Your dream wedding is not just a celebration of love; it’s a beautiful journey filled with cherished moments and unforgettable experiences. Cherish every moment of your dream wedding with a personal loan. Let financial worries fade away as you embrace the magic of this once-in-a-lifetime event, creating memories that will last a lifetime.
Nonetheless, you can now materialise that fancy dreamy wedding, with all festivities and occasions celebrated with pomp and show with the help of marriage loans. Using these loans, you won’t need to dip into your savings, break investments, or rely on borrowing from friends or relatives. Instead, you can focus on crafting the perfect wedding, filled with love and joy, while our personalised loan solutions cater to your financial needs.
Why Should You Get a Personal Loan for a Wedding?
Weddings revolve around expensive attires, sumptuous cuisines, world-class décor, and several different occasions lined up one after the other. You may have a contingency to fulfil one or two of them conveniently, but taking a personal loan would be the best option to make it an extravagant affair and celebrate all festivities with zeal.
Below are the benefits of getting a personal loan for your wedding:
-
Easy eligibility and documentation
You should be able to show a steady income and employment, and your age should be between 21 – 58 to be eligible for a marriage loan. The documentation process includes the submission of KYC documents, income, and financial documents online while filling out the application
-
Easy application and quick disbursal
Personal Loans for Marriage can be applied for online by submitting details from anywhere and anytime. Just complete an online application, upload your documents online, and wait for instant verification and approval. The loan amount is credited instantly to your bank account after approval.
-
Benefits of unsecured loans
The best part is that these loans don’t need collateral or security to pledge against the loan amount. These loans depend on your creditworthiness, capacity, and potential to repay the loan.
-
Flexible loan terms and high loan amounts
Wedding loans can go as high as Rs 25 lakh with a flexible loan tenure that you can choose according to your needs and preferences.
-
Reasonable interest rates and easy EMIs
If you are going to be married soon, make sure you consider your monthly budget when applying for wedding loans. Again, if you meet all the parameters that lead to a high credit rating, chances are that you may get a low-interest rate offered on your marriage loan.
This means you can get lower EMIs, low-interest charges, and a smoother loan repayment experience. The best feature is that all your savings and investments remain intact, and you don’t have to jeopardise your accumulated wealth to fulfil your dream of having a beautiful wedding.
Factors that Influence Marriage Loan Interest Rates
Given below are some of the key factors that influence interest rates on marriage loans:
-
Your CIBIL score
As reflected in the CIBIL report, your credit rating should ideally be between 700-900 to acquire a wedding loan with low-interest rates and instant approvals. Marriage loans can be granted to people with lower credit ratings as well; however, the rate of interest offered can be on the higher side.
-
Income and employment stability
To get quick approval and instant disbursal of marriage loans, you must maintain continuity and stability in your employment/business and flow of income. If you have additional sources of earnings, you must reveal them all to the financial institutions, as this increases their trust in you and shows a more substantial repayment capacity.
-
Relationship with the financial institution
Having all your financial accounts in one place – credit or debit- is essential. It strengthens your portfolio and your relationship with the financial institutions. They don’t have to ask for your documents repeatedly, and there is a degree of trust between you and them.
-
Consolidation of debt
Your wedding loan approval and the interest rate granted on the loan depend on your current debt situation, income capacity, and how smartly you can manage your outstanding.
If you are already in debt, it’s better to consolidate it and go for a balance transfer before you apply for a wedding loan. High outstanding debt may disrupt your creditworthiness and show
you as a person who is dependent on credit.
Thus, you must either clear some of your dues by paying them off, or you can consolidate your debt into one. It will also benefit you from lower EMIs in the long run.
Conclusion
Your dream wedding is no longer confined to wishful thinking; it’s now within reach, thanks to marriage loans. With these loan solutions, you can celebrate your special day with the grandeur and elegance you’ve always envisioned without compromising your financial stability.
