All You Need To Know About Marriage Loans

All You Need To Know About Marriage Loans

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 If you are currently in the process of planning a wedding, you are likely to enjoy the endless food samples and making difficult decisions like whether to have a chaat counter or a candy station at the reception. However, planning a wedding is not just about food counters and decoration, arranging the finances for the wedding can be stressful too. On the other hand, weddings are the time of joy and celebration, so don’t let the lack of funds stop you from planning your dream wedding. A personal loan for marriage can help resolve all your wedding related financial woes. Right from the cost of the venue, and catering to accommodation for the guests and the décor, a wedding loan will help you fund it all. However, before you apply for a loan, it’s important to be aware of all the important aspects of a wedding loan. So here’s all you need to know about wedding loans:-

 

What Is a Wedding Loan?

A wedding loan or marriage loan is nothing but a personal loan which can be availed to pay for all the expenses related to a wedding. Since it is a personal loan, it does not require any collateral and can be repaid conveniently in monthly instalments. Personal loans generally have a fixed rate of interest and most lenders allow pre-payment of the loan. However, pre-payment may come with a small fee depending on the lender’s terms and conditions. So it’s important to read through the loan documents carefully before signing up.

 

Who Should Consider a Personal Loan for Their Wedding?

personal loan is apt for those who have already budgeted to pay for their wedding expenses, but just don’t have immediate funds to pay the slew of bills at once. Maybe your parents promised to send you some money next month to help you with the wedding expenses, but your favourite wedding photographer may immediately need it or else, he may end up not clicking you. If you have already have a sound financial plan to pay for the wedding and you just need to bridge the gap in time, then a personal loan for your wedding might be perfect for you.

However, if you haven’t figured how to pay off the loan, but you really want to buy an Armani suit or a Sabyasachi lehenga, you might want to think twice before signing the dotted line for a personal loan. The last thing you want to do is begin your married life knee-deep in debt that you won’t be able to pay back. So make sure to keep the expenses within your means even if you choose to take a personal loan for your wedding.

 

Eligibility Criteria and Documents Required For Wedding Loan

You will need to submit the following documents to avail a wedding loan:-

  1. Government ID – You will need to submit government-issued IDs such as Passport, Voter’s ID, driver’s license or PAN Card to attest to the fact that you are an Indian citizen.

  2. Salary slips and bank statements – These are essential as they reflect your financial ability to repay the loan on time.

  3. Employee ID card- This document validates your employment status.

  4. Electricity bill or phone bill - These act as the proof of address.

 

Benefits of Taking a Bajaj Finserv Personal Loan for Marriage

Bajaj Finserv Personal loans offer plenty of benefits, which makes it an ideal choice for a wedding loan. Here are the most important benefits of taking a Bajaj Finserv Personal Loan for marriage:-

 

Get cash in the bank account within 24 hours – Once your loan application is approved, the amount will be disbursed within 24 hours. Hence, a personal loan for a wedding is a great option when you need funds on an urgent basis. What’s more, the online application on Finserv Markets for the loan can be completed within a matter of a few minutes. Hence, the online application gives you freedom from the hassle of visiting bank branches and standing in queues. The online application on Finserv Markets includes

  • Checking your personal loan eligibility

  • Filling the online application form

  • Providing the required documents online

  • Instant approval and disbursal of loan amount

Secure loan up to Rs.25 lakh – With Bajaj Finserv Personal Loans, you can get up to Rs 25 Lakhs to fund your wedding expenses. Moreover, you are completely free to use the loan amount as per your requirement. There are no restrictions. Whether you want to plan a destination wedding in Bali or buy diamond jewellery, a Bajaj Finserv Personal Loan can help you plan the wedding of your dreams.

Avail Flexi Personal Loan for unplanned expenses – You can arrange quick funds for unplanned expenses with a convenient line of credit offered by the Hybrid Flexi Personal Loan. With this loan facility, you get the required funds via a credit line for a chosen tenure. This credit line lets you withdraw money as and when you require. Another unique benefit of the Flexi personal loan is that you only have to pay the interest over the amount that you actually use. Moreover, your EMI will only include the interest component, which will help you manage your monthly cash flow with ease. The principal amount can be paid back at the end of the loan tenure. If you wish, you can even convert the line of credit into a term loan anytime during the loan tenure.

Get online account access – Once you have applied for the loan, you can log on to the Bajaj Finserv website to manage your online loan account. By logging in, you can get instant access to all important loan details such as interest statement and loan balance. This will help you keep a track of your debt easily.

As you can see, the benefits of taking a personal loan for wedding expenses are plenty. So don’t think twice, apply for a Bajaj Finserv Marriage Loan to finance your dream wedding. What’s more, by choosing Bajaj Finserv Personal loans, you get additional benefits like flexible repayments, Interest Only EMI in the initial stages and much more. To apply or know more about Bajaj Finserv Personal Loan, visit Finserv Markets.

Finserv Markets, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment, and exclusive EMI store, all under one roof- anytime, anywhere!