ding is always a precious memory. For the people getting married and their loved ones, this day is indeed one of which is worth celebrating. However, a grand celebration necessarily means a considerable list of expenses.
It is in a situation such as this that a Wedding Loan can prove too helpful.
Why You May Need One?
Certainly, it is natural to want to indulge and make the wedding better in some way or the other, be it the venue, party, food, clothes, decor and so on. Moreover, if you decide to go for a theme wedding or a destination wedding, the associated cost will be a lot more.
Note that you have to also account for expenses that can come after the wedding. Such as for the honeymoon, furniture for a new house, and so on.
Benefits of Personal Loans
When it comes to a Personal Loan , the Eligibility criteria can be simpler. Any person earning a salary of around INR 18,000 or more can be eligible for a loan. Moreover, you could also jointly apply for a loan with your spouse or parents. A parent can also take a loan against their pension for their child’s wedding. Notably, till the age of 70, senior citizens can take loans of up to INR 5 lakhs.
You can apply for a Personal Loan in various financial institutions. Certain non-banking financial institutions even offer a Personal Loan of INR 25 lakhs. Herein the loan approval can be completed in a 5-minute online process, with a 72 hours turnaround period.
Note that the documentation process for a Personal Loan will differ for a salaried person v/s a self-employed person. Some of the documents required may include salary slips, bank account statements, proof of employment, identity, and address proof.
Things to Keep in Mind
Most importantly, you should be clear on how much of a loan you can afford. Remember that the loan EMIs will have to be paid every month. Hence decide beforehand on the EMI and corresponding loan tenor you are comfortable with.
Notably, certain financial institutions even provide pre-approved Personal Loan offers to their existing customers. Moreover, they also give a line of credit facility. As per this, the borrower is given a pre-approved loan that can be taken when he/she needs it. And the interest is payable only on the utilized amount.
Aman is working in the domain of Investment management in one of the top universities. He has published research papers and case studies in Investment and Fixed Deposit marketplace. He is an avid blogger in the domain of Investment management. you can also find him on social networking platforms.