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Weddings in India are a long and expensive affair involving many customs and rituals. What’s interesting is that throughout these wedding preparations, Indian people do not like to hold back from spending on jewellery, dresses, shagun, gifts, etc. But to host such a lavish wedding, you require enough financing to ensure that things proceed smoothly.
By availing a personal loan for marriage, you don’t have to blow up all your personal savings solely on the wedding expenses. Nowadays, several banks offer personal loans for weddings with flexible loan tenures. Thus, you can focus on planning your dream wedding and repay the loan as per your convenience. However, if you’re availing a personal loan for the very first time, it is important to consider a few things.
Points to Consider When Availing a Personal Loan for Marriage
Have additional savings:
Even if you plan on availing a marriage loan, it is best to not be entirely dependent on it. Investing some of your own money will help reduce the load of EMIs.
Avoid overspending:
Having access to a loan might tempt you to spend more than your expected budget. However, it is always good to analyze your spending and cut down on unnecessary costs wherever possible.
Look for better interest rates:
Look for lenders that have flexible loan terms, interest rates, and eligibility criteria. You can also make use of a personal loan eligibility calculator to make sure you are eligible to get better interest rates.
Choose your lender wisely:
When you look for lenders do not opt for the first option you come across. Conduct your research and settle on a lender that can offer you a loan as per your requirements and repayment capabilities.
Get Information about documents required for personal loan
Marriage Loan Eligibility Criteria
To be eligible, the borrower must be between the ages of 21 and 65.
The applicant’s net monthly income must be at least between Rs. 15,000-Rs. 25,000.
A work experience of at least 2 years is required to be eligible.
Documents Required for Marriage Loan
Identity Proof: Aadhaar/PAN Card/Voters ID/Passport /Driving License
Address Proof: Driving License/Passport/Aadhaar/Electricity Bill
The salaried applicant’s bank statements or salary slips for the last 6 months
Self-employed applicants must submit Income Tax Returns for the last 2 years
Personal Loan EMI Calculator
A personal loan EMI calculator helps you get the estimate on your monthly EMI outgo towards a loan. To get your result, you just need to fill in certain details such as the personal loan amount required, rate of interest, and set a repayment tenure per your convenience to get the EMI amount.
The formula required to calculate the loan EMI is E=P*r*(1+r)^n/((1+r)^n-1)
Where ‘E’ stands for EMI,
‘P’ stands for a principal loan amount,
‘r’ is the interest rate calculated every month towards the loan,
and ‘n’ stands for the tenor/duration of the loan.
Online Loan Application Procedure
Given below are the steps to apply for a personal loan for marriage.
Step 1: Visit the lender’s online portal.
Step 2: Fill in the required personal and professional details.
Step 3: Choose the required loan amount and the repayment tenure you find convenient.
Step 4: Once approved, submit the loan documents, which will be verified by the lender.
Step 5: Post verification, the loan will be credited to your bank account within 24 hours.
Now, your financial shortcomings won’t come in the way of your special day. A marriage loan can help you to overcome any financial stress during your wedding. By opting for a personal loan for marriage at Finserv MARKETS, you can avail a loan of up to Rs. 25 lakh so that you don’t have to compromise on any of your wedding plans. At Finserv MARKETS, the repayment tenure on a personal loan is quite flexible and lasts from 12 to 60 months.
Also read about balance transfer on personal loan
The online application process for personal loans is simple with minimal paperwork required for verification. By applying for a personal loan for marriage with the Finserv MARKETS app, you can track your loan status and even get instant approvals. You can even make use of pre-approved offers and added services such as the free CIBIL score check and the Financial Health Check Report (FCHR) to gain insight on your current credit standing.
“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.”
