Weddings are generally once-in-a-lifetime, close-knit, personal affairs involving two individuals, their families and friends. Indian weddings involve months of planning and preparation, and are remarkable for their lavishness, grandeur, tradition, festivities, rituals and sumptuous cuisine. Because the families of the bride and the groom would pull out all the stops to make it one happy, perfect, and a memorable occasion to remember, one can not afford to falter as far as finances are concerned. But one must keep it in mind that a marriage loan is now an integral part of any wedding planner to allow the ease of finances.
A personal loan for marriage is not only available to the grooms and brides, but also to the parents and relatives for the wedding of their sons/daughters/relatives.
Without getting bogged down by the finances involved in meeting the manifold expenses of a wedding, you can avail of a marriage loan like the Bajaj Finserv Personal loan, which is available on Finserv MARKETS. This will ensure that you get complete peace of mind about the financial aspects of this memorable event.
Eligibility Criteria for a Marriage Loan:
As a personal loan for marriage is an unsecured loan, an applicant must fulfill certain eligibility norms to avail it. These comprise:
- Age: The salaried applicant’s age must range between 21 years and 58 years while the self-employed applicant’s age must range between 21 years and 65 years. One should check complete details for eligibility, including the fine print of the personal loan as some service providers/lenders have a minimum age criterion of 23 years instead of 21. Many service providers have the upper age limit upto 57 years only.
- Nature of Employment: Applicants must have a regular source of income to avail a marriage loan. You can be salaried, self-employed or a professional to apply for the loan. Salaried individuals should have been employed for a certain period of time with the current employer, besides a minimum number of years as total service period to avail the loan.
- Net Monthly Income and location of residence: Usually, applicants with a net monthly income between Rs.15,000 and Rs 25,000 are qualified to apply for a marriage loan. Along with the net monthly income, the location of applicant’s residence, be it urban, rural or semi-urban along has also to be provided. The type of residence, whether it is on rent, family-owned or self-owned is also a crucial factor for approval of the loan.
- CIBIL score: The higher the credit score, the better chance an applicant has to secure a marriage loan. Generally, the CIBIL score of 700 and above is enough to prove the applicant’s credit worthiness. Applicants with lower CIBIL scores may also manage to secure the loan, but only with a higher rate of interest.
- Loan Amount: An amount up to Rs 25 lakh can be availed as personal loan for marriage. The maximum loan amount, however, varies between different service providers. Generally, the loan amount is also contingent upon various factors like repayment capacity, income, CIBIL score and others.
As a part of the wedding planner to avail the loan, you can also check your eligibility for loan with the help of an online marriage loan eligibility calculator. The calculator also clarifies various aggregation of loan repayments and provides a calculation of interest to be paid.
Once you have decided to apply for a wedding loans, you should check your eligibility criteria for the Bajaj Finserv Personal loan. This provides a slew of benefits like instant approval and disbursal within just 24 hours. As a part of the wedding planner, you must know the four simple steps to apply for this personal loan, available on Finserv MARKETS:
- Step 1: Fill in your personal, financial and employment details.
- Step 2: Select the loan amount along with the tenor–ranging from 12 months to 60 months, as per your requirement–to get instant online approval.
- Step 3: Submit the requisite documents with the concerned representatives, who will then get in touch with you.
- Step 4: Receive the money in your bank account within 24 hours.
Bajaj Finserv Personal loan, available on Finserv MARKETS, allows you to avail several options like multiple withdrawals of the loan amount on a need basis, paying interest-only EMI during the initial loan period, and part payment of the principal amount without any hidden charges. Other benefits include flexible repayment facility and online access to keep track of repayment schedules, with minimal documentation and full transparency. There are pre-approved offers for existing customers too.
Get to know how marriage loans can help you manage your wedding expenses. You can also read about how to get a personal loan with low CIBIL score.
Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!