Have a wedding as you want with a personal loanA wedding is once in a lifetime occasion and everyone wishes it to be perfect as a fairytale wedding. Besides this, it’s a fact that the planning for such a wedding is intense pressure for the planners. As there are many things to be taken care of especially at an Indian wedding, from budgeting, gifts to the catering, etc. and to meet all these personal loan for weddings can be perfect. Finding a soul mate may be free, but getting married to the person can be an expensive affair to do.
So, if you also want a destination wedding or a big one, falling short of funds then a personal loan can be perfect for you. To know more about a personal loan for a wedding keep on reading.
A wedding personal loan can help to turn the wedding into a dream wedding. You can get a personal loan for a wedding at a low-interest rate to pay off whatever the expenses you want to. It’s a collateral-free loan, which means a borrower doesn’t have to put anything as collateral to take the loan. Like any other loan, it is paid back through the monthly EMIs over the given period.
Following are some essential reasons for availing of a wedding personal loan:
1. It is Pocket-friendly
Nowadays a personal loan has become more affordable; usually starts at 10.90% p.a.
2. Simple and quick online Loan Processing
Every lender offers online loan processing, the end to end loan processing is online. This has facilitated the loan seekers in a great way to access a personal loan. The online processing only requires to fill up the details and upload the required documents at the comfort of your home.
3. The flexibility of Loan Tenure
The money need can be of a small or large amount so if you need financial support, then the lenders offer you an option to choose a personal loan of a small amount. You can easily repay the loan amount as you want in the range of 12 months to 60 months. As many lenders offer great flexibility in the repayment tenure, which results in the liberty of choosing the loan tenure lies entirely in the borrower's hands.
Advantages of a Personal Loan for a wedding
- Easy to use Online Portals
Personal Loan online procedure is so efficiently developed and designed that even the first-time loan applicant can easily use it. Or if he/she has any queries, they can easily contact the customer support team.
One of the difficulties in personal loan processing is documentation. But the online loan processing has considerably reduced the inconvenience as well. As it only requires a smaller number of documents like the ID proof, proof of residency, and income proof.
A personal loan is collateral-free which means a borrower doesn’t require anything against the loan amount to avail it. And this is one of its best features and also one point that attracts most of the borrowers.
Various factors determine personal loan interest rates:
- Loan Repayment Tenure: This is a significant factor that determines the rate of interest. The shorter the loan repayment tenure the higher the rate of interest on a personal loan and vice versa. EMIs (Equated Monthly Installments) is the constant payment made to the loan lenders to repay the loan amount in the given period.
- Income Level: There are high chances that a person with higher incomes may get offers of personal loans with a low rate of interest.
- Credit Score: All lenders keep the CIBIL score as one of the important grounds to judge the loan seeker capability of repaying the loan amount. If a lender found the applicant default on any loan repayment there are chances that the lender may reject the loan application or offer a high rate of interest on a personal loan.
Personal loans for self-employed every lender has some rules and conditions applied to the approval of a personal loan. Below are some of the tips that may help a self- employed to fix a great personal loan deal.
- Maintain the financial records
Make sure that you clearly and meticulously maintain your account books. The personal loan lenders go through the credit or financial history, before approving the loan amount. Hence, it will be in your favor to maintain all necessary documents like business proof, bank statements, income tax returns, etc.
A guarantor can help you to boasts a high credit score. Doing this will largely increase the chances of getting quick loan approval. But remember that if in case you default on the payments, it will adversely impact both your and the guarantor’s credit history.
Common eligibility criteria for Personal Loan for Wedding
- Applicants who are employed age should be between 21 to 60 years.
- The self-employed applicant's age should be between 25 to 65 years.
- You have the working experience of at least 3 months in the current organization and have previous working experience also
- An applicant should have minimum net monthly income of Rs. 20,000.
Documents Required for Wedding Loan
For Salaried Class –
- Identity Proof - Aadhaar Card /Voters ID/Passport/Driving License /PAN Card
- Residential Proof - Leave and License Agreement/Utility Bill (maximum three months old)/Passport
- Income Proof – Last 3 months’ salary slips along with the bank statement
- Photographs - Two passport size
For Self-employed-
- Address Proof
- Residence Proof - Utility bill (should not be more than three months old), and a copy of your passport if, you own one.
- Income Proof – ITR for the last 1 year
- Office Address Proof – Address proof of the organization along with the email ID and phone number
Conclusion
A personal loan for a wedding can be a big support to meet wedding expenses. So, what are you waiting for? Get a personal loan at low interest and have a wedding as you want.
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