A wedding is one of the most important moments of one’s life. Indian weddings are a grand affair, which go on for a number of days. You would love to have multiple functions such as Sangeet, Mehendi, Bachelor’s or Spinster’s Party etc. at a beautiful location of your choice.
There are a multitude of attractive options available for every kind of wedding, be it amidst the serene surroundings of a beach or the royal aura of a palace. Organizing any wedding definitely involves spending a lot of money. It has become really common to spend a sizeable amount of money on weddings. No matter how much you have saved over the years, there are always unplanned expenses that come by. In such scenarios, you can consider taking a marriage loan.
Here we take you through the important details of what a marriage loan is and how it is useful for you.
What is a Marriage Loan?
A Marriage loan or a wedding loan is nothing but a personal loan for the purpose of marriage. This is an unsecured loan. Hence you do not have to keep any collateral with the lender. Your credit score and income are the important parameters for loan approval.
Where can you get A Marriage Loan?
You can avail a marriage loan from any Bank or NBFC which is providing it.
How Does a Marriage Loan Work?
A Marriage loan helps you manage the costs involved in organizing a wedding. From booking the venue to catering, jewelry, and even the honeymoon, all these expenses can be managed by availing a wedding loan. You can avail a wedding loan for a maximum amount of Rs 15 Lakhs. You do not need to pledge any collateral hence the application process is faster.
How Much Time Does It Take To Avail a Marriage Loan?
The process to avail a marriage loan is faster and simpler nowadays. Banks and NBFCs are now providing marriage loans online through their website or the mobile application. This reduces the time spent on visiting branches and meeting the lender in person.
Advantages of Availing a Marriage Loan
- A marriage loan lets you organize your dream wedding
- Choose the best venue at your preferred destination
- Hassle free online application process
- Minimal Documentation
- Get competitive interest rates from lenders
- Get money disbursed into your account in minutes
- Repay the loan with a flexible tenure
How is the Marriage Loan Money Disbursed?
Once you apply for a personal loan for marriage, the loan is approved in minutes and the money is disbursed into your bank account soon after.
How Can You Repay the Loan?
You can repay the loan for marriage by choosing a tenure which suits your repayment capacity. You can decide on how much you can pay for the monthly EMI by calculating it beforehand by using the personal loan EMI calculator.
A wedding loan helps you to enjoy the best day of your life without any stress. It takes care of the finances required for the event. This way you can happily start a new life with your partner without any worry of finances.