Everything You Need to Know about a Personal Loan for Wedding

Everything You Need to Know about Wedding Loan

Loan Upto 30 lacs | Flexible Repayment | Quick Disbursal
09 Sept 2020
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Introduction

A wedding is one of the biggest celebrations in a family and involves a series of customs, rituals, and ceremonies. Usually, when you start planning a wedding, you first start by looking for an excellent venue to go with the wedding theme. A lavish place might cost a bomb, but you also have the option to take a marriage loan and cover all the expenses related to the decoration, lightings, and entertainment, etc. Needless to say that the entire affair is immensely cost-oriented and there must be liquid cash available with you to meet immediate expenses. There are many banks in India which even offer customized marriage loans.

Personal Loan Eligibility

The following are the personal loan eligibility criteria that are provided by every lender:

● Credit Score:

Credit score of the borrower plays a significant role in determining loan eligibility. It usually ranges from 300 to 900. A credit score which is higher than 750, is considered healthy and can make you eligible for best offers on the loan amount.

● Age:

 Lending institutions provide loans to borrowers in the age group of 21 to 60 years.

● Income:

Income stability plays an important role, which is why lenders require salary slips and the latest bank statements as a part of the documentation process.

● Employer’s Reputation:

Lenders look at the company profile to check with the borrower's steady income and job stability.

● Existing Monthly Obligations:

The lender will compare your income to your monthly obligations. This includes credit card payments and EMI payments of other investments.

Documents Required for Salaried Individuals

●  Proof of Residence: Rent Agreement / Utility Bill (not more than 3 months old) / Passport

●  Proof of Identity: Passport / Driving License / Voters ID

● PAN Card

● Latest three months Bank Statement

● Salary slips for last three months

● Two passport size photographs

Documents Required for Self- employed Individuals

● PAN Card

● KYC Documents like a Proof of Identity; Address proof; DOB proof

● Proof of Residence such as Leave and License Agreement / Utility Bill / Passport

● Income proof (audited financials for the last two years)

● Latest six months Bank statement

● Office address proof

●  Proof of residence or office ownership

●  Proof of continuity of business

Benefits of Taking a Loan for a Wedding

1. Instant Funds Disbursal

With a wedding loan, you will have access to the loan amount within 24 hours of loan approval. Opting for a loan is the ideal way to address all your urgent financial needs. You can complete the online form and have your loan approved within minutes. This also means that you are free from the hassle of visiting the branch and standing in queues.

2. Personal Loan Limit

Financing your wedding can be more comfortable just by taking a single loan. Several banks and lending institutions offer a higher loan limit; you can easily use the amount to pay for the entire wedding expense. Moreover, you have complete freedom on using the loan amount. Be it for funding a destination wedding or for purchasing jewellery and dresses, use an online loan to support your needs.

3. Online Account Access

Once you have applied and received the loan amount, you can log on to the vendor’s website to manage your loan. You have the provision to view all essential loan details such as balance and interest statements. To get your loan details to sign in to your account with your user ID and password.

4. Flexi Personal Loan

A Flexi Personal loan facility offers a convenient line of credit option for unplanned expenses. You can withdraw money from a Flexi personal loan as per your requirements. You are required to pay interest only on the withdrawn amount. Further, your loan EMI comprises only your interest component, this will help manage your finances with ease. You can pay off the principal at the end of the tenor and even convert the line of credit into a term loan any time during the tenor. By opting for a Flexi Loan, you can take care of all your financial needs with ease.

When you apply for a Bajaj Finserv Personal Loan at Finserv MARKETS, you can enjoy the benefits of a flexible loan tenor, online account access and pre-approved offers. Whether you want to plan your travel or wedding, a personal loan will help you finance all the expenses. Your loan gets approved within minutes, and the loan amount gets disbursed in your bank account within 24 hours! With a Finserv MARKETS App you also get complete access to a loan EMI calculator where you can easily calculate your monthly instalments that need to be paid even before you apply for a loan.

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.