Weddings can be expensive in India. It is a week-long affair where hundreds and thousands of people gather to bless the bride and groom. From booking the venue to the theme of the wedding, catering, decoration, designer clothes, photoshoot, and whatnot, it can take a toll on your finances. On top of everything, a wedding these days are difficult to organize without professional help, thanks to Bollywood. That means you may also need to hire a wedding planner who will take care of everything. All in all, weddings are not cheap. And if you are planning a wedding, you will need surplus cash in hand. While you may have a lot for the big day, sometimes it is not enough to cover the expenses.
But there is no need to worry as you can easily avail a wedding loan fund the wedding. Don’t let money be a constrain when planning your dream wedding. With a personal loan for a wedding, you will be able to choose the finest venue, have the most beautiful outfits for the entire family, hire the best caterers in town, and ensure that people remember the wedding for years to come.
In this post, we will discuss the ways using which you can get a personal loan online for a dream wedding.
Let’s get started.
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Personal Loan for Wedding – what do you need to know?
Since a personal loan is an unsecured loan, the interest rate associated with your loan will be quite higher. On the other hand, wedding loan amounts are generally higher, so the lender may charge less interest on the loan. You can get a wedding loan based on your credit score and limit. You can get a loan of up to INR 25 lakhs or more to take care of the wedding expenses. It is all about finding the right lender. The majority of the lenders offer personal loans that can be utilized for meeting your wedding expenses. The key features of a wedding loan are as follows:
- Collateral-free loans with no collateral or security required
- Can be easily availed online
- The option of flexible EMIs
- The loan tenure may range from 1 year to 5 years
- The interest rate ranges from 10% to 19%
Before you avail the loan, use a personal loan interest calculator to check your eligibility.
Eligibility Criteria
Your eligibility for a wedding loan online will depend on numerous factors. It can differ from applicant to applicant.
- The applicant must be at least 21 years of age, and the maximum age should not exceed 58 years
- Both salaried and self-employed individuals can apply for the loan online
- The minimum income criteria for a wedding loan are INR 15,000.
- Your credit score should be over 700 to avail the best interest rate options
Documents Required
For the application of a loan, you will have to upload a scanned copy of your documents to the lender’s portal. These documents will be verified, and the lender will send a representative to your address to check whether you have provided the right information. Some necessary documents include:
- A valid ID proof, such as the Voters ID, PAN card, Passport, or driving license, etc.
- A valid address proof, such as a passport, utility bills, etc.
- Proof of age like PAN card, birth certificate.
Applying for the Loan Online
Simply visit the lender’s website, log into the account and fill in the details like your name, address, phone, income, and any other details
- Next, you will have to submit the documents
- The lender will verify your details, and if they find you as a promising candidate, they will contact you regarding the loan.
- If sanctioned, the lender will send you a letter regarding the approval of the loan
Always choose a trusted lending platform to ensure credibility and flexible tenure and interest rate.
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