listed below:
You identity Proof
To avail a personal loan through any of the lending apps you must furnish your identity proof. You can submit your PAN card, Aadhar card, passport or driving license. The lender will verify your nationality, age, address and other personal details through these documents.
If you are applying for the loan through the best loan app, then make sure that you submit these documents in the correct digital format. The scan should be distinctly visible and there should be no discrepancy in your details. Like an error in the spelling of your name or your birth year.
Lower Age Limit
Whereas some lenders require the applicant to be at least 21 years of age, others offer loans only to persons who are 23 years and above. You must check this age limit on the lender’s website or through the online loan app before applying for the loan.
Upper Age Limit
Where salaried employees and self-employed individuals are concerned, they have to be more than 58 years and 65 years respectively to qualify for a wedding loan. In case, your age limit is not matched, you can ask an eligible co-applicant to sign the loan application. The co-applicant could be your earning children or your spouse. Make sure they have a stable monthly income and a good credit health.
To apply for a wedding loan, you should be drawing a salary between Rs 15,000 and Rs 25,000. Note, financial lending institutions also consider the applicant’s age, city of residence, among other things, before offering personal loans for marriages. The higher your salary is the higher will be loan amount eligibility. So, make sure to mention all your additional income if you have proper income proof.
Means of Employment
Both salaried groups and self-employed persons can avail personal loans for a wedding if they satisfy the minimum income criteria.
- For Salaried Applicants: They are required to have a stable income source to get marriage loans. Moreover, to be eligible for a marriage loan, they have to be employed for minimum 2 years and should be working with their current employer for at least 1 year. Many lenders offer corporate benefits to salaried applicants if you work for a reputed organization and hold a salary account with the lender.
- For Self-Employed Individuals: If you are self-employed, you have to submit the mandatory documents to avail a marriage loan. To that end, you should have bank statements, IT returns, Profit & Loss Accounts, and Balance Sheets for the past 2 years.
- Credit Score
You must have a good credit score to be eligible for a marriage loan. If your credit score is good, you can negotiate with your lender for a lower interest rate. In case you have a low credit score, then you must work towards improving your credit score.
The marriage loan amount could vary from Rs 50,000 to Rs 25 lakh. Lenders consider various factors before determining the quick loan amount. These include CIBIL score, income, and repayment capacity.
Marriage Loans: Features and Benefits
The various features and benefits of wedding loans are discussed herein.
After your documents are verified via the best loan app, you can receive your wedding loan within a couple of minutes.Nonetheless, make sure you submit all the requisite documents to avoid any hassles and delays.
Flexible Repayment Schedule
You have loan tenures ranging from 12 months to 60 months to take your pick from. As per your financial situation, you can choose the loan tenorof your marriage loan.
High Loan Amounts
You can apply for marriage loans starting from Rs 50,000 and going up to Rs 25 lakh. Depending on your marriage plans, you can apply for a suitable loan amount.
Easy Online Access
You can track your loan repayment schedule and other loan details via the lender’s web portal, which is accessible 24*7.
A marriage loan can be of great aid when it comes to addressing your emergency wedding expenses. But do remember that a quick loan is a big financial commitment that would affect your budget for months. So, make sure to do your due diligence and avail the loan only if it is absolutely necessary. Also, plan your repayment strategy before availing the loan.