Thursday, November 30, 2023

How To Get Personal Loans to Cover Wedding Cost?


Getting married is one of the happiest occasions in anyone’s life, but it is undoubtedly expensive. Indian weddings are celebrated best with the extended family, kith, and kin. It involves multiple-day extravaganzas with elaborate rituals and ceremonies. These celebrations can very easily add to lakhs of rupees and overstep the budget within no time. The ongoing expenses towards wearing the best dresses, the best decoration, and jewellery can prove expensive. But, what can you do if you don’t want to spend your parent’s savings on your wedding? The simplest option is to finance your wedding by opting for a personal loan for marriage.

What Is a Wedding Loan?

A personal wedding loan is a low-interest loan to manage wedding-related expenditures. It is an unsecured loan without any collateral, and like the other loans, you can opt to pay vide EMIs based calculated basis of your loan tenure. Your EMI consists of the principal amount and interest component. To increase your wedding loan approval chances, make sure you know everything about personal loan eligibility, approval, and application process well.

What Should You Know About Wedding Loans?

If you want to take a personal loan for your wedding, here are some features to take care of.
  • Interest rates charged on marriage loans depend on credit score, income, loan tenure, and loan amount applied.
  • You can get a personal loan for marriage for up to 5 lakhs with minimal documentation requirements.
  • A personal loan for marriage is unsecured and doesn’t need collateral security. This is why the processing is quick and hassle-free.
  • You can easily apply for a personal loan online without leaving the comfort of your home.
  • The instant loan eligibility requires the applicant to be between 21 and 55 years with a minimum salary of INR 15000 in tier 2 cities and INR 18000 in metro cities. However, the loan approval decision stays with the lender and may be considered case basis.
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Advantages of Using a Personal Loan for Marriage

  • Instant disbursal: The funds are transferred to your bank account within 24-72 hours after submitting your documents and required data. Hence, you don’t have to put any of the preparations on hold because of funds.
  • No limitations on funds usage: You can use the money for any expense related to the wedding.
  • Flexible time and EMI: At Early Salary, you can choose marriage loan tenure and EMI options without putting any stress on your finances.
  • Easy interest rates: Banks offer appealing interest rates which doesn’t add to your loan burden.
  • Enjoy your dream wedding: With no financial limitations, you can have the wedding of your dreams.
  • Avoid credit card debt: Compared to credit card interest rates, personal loans are much lower.
You should only apply for a wedding loan when you are sure to pay it off within a defined period. The objective of taking a personal loan for a wedding is to take a small debt for your wedding to enjoy successful financial planning in the long term.

How To Get a Loan to Cover Your Marriage?

Planning to finance your marriage may appear simple and affordable in today’s time. Here are the simplest options to get a wedding loan:

Choose an Online Loan

You can pick a personal loan for marriage online. Make a market comparison of the different lenders and their offerings and choose a feasible lender. Online loan availability gives you ample time to prepare for the wedding. You can get instant approval online and start planning for your wedding.
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Choose Pre-Approved Offers

To spend more time on your wedding preparation, you can look for the pre-approved offers you get. If you have a good credit score and experience with the loan, you can opt for pre-approved offers from reliable lenders. It reduces the paperwork and helps you focus on your wedding.

Opt for an Unsecured Loan

If you want to get a loan online quickly, you should choose an unsecured loan. Consider taking a loan that doesn’t need any collateral. Submitting security involves risking an asset and a lot of paperwork which may divert your focus from your special day.

Pick a Lender with Convenient Eligibility, Terms, and Interest Rates

Always choose a lender whose eligibility criteria are simple. If a lender has set an eligibility parameter like age, salary, CIBIL score, and more, your loan application may be rejected if you don’t meet that. Hence, always look for a lender with a simple and speedy approval method. Use a personal loan EMI calculator to calculate your monthly EMIs so that your budget isn’t strained. With an Early Salary, you can get a loan of up to 5 lakh and enjoy an interest rate of INR 9 per day. It will help you efficiently meet your commitments after marriage and quickly repay the loan amount without additional charges.
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