Big Fat Indian Wedding: How Personal Loan can help you?

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Big Fat Indian Wedding: How Personal Loan can help you?
Big Fat Indian Wedding: How Personal Loan can help you?

New Delhi : Marriages are an extremely glossy affair in India. Most of the Indians wish to spend a vast amount of money on weddings as they believe that it is a once-in-a-lifetime event and want it to be memorable. 

Interestingly, even the modest households wish to spend a lot, even if it means borrowing funds to manage the expenses. Your savings cannot come handy all the time as the costs can shoot up due to inflation and other associated factors. In such cases, a personal loan can act as a worthy saviour. Personal loans are quicker in terms of disbursement, involve lesser documentation and have a leaner process.

How do personal loans help in the big fat weddings in India?

Amount needed: You can avail personal loans for marriage upto Rs. 40 lakhs depending on your credit history and repayment ability. Such loans help in managing the entire wedding expenses or a part of the costs depending on your situation.

Application process: Financial institutions have made the application process for personal loans incredibly easier. One can use a personal loan EMI calculator to assess the needs and then make a decision with regards to the loan amount. You can also use call centres and door-door service offered by lenders to apply for a personal loan for a wedding.

Faster disbursement: As mentioned before, if you qualify for the personal loan, submit appropriate documents, the loan can get disbursed faster to you.

Flexibility in tenure & repayment: Most of the times, lenders are flexible in the tenure of personal loans. They are ready to customize the loans as per the requirement of the borrowers. Such actions can make things comfortable when you are assessing the repayment options. Also, you have the opportunity to foreclose your loans before the loan closure date.

How do you qualify for a personal loan for a marriage?

You must be an Indian citizen.

You must be self-employed/salaried doctor/employee of public and private limited companies. 

Your age must be a minimum of 21 years.

You need to have a maximum age of 60 years at the time of maturity of the personal loan.

Your monthly income must be minimum Rs.15,000

How should you prepare for a successful loan dispersal process?

Assess your requirements: It all depends on how much funds you need to cover the entire marriage expenses. You also don’t want to burden yourself with huge loans and have a problematic repayment period. Hence you might want to sit and plan your loan requirements well. 

Research well: Although there are a plethora of options available in the market, you need to find a financial partner who might go well as per your specifications. A right financial institution will be real flexible during the entire process of personal loan for a wedding

Have a good credit score: Possessing a high credit score gains the confidence of lenders and can make the entire process hassle-free for you. If your score is low, you need to revisit your repayment process of earlier dues and take care of them.

Use personal loan EMI calculator: You can use this online option to know your interest rate percentage, monthly EMI, interest amount and tenure before applying for a personal loan which will help you plan your repayment period. 

The documentation and additional charges: Knowing all about the documentation needed like your bank statement, your salary details, your proof of residence and office, and so on is essential. Most of these documentations are common when it comes to loans. Lenders levy processing fees, foreclosure charges and other charges which come along with the repayment amount. 

Conclusion: Personal loans are best if you plan them well and comply with the associated rules and regulations.