If you want to buy a home, you can apply for a home loan. Similarly, there is a car loan if you need to borrow money to buy a car. However, if you start looking for a loan to bear the expenses of a wedding, you may find loans termed ‘marriage loans’ on the websites of banks, NBFCs and private lenders. A marriage loan or a wedding loan is essentially a personal loan that you can choose to meet all your wedding-related expenses. After you have determined your personal loan eligibility and used a personal loan interest rate calculator to establish the right tenor, you can easily avail yourself of a wedding loan.
Pros and Cons of a Wedding Loan
While you may have your heart set on having the wedding of your dreams, it is important to ask yourself one thing — ‘Do I want to start my married life with a debt?’. But a wedding loan is not necessarily a bad thing.
Here are 4 reasons why availing yourself of a wedding loan can help
Like any other loan product, a wedding loan also comes with its share of cons.
Here are 3 cons of availing yourself of a personal loan for your wedding:
3 factors that affect your eligibility for a Wedding Loan
If you want to qualify for a wedding loan aka personal loan, it is important that you match the personal loan eligibility criteria set by the lender. Here are the three main factors that affect your eligibility for a wedding loan:
If you are short on funds to meet your wedding expenses, availing yourself of a personal loan or a marriage loan is the logical choice. You should apply for a wedding loan only after comparing the interest rates and other charges levied by different lenders. Some important factors that will help you choose a lender include the maximum loan amount offered, applicable interest rate, loan tenure, auto-debit discount, prepayment charges and foreclosure facility. If you are planning your wedding soon, be sure to check out the best marriage loan offers from Bajaj Finserv. On meeting the simple eligibility criteria set by the lender, you can get a high-value loan amount.
Disclaimer: This content is distributed by Bajaj Finance Ltd. No TNIE Group journalist is involved in the creation of this content.