Marriage Personal Loans- Apply For Wedding Loans At Low Interest Rates
Congratulations!! Now that you have engaged…you’re going to need more than just blessings to get through your wedding day; unless you are planning to elope. Jokes apart; marriages in India are grand affair. There are million things that goes into planning a successful wedding and most importantly it starts from- FUNDS. Marriage personal loans can be extremely helpful that lets you have the most memorable day of your life without any glitches.
Parents are keen to spend lavish on their children wedding. They wish to have the most grandeur and luxurious way and to leave no stone unturned ensuring that it becomes the most memorable day. Therefore; to realize dreams into action, savings and fitting investments are required to plan out at an early stage of life. However; with the rising inflation, the savings are not enough and that is when marriage personal loans comes to rescue.
From booking a venue, to hotel bookings for the guests, caterers, wedding invitations, wedding photography decoration, jewelry, clothes, and the list goes on. To plan a meticulous wedding; you’ll need a huge amount of money to pay all and more of these expenditure to ensure that the wedding has to be up to the mark for your social status too.
What Is Marriage Personal Loans?
A marriage personal loans falls under the category of personal loans specifically taken to take care of wedding expenses. This one type of personal loan which is available to those people who are looking to meet their wedding expenses in order to make the wedding in the family a grand success. Often, when planning for weddings the budget overshoots and the parents are sometimes forced to look to family and friends to tide them over. Rather than taking obligation from family members or friends; it is a wise decision to apply for wedding loan. Therefore; with the help of marriage personal loans, you need look no further as the banks and private lenders will extend you the wedding loan with minimal formalities.
Rate Of Interests For Marriage Loans?
The present interest rate for marriage personal loan ranges between 11.49 and 19%. The rate of interest is dependent on several factors such as the ability to pay back, credit score, and work experience, profession, age and past loan repayment history. Searching on the web will land you with best personal loan providers of India offering competitive rate of interest for weddings.
Why Apply For Marriage Personal Loans?
The formalities for obtaining a marriage personal loans are same as to applying personal loans. To apply for wedding loan; the process is simple and hassle free:
- The banks or the private lenders don’t ask for any security for the marriage loan
- Apply for personal loans online can be hassle free as it involves very little paperwork
- Your monthly installments can be customized; ensuring that they don’t over-burden the budget
- The rate of interest offered by leading banks and private lenders are competitively low to that of others
- Banks and private lenders offer wedding loans up to Rs 15,00,000/- (again it depends from bank to bank)
- You can expect a higher amount which is possible depending on your credit score
- Bare minimum documents that are available easily
- You can received instant online loan approval based on the information and documents you have submitted
Are You Eligible For Marriage Loan?
You are eligible for a marriage personal loans if:
- The loan applicant is between 21-58 years having a salary income of Rs 20,000 and above
- If the individual is between 25-65 years having an annual business or professional income of Rs 2,00,000 and above
How Much EMI Do You Have To Pay?
The EMI will depend on the final amount you get as a loan disbursement. The rate of interest is calculated taking in the final loan amount, and for the number of years the loan is taken. Wedding loan offered by banks as well as private lenders can be up to 6 years (the tenure depends from bank to bank). You can calculate an approximate of the EMI by choosing the parameters of your loan by clicking the Marriage Loan EMI calculator.
What are the documents you need?
- Proof of identity and proof of residence
- Income documents
- ITR, trade license and ownership of business
- Salary details
- You can check the detailed requirement of documents needed for a Marriage Personal Loans.
Importance of Indian Marriages Social Order
Weddings are an important milestone in Indian families. Hence; the occasion is celebrated in an elaborate manner spread over a number of days. There is bonhomie displayed all across family and friends; the only dear occasion where families and friends get together to renew friendships and relationships and also bless the marrying couple. Unlike in the western societies weddings in India attract huge attendance. Hence; parents have to put their best foot forward to make the guests feel at home.
Why Take Marriage Personal Loans?
We all know that Indian weddings are luxurious and lavish. Hence; for the sake of their kids, parents are happily accommodating the wishes of their kids. With all the new trends picking up like destination wedding, pre-photo shoot in abroad, wine and dine these are humongous expenditure where parents especially; the salaried ones have tough time to manage. Because these loans are unsecured and can be obtained with minimum formalities and less documentation, marriage personal loans have become blessings in disguise to those who are struggling for wedding money.
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