You’re not alone if you’re dreaming of the perfect wedding. A wedding is the most important day in your life and you’re not wrong if you want it to be absolutely memorable. Planning a wedding in India is an expensive affair. It requires a lot of funds for all its components, be it the various functions, venue costs, décor, make up, dresses, jewellery.
To get funds instantly for weddings, there are marriage loans. These are a type of personal loan for weddings and are easy to get online. These loans are approved quickly with quick disbursal of funds, which makes them dependable in case funds are needed for any aspect of the wedding.
By checking your eligibility, it is possible to apply for the loan and get it in a few clicks. The eligibility criteria for such loans differs from lender to lender, but the common criteria are:
• Minimum age for such loans is 21 years
• The maximum age for a marriage loan is between 58 to 65
• Minimum monthly income should be at least Rs. 15,000, though some lenders specify a minimum monthly income of over Rs. 25,000. This is to ensure repayment capacity. Some lenders may even ask for bank statements or specify duration of employment
• Most lenders insist on a credit score of at least 700 to 750
A marriage loan has several benefits, which is why you can consider taking this type of personal loan.
1. Easy online application:
Applying for a wedding loan is very easy. Most lenders have an online application service for personal loans. In a few simple steps, it is possible to apply for a loan and get it approved instantly. Since the process is not time consuming, funds can be applied for even when the wedding date is close.
2. Swift disbursal of funds:
Most lenders disburse funds within 72 hours to 7 days. This means funds are available whenever needed. Thus, it is possible to apply for a loan just a few days before the funds are needed so that payments can be made for wedding expenses.
3. Flexible repayment period:
Most lenders have a repayment period between 12 to 60 months. If you have a good credit score, you can negotiate with the lenders for better terms.
4. Affordable Interest rates:
Marriage loans are very affordable. Interest rate ranges from 11.5% to 12% at the minimum. This also can be negotiated depending on credit score.
5. Sufficient Loan amounts:
Personal loans are disbursed up to Rs. 25 lakhs. Some lenders disburse Rs. 30 lakhs. This amount is sufficient to cover all wedding expenses.
Planning a wedding is a lot easier when you know you can bank on marriage loans.
Manish Damani a financier by profession, loves to write during his spare time. He combines both his interests, by dispersing financial related information whenever possible. Through his work, he has provided information on what is amarriage loan.