We all want to make our Wedding or Marriage is a truly memorable occasion. The weddings are becoming increasingly expensive, and the pressure for parents to hold a lavish so for this have Marriage Loan or Wedding Loan, glamorous wedding is building up continuously. But, sometimes wedding expenditures overshoot the budget, which is why people should consider taking a wedding loan.
What is a Marriage Loan?
Personal loans today can be availed for a wide range of end uses and can be customised as wedding loans, home renovation loans, holiday loans etc. A personal loan devoted to wedding expenses is known as a marriage loan.
This loan is designed to meet your wedding expenses such as expenditure on branded outfits, jewelry shopping, wedding invitations, the best caterers, the finest venue etc.
Most banks and Non-Banking Finance Companies (NBFCs) are offering marriage loans under the bracket of personal loans. You can check and compare the interest rates across all banks.
Who can avail of a Marriage Loan?
- Age Limit
- Monthly Income
- Employment Status
- Good Credit Score
Age Limit: Anyone within the age limit of 21-58 years can apply for a marriage loan
Monthly Income: Anyone with a minimum salary of 15k can apply for a marriage loan. However, it depends on various factors such as age, current city, company etc.
Employment Status: Any employed person and self-employed individual alike who is drawing regular income for at least the past 2 years is eligible to apply for a marriage loan. He or she must be getting regular income from the current employer or current business for the last 1 year.
Good Credit Store: CIBIL score is an important factor to get your loan application approved. A good credit score ranges from 750 to 900.
All banks have their own set of criteria with respect to credit score, age, income etc.and it may vary from bank to bank.
Why should you get a Marriage Loan?
Instant approval: In most cases, loans are approved within 48 hours of application. Once loans are approved, banks disburse the money within 2 working days.
Flexible Repayment Tenures: You have the flexibility to choose your repayment cycle. Loan repayment tenures range from 12 to 60 months.
No guarantor required: Personal loans are approved without any collateral and guarantor, which means you are not required to provide any security against the loan amount.
It is very easy to acquire a wedding loan – you just need to have a Good CIBIL score. You should check and compare rate of interest rates, documentation charges and tenure to get the best deal.