Why Are Wedding Loans The Best Way To Finance Your Marriage?

Your wedding day is one of the most special days of your life. As excited as you may be to celebrate this day with pomp and grandeur, Indian weddings come with hefty bills. Moreover, last-minute hassles regarding guests, your caterer or the florist cannot be predicted, and can add to your expenses. To provide for every wedding expense and host a ceremony that you, your families, relatives, and friends will remember for the time to come, avail a wedding loan.

A wedding loan is nothing but a personal loan for wedding that is offered by lenders to help you pull off your fairy tale wedding without any financial stress. This is an unsecured loan that doesn’t require any collateral, so you don’t have to risk a valuable asset for funds. Read on to find answers to common questions related to personal loan for wedding.

Can I Get a Personal Loan For My Wedding?

You can get a personal loan for wedding expenses if you meet the marriage loan eligibility criteria as required by the lender. The wedding loan eligibility criteria vary across lenders, but following are the extremely important ones:

• You should have a regular source of income.
• You should have a minimum credit score of 750 or more.

These criteria measure your ability to repay the loan and reassure the lender about your credibility. So, check your chosen lender’s wedding loan eligibility before applying for a loan and work on any shortcomings to increase your approval chances.

In addition to this, you also need to submit certain documentation to apply for a wedding loan. These are income proof, address proof, and other KYC documents. If you manage to submit all the required documents in a single go, you can hasten the approval.

How Can I Apply For a Marriage Loan?

Following are simple steps to apply for a wedding loan and enjoy a quick approval.

• Evaluate the funds required to host your wedding. Consider every possible expense and keep in mind the most important ones like wedding venue booking cost, catering, and trousseau. Also include gifts to loved ones, room booking, and ticket expenses in case you are planning a lavish ceremony. Don’t forget to account for emergencies. Add all these to arrive at a total cost. This will be your loan amount. Next, calculate your EMIs so that you don’t have to overstep your budget and compromise on other expenses. Use an online personal loan EMI calculator to reach a desirable amount by tweaking your loan amount, tenor, and interest rate.
   
• Finally, approach your preferred lender and negotiate the terms of your loan. Once you are satisfied, you can go ahead and apply for a loan either online or offline.
   
• Now, scout for wedding loans offered by various lenders. Compare their personal loan interest rates and loan repayment features to choose the one that suits you the best. Bajaj Finserv offers high-value personal loans of up to Rs.25 lakh at affordable interest rates. This way, you can cover all your wedding expenses comfortably. Since wedding expenses cannot be predicted to the last rupee, you can avail this loan on flexi terms. With a Flexi Loan, you can withdraw multiple times from your sanction as and when an expense arises, in parts. Here interest is charged only on the amount you utilise and not your entire sanction. Further, you can make part-prepayments towards your withdrawals throughout the tenor. Moreover, you can also choose to repay the loan via interest-only EMIs and principal at the end of the tenor to manage your cash flow better.

What Are The Benefits of Taking a Personal Loan For My Wedding?

You have various advantages at your fingertips by choosing this loan to finance your wedding like:

• No need to risk any collateral to access funds
• Ample loan amount to finance your dream wedding
• Easy online application and fast approval so you can focus on the wedding
• Quick disbursal of funds in 24 hours to start booking wedding venues
• Flexi personal loan allows more flexibility in withdrawing and helps you save more
• Convenient repayment tenor from 12 to 60 months so that there’s no stress even after the wedding
• Online account management so you can check your loan account on the go

To view your customised deal and enjoy instant approval loan for your wedding, check your pre-approved personal loan offer by submitting simple details like your name and contact number. This will allow you to enjoy a hassle-free 1-click application and instant approval.