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.
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.